Quote:
|
Originally Posted by Jason762
Thanks.
Why do you suggest NOT going over 50%?
Looking over my paperwork there's some short of "grace period". Says, "at least 25 days if the new balance is paid in full by payment due date". The lady said something about not having interest or something if I do this.
Being hearing impaired and having another woman waiting on me I didn't ask for clarification.
Thank god for TFP! Can you guys explain please?
|
If you go over 50% (actually, 30%) it will impact your score negatively, as credit reporting agencies see you as a higher risk when you have borrowed over 50% of your limit on a revolving account. The magic number is actually 30%, but the impact is reduced below 50%.
As far as your other question is concerned, it basically means that if you pay your balance in full by the time the grace period is up, you won't be required to pay interest on your balances. For obvious reasons, I'd recommend doing this
