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Sick of being turned down for a loan for that new car? Wishing you could qualify for a mortgage but your credit isn’t good enough? It’s time to stop worrying and make a call to Nationwide Credit Clearing (773) 862-7700.
Rate of Utilization
Do you know what rate of utilization has to do with your credit score?
One of the most important things credit companies do to formulate your total credit score is to calculate your utilization rate. Your rate of utilization is just the percentage of the total limit based on your current balance.
Credit Karma sampled about 15 million of their members who visited their site in 2014 to compare their credit scores and corresponding credit card utilization rates. The illustration below shows the importance this factor.
It’s easy to see the close correlation. If you don’t pay down your maxed out credit card, you are going to have problems with your credit score. The lower your utilization rate, the higher your score.
On the flip side of that if you don’t use your credit card at all, it can hurt your utilization as well. The best idea would be to use the card for normal purchases through the month. Always keep that utilization at about 30%. That will give you credibility and proves that you can be responsible with your money.
Sign up with Nationwide Credit Clearing and we immediately begin working to raise your credit score back up!
- We never make you sign a long term contract
- We work on a month to month basis
- You can log into our system anytime day or night
First, we start with reviewing your credit report and dispute any unfavorable or negative information. We look for inaccurate or outdated information that negatively effects your credit score. Let us help you get the house or car that you deserve.
Palatine Credit Repair is as easy as a phone call away!