Credit Card utilization is of huge importance to understand. Most folks do not know how credit utilization works. Credit card utilization is 30% of your credit score (second biggest impact). You should always be using your credit cards, not just for emergencies. After 6 months of not using your credit card, the account goes dormant (sleep) and is no longer being factored into the FICO algorithm. This can have a negative affect on your credit score.
Instead use your credit cards responsibly and pay them off in FULL at the end of each month. This will ensure that your credit score doesn't drop and also prevents you from pay interest to the bank. This is how they make some of their profit. Keep your usage between 5%-7% across all of your credit cards. Take the time to learn how to pay your credit cards correctly and how to manage your credit utilization, to maximize all three of your credit scores. I hope you guys enjoy it!
If you guys need help understanding credit, how to repair your credit, how to build your credit, and how to establish business credit, I've added a link to my website that can help you!
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