Credit Card Balances and my credit score

[goraiders]

Hey Folks,

I'm back with another credit score strategy question that I'm a little confused on. I'm trying to squeeze every point I can out of my credit score and right now I'm focusing on my credit card balances. Here's my credit card balances (in utilization percentages)

1. Credit Card at 80% utilization
2. Credit card at 10% utilization
3. Credit card at 2% utlization

I used one more heavily because of some rewards. On to my question: Should I keep the utilization as is with two cards pretty good, or spread them out evenly?

[mycreditgroup]

Before My Credit Group gives its official answer, I'd like to see what other people think is the correct answer.

For the best possible credit score, should he have one card near maxed out. Or, Spread his balances out evenly across all three credit cards?

[ferris aint sick]

well I'm no expert, but I do know two things:

1) The closer your balance is to your limit the worse off your credit score is
2)You should try to keep your balances at 30% or below

Considering these two things, I would probably suggest spreading the debt to the lower balance cards but NOT exceeding the 30% threshhold. The two lower-balance cards will be fine as long as they don't go over, and the high-balance card will have less utilization.

Some may suggest opening a new card and transfering balances, but remember that the optimum amount of cards to have is three, which in this case, there already are three cards, so that may not be a great idea.

You can learn all that from reading these posts!

[MsPenny]

Well I'm no expert too..but I do know credit bureaus do look at the overall picture. They will be looking at all three balances and it is best to have them at least below 30%. But I've heard it is a big risk to transfer credit card balances, especially one that is high in the 80%. I think it would be best just to try to pay off the 80% balance down yourself...hope that helps.