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      05-10-2019, 09:55 AM   #140
Hawkeye
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Quote:
Originally Posted by Maestro View Post
BTW this was governments solution for people who had too many credit cards. Your Credit Rating goes down for each card you have open, add up all the CC credit limits and that is your total debt risk, the higher this is the worse your rating.

The Government now requires anyone who issues you a CC even store cards to close the card if you do not use it. I never heard the credit rating going down because you reduced your credit debt risk or a card closing. I had number of cards close in the last year and rate keeps going up.
This is wrong actually. Having more available credit is a good thing for your credit score, not a bad thing. Your credit rating doesn't care how many accounts you have open, it is more the utilization of them, type, and the average life of them.

I have a lot of cards open and my available credit is 1.5x my annual salary and I have a pretty high credit score.

Quote:
Originally Posted by Alvinized52 View Post
I remember the class i took mention 30% or less to affect your credit (but that was over 20yrs ago. LoL). 10% is of course better than 30%, and if one can afford to do so pay off entire balance at end of each month is best.
Even if you pay off every month you will still show a balance unless you actively try and pay the balance off before the pull (around beginning of the month I believe). Just keep your utilization under 5% and you don't have to worry about it.
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