To reduce high credit utilization, consumers can follow these strategies: (1) request a credit limit increase from the card issuer, (2) make multiple payments throughout the month to keep reported balances low, (3) spread purchases across multiple cards, (4) consider a balance transfer to a card with a higher limit or lower interest rate, (5) track expenses to stay within a healthy range, and (6) pay off high-balance cards first.

Authors

• Person: Not available Organization: Lafayette Federal Credit Union
  Understanding Credit Utilization: How it impacts your score.

Sources

• Understanding Credit Utilization: How it impacts your score. www.lfcu.org Lafayette Federal Credit Union via serper

Referenced by nodes (1)

• Credit Utilization concept