Chance News 51: Difference between revisions
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[http://www.time.com/time/magazine/article/0,9171,1904129,00.html “Is Your Credit Too Good? Why lenders are punishing those who borrow too little and always pay on time”, by Cybele Weisser, TIME, June 22, 2009<br> | |||
<blockquote>[T]he formula for determining credit scores … looks at something called your “utilization ratio,” the total amount of credit you use vs. the amount you have available. If you have $25,000 worth of available credit and you put $5,000 on your cards every month, your utilization ratio is a healthy … 20%. But cut down that credit line to $10,000 and suddenly your ratio jumps to 50%, making you look pretty overextended.</blockquote> | |||
Submitted by Margaret Cibes<br> | |||
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Revision as of 15:34, 28 June 2009
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[http://www.time.com/time/magazine/article/0,9171,1904129,00.html “Is Your Credit Too Good? Why lenders are punishing those who borrow too little and always pay on time”, by Cybele Weisser, TIME, June 22, 2009
[T]he formula for determining credit scores … looks at something called your “utilization ratio,” the total amount of credit you use vs. the amount you have available. If you have $25,000 worth of available credit and you put $5,000 on your cards every month, your utilization ratio is a healthy … 20%. But cut down that credit line to $10,000 and suddenly your ratio jumps to 50%, making you look pretty overextended.
Submitted by Margaret Cibes
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