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| *Loan,banking and credit>>>credit score |
Can having a high credit card balance actually lower your credit score, or does it stay the same.? |
I make my credit card payments on time but I use the card a lot. Yes, when you use your credit card's, you will be increasing your (Bankcard Utilization) which means the percent of your available credit you are using each credit card cycle. Usually a bankcard utilization above 50% will lower your score. However, the effect of each bankcard utilization reported to credit bureaus will differ depending upon the credit scoring model used. (FICO, Equifax Scorex Plus, etc.) Utilization under one method may take a bigger hit than under a different credit model. My advice is to use your credit card's less. Having a continual high balance can lower your score. Part of your score is having a low credit balance compared to credit limit. Credit score is based on how well you pay your bills. Anytime you exceed 30% of your credit limit in any given month, your score takes a hit. Finance Manager for over 7-years. Unfortunately it will lower it if it is near max. I have always had good credit and after a rough couple years, the balances have gone up. Nothing has changed other than that and my rating has really suffered. |
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