Скачать или смотреть 😎Even out your utilization for a better CREDIT SCORE

If you want to understand how revolving credit utilization actually affects your credit score, you need to watch this 19 second video:    • 10% change in utilization moves your credi...  

If you want a 14 second definition of credit utilization, you need to watch this:    • Credit utilization explained (in 14 second...  

And if you want to see how one person used credit utilization to improve his credit 170 points in 8 months, you need to watch this:    • Raise your credit score 170 points with ON...  

Credit utilization explained: Credit utilization is how much of the credit available on your credit cards (and other revolving credit) that you are currently using. This percentage is calculated by dividing the amount you owe on your credit cards by your total credit limit. For example, if you owe $500 on a card with a $1,000 limit, your revolving credit utilization would be 50%.

But what happens to your credit utilization if you have more than one revolving credit account (which are usually credit cards)? I'm glad you asked. You can calculate it by add up all the balances you have on the credit cards and divide that sum by the total amount of available credit you have on those cards. And that is how you calculate credit utilization!

While the relationship between your credit utilization and your credit card is very clear (you can see exactly what that relationship is by watching this 19 second video:    • 10% change in utilization moves your credi...  ), what is less understood is the fact that if you have high utilization on a single credit card, you are going to have a lower credit score than if you had the exact same total balance but it was spread over several cards.

Understanding this percentage is vital because it's a big deal for your credit score. If you use too much of your available credit, it can send a signal to lenders that you might be financially stressed, which can lower your credit score. On the flip side, if you keep your utilization low, it can boost your credit score and show that you're responsible with your credit. So, it's like a seesaw – you want to keep your credit utilization low to keep your credit score high and your financial future bright.

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