A friend of mine said that a company gave a presentation and said that if you have a credit card and you don't use at least half of your limit, it is bad for your credit. I've had one for about a year, and have not used it once. To me, that whole thing sounds ridiculous. Anyone know if there's any truth to this?
2007-11-16 10:58:11 · 4 answers · asked by Sam 3 in Business & Finance ➔ Credit
No, you don;t have to use half your limit. It probably wouldn't hurt to make a couple of small purchases and pay them in full when the bill arrives.
2007-11-16 11:01:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Not true.
You should never exceed 30% of your credit limit in any given month or your credit score will take a hit.
You do need to use them a couple of times a year though just to show activity and keep them current.
2007-11-16 11:12:50 · answer #2 · answered by ? 7 · 2⤊ 0⤋
To get credit you need to use credit and this is where credit scoring happens. Too much and they wont give credit but they will if you can control it.
2007-11-16 11:01:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
it is bunk.
we have five different credit cards, never use any of them as much as 25%, always pay them off every month, and I have a credit rating exceeding 830
2007-11-16 11:03:00 · answer #4 · answered by Spock (rhp) 7 · 0⤊ 0⤋