The true cost of paying the minimum
Is your money being sucked into a compound interest sinkhole? If you’re not paying off your credit cards every month, that’s just what can happen. It depends on the interest rate charged by the credit card company and whether you pay as much as you can, or just the minimum amount due. You can use [...]
Is is possible that a higher limit could hurt your credit score?
It’s possible, but it isn’t likely. The basic idea is that you want to have a good “credit ratio.” That’s the amount of available credit vs. utilized credit. That section of the score is just one section of a larger portion of your FICO called “Amounts Owed.” Amounts Owed = 30% of your FICO. Is [...]