09/16/2022
Good Afternoon 🌄
Being your local Credit Experts we here lots of credit myths. 😱
Myth 1: Carrying Larger Balances Will Help My Credit Score
In fact, the opposite is true, as large debt balances will actually hurt your score. According to FICO, the amount you owe on your cards comprises a whopping 30% of your credit score. Carrying a high balance on your cards, therefore, has a negative impact on your score, according to Experian. Ideally, according to Experian, you’ll want to use less than 30% of both your total available credit and the limit of any individual card; above that level, scores decrease rapidly.
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