Eastpoint Recovery Group, Inc. | Collection Agency | Buffalo, NY | Credit Utilization

 Yes, being aware of what percentage of your available credit is utilized is a big part of maintaining healthy credit. Credit utilization is the amount you owe on your credit cards divided by the available limit on the card(s). A good rule of thumb is to maintain a credit utilization of less than 30%. This shows that you can use your credit responsibly and are not overextended. If you are viewed by lenders as being overextended, you are less likely to be approved for loans, may pay higher interest rates and may be subject to a credit line decrease. This can be problematic. Say for instance you have $10,000 total available on your credit cards and you charge $7,000. This would put you at a 70% utilization… If one of your lenders decided to implement a credit line decrease of $2,000, this would now bring your credit utilization to 88%. This in turn would likely have a negative consequence with regards to your credit rating.

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