I pay my credit cards off in FULL every month, but my score’s still low?

News flash, each credit facility reports at different times of the month.

So, what does that have to do with it?

If you happen to pay your balance off in FULL on the 28th, but the credit company reports on the 27th, Guess what.

Credit utilization will be reported too high and you’ll be dinged.

What can you do about it?

Your credit utilization is your balance divided by available credit. It’s not based on whether you have a balance at the end of the month but it’s the balance outstanding at a given moment the credit is reported divided by your available credit.

1) Don’t exceed 50% of your available credit
2) If you must exceed50%, spread the balance between multiple cards.
3) Set up computer banking & pay multiple times per month

Please post any credit question you might have & I’ll do my best to answer…

Mark Fidgett
Vancouver Mortgage Broker
Owner www.NotaPennyDown.com