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Credit Score — 4 Comments

  1. I have been meaning to close several of our cards because we do not use them anymore, but I just haven’t done it. Now I think that was a good thing.

  2. This is good advice but not entirely accurate. The people in the highest bracket of credit scores are using an average of only about 20% of their available credit, and the 50% number is very high; using 50% of available credit is definitely enough to have a negative impact on your credit score. Also, “available credit” is calculated based on all available credit, not on a card by card basis. Finally, while using a small percentage of your available credit is important and you never want to close the oldest credit accounts (since length of credit history is also a factor in determining your credit score), having too much available credit can be viewed as a negative as well, so those credit cards can do harm, even in the freezer!

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  3. @ Tiffany,
    Thanks for taking time out to leave a comment, I sincerely appreciate it.

    I am not saying that using up 50% of credit limit is good; all I’m saying is using more than 50% will definitely bring down ones credit score. Further, I didn’t write, available credit is based on a card by card basis, you are absolutely right, and which I’m also aware of that it’s the total available credit across all credit cards.

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