Did you know…One of the biggest factors in determining a credit score is balances on revolving debt? Optimally the bureaus want to see no more than 3 revolving debts with balances and those balances being below 30% of the high credit. They also want to see several other open revolving accounts with no balances. Having said that, at least one of the revolving debts should have a small balance. The bureau’s models like to see that the cards are being utilized, so carrying at least one small revolving debt is a good idea. Paying off all your credit cards every month and never leaving a balance on any of them can actually hurt your score. If there are no revolving balances on a credit report, sometimes even putting $10 on a card can bump a score 10-20 points.
