Subscribe:Improve Your Credit Score: Credit Utilization Rate
Credit utilization rate (or debt to credit ratio) is how much you owe as a percentage of your total credit line. For example, if you credit card’s credit limit is $10,000 and you owe $2,500 — your credit utilization rate is 25%.
A good way to improve your credit score is to pay down your credit card debt. This will improve your credit utilization rate. Since your credit utilization rate accounts for 30% of you credit score, it will slowly rise as a result.
Besides, paying down your debt is great for your finances too!
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Credit Score, Credit Utilization Rate, FICO
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Related TagsCredit Score, Credit Utilization Rate, FICO
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