http://www.penny-saved.com/2007/07/25/high-limit-credit-cards/ Personal Finance and Wealth by the Penny Fri, 25 Jul 2008 09:55:29 +0000 http://wordpress.org/?v=2.6 http://www.penny-saved.com/2007/07/25/high-limit-credit-cards/#comment-6778 Garrett Tue, 06 Nov 2007 11:50:32 +0000 http://www.penny-saved.com/2007/07/25/high-limit-credit-cards/#comment-6778 Leveraging low interest credit card monies is the way to go. We have 2 cards both with 50,000 limits and we keep those paid off every month. But, we charge most all of our household bills on the cards earning us miles. Thanks. Leveraging low interest credit card monies is the way to go. We have 2 cards both with 50,000 limits and we keep those paid off every month. But, we charge most all of our household bills on the cards earning us miles. Thanks.

]]> http://www.penny-saved.com/2007/07/25/high-limit-credit-cards/#comment-1705 Penny Saved Thu, 26 Jul 2007 19:02:16 +0000 http://www.penny-saved.com/2007/07/25/high-limit-credit-cards/#comment-1705 The exactly percentages are a mystery known only to the folks at FICO. But 30-33% seems to be a tipping point for a big score drop, and anything around 80% or above is huge trouble. Maxed out cards will get you a terrible score, as well as potentially calls from creditors, wondering what's going on. The exactly percentages are a mystery known only to the folks at FICO. But 30-33% seems to be a tipping point for a big score drop, and anything around 80% or above is huge trouble. Maxed out cards will get you a terrible score, as well as potentially calls from creditors, wondering what’s going on.

]]> http://www.penny-saved.com/2007/07/25/high-limit-credit-cards/#comment-1698 Pete Johnson Thu, 26 Jul 2007 15:36:47 +0000 http://www.penny-saved.com/2007/07/25/high-limit-credit-cards/#comment-1698 You are correct. It is much better to use a small percentage of a high limit card rather than the full amount of a low limit card. My understanding is that the credit bureaus look negatively at using more than about 33% of the credit limit. Once you hit 80%, even if you pay the balance in full each month it is treated as being maxed out. You are correct. It is much better to use a small percentage of a high limit card rather than the full amount of a low limit card. My understanding is that the credit bureaus look negatively at using more than about 33% of the credit limit. Once you hit 80%, even if you pay the balance in full each month it is treated as being maxed out.

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