When utilizing balances on your credit cards generally a good rule of thumb is to not exceed 30% of the total credit limit available. After viewing a lot of credit reports I have learned that Equifax seems to be an exception to the rule. Equifax scores seem to improve with credit card balance increase where Transunion and Experian seem to drop the score. Weird huh? Might be a myth however it is my myth lol. I have seen time and time again utilizing more balance actually raises Equifax scores sometimes, but drops Transunion and Experian scores. This doesn’t mean that the Equifax score wouldn’t drop if you maxed the cards out. Maybe this is because a lot of creditor’s approving credit cards use the Equifax score. I don’t have the “algorithm” of how the Bank card scores are calculated so I couldn’t tell you any of this for a fact. If you aren’t trying to boost your credit scores for an important purchase then give it a try. Charge a balance up and wait for it to report to all three bureaus and then take a look at your current credit scores. You might be surprised.
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