![]() Card A has a $6,000 credit limit and a $2,500 balance. ![]() Here’s an example of how the utilization ratio is calculated: But here’s an insider tip: To boost your score more quickly, keep your credit utilization ratio under 10%. It’s best to have a ratio - overall and on individual cards - of less than 30%. ![]() You have a ratio for your overall credit card use as well as for each credit card. There’s something called a “credit utilization ratio.” It’s the amount of credit you’ve used compared to the amount of credit you have available. Note that this is different from the “due date” on your statement. That day is often the closing date (the last day of the billing cycle) on your account. Find Out When Your Issuer Reports Payment HistoryĬall your credit card issuer and ask when your balance gets reported to the credit bureaus. How long will it take to increase your credit score? It won’t happen instantly, but if you follow the steps in this article, your credit score will begin to go up within a couple of months.
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