09 Aug Holly Walther Team Fun Fact Friday: Credit Utilization (#2 Credit Component)
Hey, it’s Holly and Daisy. We’re here with your Fun Fact Friday. So as we said last week, we are going to continue with the theme of credit. Last week we were talking about payment history and how it makes up over 35% of your credit score. This week we’re going to talk about credit utilization. Did you know it makes that over 30% of your credit score? Um, so a lot of times clients ask, you know, what do they do with their credit? Um, they’ll have a lot of different credit cards and they’ll call and they’ll be so excited cause their consolidating them to a 0% interest and maxing out that card. Big no, no, because you’re not properly utilizing your credit. So our suggestion is to always keep your credit balances at less than 20% of the available credit line and that will help you maximize your credit utilization. So thanks so much, Daisy. That’s your tip number two. Until next week, have a great weekend.