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Old 02-19-2009, 08:40 PM   #26 (permalink)
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Originally Posted by thekramers5 View Post
Actually, Wheeler was correct. "Having" too much revolving credit doesn't hurt you, "using" too much revolving credit hurts you.

When deriving credit scores, unused credit simply shows that you have available credit that you are not using - this doesn't scare the credit agencies and financial companies. In layman's terms...shows responsibility.

On the other hand, having much less revolving credit, but actually "using" most of it in terms of balances - red flag, especially in today's economy. Most cc companies are currently lowering their credit lines based on aggressive review of credit scores combined with the economy. For example, if you have multiple cards and you've used most of your credit cards' available balances...have a credit line of $20,000 and a balance of $16,000 ... don't be surprised to see your credit line dropped to $18k or $17k (depending on the company, of course).

Just an FYI...
OOPS. I posted my last comment before reading this one. Sorry and thanks TK.
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Old 02-19-2009, 08:41 PM   #27 (permalink)
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Originally Posted by CaptainBOHICA View Post
geezus christ 5815 posts? LOL
I thought it was "cheese and rice".
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