This is important, Yates said, because credit utilization plays a major role -30 percent- in your credit score. That ratio would apply to all your cards and credit lines. To keep credit utilization under 30 percent on a card with a $1,000 limit, you should keep your balance under $300. Credit utilization is the amount of your credit card balance compared to the credit limit. It’s all about credit utilization, or the amount of available credit you’re using, Randall Yates, founder and CEO of The Lenders Network, an online mortgage marketplace, told Know Your Value.Ī good rule of thumb is to keep credit utilization under 30 percent, he said. But that’s still not enough to level the field.
Women also more likely to ask for help when they’re struggling with credit. According to Credit Sesame, an online credit and loan management platform, men carry an average of $25,225 in debt compared to $21,171 for women.
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