charlotte q asked:
I have no credit card debt and an an excellent credit report. I am going to do a small remodel on my rental property and plan to use my Home Depot card with no interest no payment for 12 months. I plan to use a few other cards as well. I thought that 30% is the best to load on to each card to maintain my credit score. Am I correct?
http://1mortgagecalculator.info
I have no credit card debt and an an excellent credit report. I am going to do a small remodel on my rental property and plan to use my Home Depot card with no interest no payment for 12 months. I plan to use a few other cards as well. I thought that 30% is the best to load on to each card to maintain my credit score. Am I correct?
http://1mortgagecalculator.info
It’s 25%.
But, I read in Money magazine not to use more than 20%.
Pretty strick to me – do what you need to do – enjoy the free loan and don’t sweat your score too much.
Also a number that lenders use is overall usage.
They add up all your outstanding balances on all your cards and compare it to what you have available.
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The 30% is correct, however you do not need to use multiple cards at 30%. It can actually hurt you by doing this showing balances on multiple accounts regardless of the 30% guide. I’d stick with the home depot at 0%, look at raising the credit line on that account.
No, 30% is not best. 0% is best. 1% is slightly worse than that. 2% is slightly worse than 1%. Etc. 30% is acceptable, but it is worse than any percentage from 0-29%.
Try to consult with a reputable debt consolidation company. They should be able to help you.