Quote Originally Posted by Freakie_frog View Post
Your credit score is based on many things. The Fed changed the way banks and lenders look at your debit to income ratio. They no longer look at the amount of money you owe but rather the amount of revolving debit you have access to. So if you have 5 credit cards with 3000.00 limits each, lenders will see that as you having 15000.00 in revolving debit. They then take that and figure you score on a 10-15% basis so even if all 5 cards have no balance they will still figure you owe between 2250.00 and 5000.00

If your not using it close it



If your trying to build credit or rebuild your credit pay off the owed balance every billing cycle. The credit reporting agencies like Equefax look at your use of the credit as much as the misuse. Responsible use of credit is as helpfull and misuse is hurtful



Idealy 0. In a perfect world you should have a cash emergency fund. But not everyone can swing that so I'd say one card that if maxed out could be paid off in 3-6 months would work just fine


Yes despite what the people that call during dinner will tell you, you can build credit with out a credit card that you pay an ass load of interest on! Cell phones, car loans, small personal loans with a cosigner, apartments, utility's all these can build credit. Credit can build quickly and crash just as quickly



Before you go down the credit road know the difference between a need and a want.

Thanks man for this break down! the last part is crucial! know the difference between a need and want! boy is that true!

Thanks again man!