Cheating the Credit Score System | How Timing Impacts Utilization Learn how to better manage your credit card debt.. a balance of $900 on a card with a limit of $1,000, your credit utilization ratio is 90 percent.

It’s important to keep your debt-to-income ratio low and work to eliminate debt altogether. If you are dealing with sky high student loan balances , or steep credit debt while only making a modest salary, you could look like a risk to prospective lenders.

it’s not the only important factor. How much you owe compared with your credit limits — your credit utilization ratio — accounts for 30% of your FICO score. That means if you rack up a big balance.

Like the balance-to-limit ratio, it is important to keep your debt-to-income ratio low to show that you are not overextended or abusing credit. While credit scores might not consider the debt-to-income ratio, they do factor in the installment debts and whether your payments are made on time, so you should treat those debts with equal seriousness.

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The lower your debt-to-income ratio, the better because it means you don’t spend much of your income paying debts. On the other hand, a high debt-to-income ratio means more of your income is spent on debt, leaving you with less money to spend on other bills or save and invest.

The higher this ratio gets, the less likely lenders are to give you more credit. Most professionals suggest you try to keep your usage below 30%. That means your balance on that $5000 credit card should stay below $1500. This practice works better for you as well, keeping some cushion in your accounts for emergencies. Managing your Debt-to-Credit Ratio

Credit card debt is at its highest level in 6 years.. pay off the balance with the highest interest rate first if the interest you're paying on. Having a history of timely payments, and a high ratio of credit. Even as you pay off your card balances, it's important to be setting aside money in an emergency fund, too.

Next, divide your monthly debt payments by your monthly gross income-your income before taxes are deducted-to get your ratio. (Your ratio is often multiplied by 100 to show it as a percentage.) For example, if you pay $400 on credit cards, $200 on car loans and $1,400 in rent, your total monthly debt commitment is $2,000.