Sep 29

How much of my credit card do I need to have paid to improve my credit score?

Posted in Credit Cards
Credit Card
by kate*

Question by Janie: How much of my credit card do I need to have paid to improve my credit score?
When I turned 18 I knew I needed credit cards to grow credit. When I reached the $ 500 limit on my first card and the $ 2000 limit on my new card when I found that this was not good for my credit. I hear that as long as you don’t spend more than half of the available balance your credit will be fine. Is this true?

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4 Responses to “How much of my credit card do I need to have paid to improve my credit score?”

  1. stan c says:

    First stop using the credit cards. You’re way over your head. Try to pay 10% per month until it is paid off. A credit score changes about every 12 months. There is nothing wrong on having 2 credit cards. One should always have a zero balance in case an emergency comes up.

  2. DG says:

    It is probably best to keep the balances on your accounts at 30% or less of the total credit limits. For more information on credit bureaus and credit scores, check out http://www.creditgumbo.com. Pay particular attention to the questions on the Credit Bureau and Scoring pages.

  3. Reggie says:

    None. Credit score was improved over time by the way you pay your bills. It’s going to take some time before you see a change in your credit score.

  4. Nick says:

    You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-score.10001mb.com



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