For instance, a balance of $ 2,000 on a card with a $ 4,000 limit that's transferred to a card with an $ 8,000 limit could minimally improve your credit by
lowering your utilization ratio from 50 % to 25 %.
For instance, a balance of $ 2,000 on a card with a $ 4,000 limit that's transferred to a card with an $ 8,000 limit could minimally improve your credit by
lowering your utilization ratio from 50 % to 25 %.
Not exact matches
Note that a closed account in good standing remains in your credit history for 10 years, so you'll benefit
from your track record; however, keeping no - fee credit cards open (and using them now and then) is smart to help your
utilization ratio stay
low.
Another great thing about an excellent score is that as long as payments continue being made on time and credit
utilization (card balances / credit limits
ratio) is kept as
low as possible, the score can recover relatively quickly — typically within six months —
from some of the lesser «offenses,» such as opening new accounts.