How to Reduce Your Debt Overnight by Tom Corson-Knowles

Author:Tom Corson-Knowles [Tom]
Language: eng
Format: epub
Publisher: TCK Publishing
Published: 0101-01-01T00:00:00+00:00

Reduce Your Debt

The amount of debt you have outstanding as a percentage of your available credit limit accounts for 30% of your FICO score.

If you have a credit card with a $10,000 limit and a balance of $5,000 your “credit utilization” is 50%. Your credit score reflects the debt ratio for each of your cards as well as the ratio for your overall debt.

Reducing your credit utilization is one of the most effective ways to improve your score. Reduce your individual and total balances to under 30% of your available credit.

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