I remember reading on RFD that a 30 percent ratio is good for your credit score on Equifax and Transunion. For example, if you have a credit card with an available limit of $1000, you should use only $300. Otherwise you appear to be a high risk borrower.
I have an accountant friend who recently wrote a paper for her firm and according to her, the above is wrong and that we should aim for as low of a ratio as possible. So we should try and get $10000 credit limit or even higher.
Who is right? Any articles or sources from a reputable financial institution I can cite?
I have an accountant friend who recently wrote a paper for her firm and according to her, the above is wrong and that we should aim for as low of a ratio as possible. So we should try and get $10000 credit limit or even higher.
Who is right? Any articles or sources from a reputable financial institution I can cite?