“Understanding Your Credit Cards”

“Understanding Your Credit Cards”

Hi Joe,

Does my credit usage need to be below 70% or below 30% ideally? I want to do everything humanly possible to get my credit scores higher, so that when I am ready to buy a home this coming spring, I am completely ready and can get the best possible interest rate.  Is it overall credit usage or per credit card/loan?

Thanks to you my parents are teaching me what you taught them.

The simple answer is as follows: If you keep your credit card balances below 30% of your high credit limit your credit scores can move upward at the highest possible level. So, if your high credit limit is $1000, your balance should not be above $300.

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