High Credit Card Balance – How Can it Hurt Your Credit?
High Credit Card Balance – How Can it Hurt Your Credit? You pay all your bills on time and in full, don’t have any collection notices, bankruptcies or foreclosures on your record and you have a healthy credit history. So why is your credit score so low? If you’ve ever faced a situation similar to the one outlined above, the reasons behind a low credit score can be a bit of a stumper. But a common culprit in situations such as
this involves your credit card and how often you’re using it. Even if you pay off the balance of your credit card each month rather than just the minimum, your credit score can still take a hit – and it all involves what’s known as the credit card utilization ratio