I have no credit card debt and an an excellent credit report. I am going to do a small remodel on my rental property and plan to use my Home Depot card with no interest no payment for 12 months. I plan to use a few other cards as well. I thought that 30% is the best to load on to each card to maintain my credit score. Am I correct?|||Congratulations on managing your credit very well. If you are worried that you may have your credit lines lowered, I would call each credit card holder and tell them you plan on using more of your available credit and tell them why (to fix up your rental property). Also, make sure you tell them that the balances will quickly be paid down and remind them that you are a valuable customer and you value your relationship with them.
Yes, you are correct. If you go over 30% utilization on your available revolving credit limits, your score will drop. However, it will not take a considerable hit until you are well over 50% utilization.|||The 30% is correct, however you do not need to use multiple cards at 30%. It can actually hurt you by doing this showing balances on multiple accounts regardless of the 30% guide. I'd stick with the home depot at 0%, look at raising the credit line on that account.|||It's 25%.
But, I read in Money magazine not to use more than 20%.
Pretty strick to me - do what you need to do - enjoy the free loan and don't sweat your score too much.
Also a number that lenders use is overall usage.
They add up all your outstanding balances on all your cards and compare it to what you have available.
/|||No, 30% is not best. 0% is best. 1% is slightly worse than that. 2% is slightly worse than 1%. Etc. 30% is acceptable, but it is worse than any percentage from 0-29%.|||Try to consult with a reputable debt consolidation company. They should be able to help you.
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