High Credit Card Balance
I have a high credit card balance on one of my cards. In fact Sears granted me an amount OVER my credit limit because they wanted my business. I have enough money to pay it down quite a bit, but I would rather put the rest of that money toward higher interest rate cards. Its to my understanding, having this maxed out card hurts my FICO score. At what percentage do the lenders consider my credit card not maxed out and not looking bad.
Example. My credit card gives me a credit of $500.00. If I pay it down to 80% full, is that good? (Down to $400)
If I pay it down to 60% full, is that no longer a threat to them? (Down to $300)
Your thoughts and experiences...??
[addsig]
I believe it is a percentage on all of your credit cards.
Example: CC1 balance $500 Credit limit 1000, CC2 bal $1000 Limit 1000, CC3 bal 1000 limit 5000
your total would be 35% credit used.
I do not make up the way they figure out the numbers, but this is my experence.