7 Ways To Improve Your Credit In 6 Months

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Blog.datafacts.com

Also known as the credit utilization ratio is usually expressed as a percentage and lenders view the ideal utilization to be less than 35%.

Here’s an example:
Card 1: Credit line $2,500, balance $500
Card 2: Credit line $10,000, balance $2,500
Card 3: Credit line $6,000, balance $3,000

Credit line: $2,500+ $10,000+ $6,000 = $18,500
Credit used: $500 + $2,500 + $3,000 = $6,000
Credit utilization = $6,000/$18,500 = 32.4%

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