I have been approved for two credit cards with two different limits and interest rates. One offers cash back rewards. I am trying to build my credit. Should I just use the card with the better terms, or should I use both?
Categories: Report Advice
I have been led to believe that a component of one’s overall credit score is the ratio of current credit card balances to one’s total available credit. If one had three credit cards, is each card’s ratio calculated individually, or is it one’s total credit card balance compared to one’s total available credit? Also, I’ve heard that the important thresholds are 30 percent and better yet, 10 percent; is that correct?
Does the simple act of making a balance transfer lower your credit score and if so how much?
Categories: Score Advice
Does the balance-to-limit ratio only apply to credit cards, or does it apply to installment loans, such as student loans or auto loans, as well?