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Why does nobody talk about the secured card lady at my credit union in Des Moines
I sat with a loan officer there for 45 minutes while she explained that my 640 score was mostly from using 90% of a $500 limit, and my cousin swears paying in full every month is all that matters. Who's actually right on this?
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river_thompson8d ago
Man, this hits home! I had almost the exact same talk at my credit union and the lady pulled up my report and showed me that 88% usage on my $300 card was tanking me, even though I paid it off every single month like clockwork. Your cousin is only half right, because paying in full keeps you from paying interest but the card company still reports that high balance on your statement date, so it looks like you're maxed out. The fix for me was making a payment mid month so the balance reported lower, and my score jumped like 40 points in two cycles.
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