keeping balance under 30% of limit, is that per card?

Question

i heard it's a good practice to keep balance under 30% of credit limit, now is that per card or all your debts vs. all your credit cards limits added up together?
i'm curious whether it's better to transfer my balances so that it's under 30% per card.

also, is it true that as long as it's under 30%, it won't do a thing to your credit how much you owe?

Answer 1

The 30% is based on your total credit limits added together, so if you have a credit limit of $15,000.00 and one card maxed out but your total debt to credit ratio is still under 30% your fine.

Unlike what so many people think, the number of credit cards a person has is not important, what is important is how they manage them.

Credit scores are based on the following;

1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%

Notice there is no mention of avaliable credit or debt to income ratios, that is because they do not factor into a persons score.

They may factor into a lenders decision to approve credit based on their guidelines, but have no affect on credit score.

Answer 2

It's all your credit card debt against the total credit limit. Anything over 30% negatively impacts your credit score. Paying all your credit cards in full every month is an even better idea -- no interest costs and you stay out of debt.

Answer 3

Instead of moving balances around, work on getting them paid down- start with the one that has the highest interest rate and pay as much as you can on it every month until it is paid off. Then, move to the next one.

Answer 4

per card, but if you have numerous cards at that level it will inpact, no more than 3, the credit report shows how many cards with how many balances and will annotate if you have to many,