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Percentage of Credit Used vs. Amount of Credit Available
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ganonman
Posts: 153 Forumite
Which is better... There's only one way to find out... FIGHT!!! 
Anyway...
I'm currently digging my way out of debt after moving in with my parents and I've got to the point where getting a 0% balance transfer deal would shave a few months off the process.
I have a Halifax current account with a ridiculously expensive overdraft that I no longer need and am tempted to remove/reduce the overdraft that is available to improve my credit rating. This would mean my credit report would show my percentage of available credit used as far higher but the amount of available credit as lower.
So for the most attractive credit rating which is better to have?
High Percentage of Credit Used
(eg: £1000 Available credit, £900 used = 90% of available credit used)
or
High Amount of Credit Available
(eg: £2000 Available credit, £900 used = 45% of available credit used)
Anyway...
I'm currently digging my way out of debt after moving in with my parents and I've got to the point where getting a 0% balance transfer deal would shave a few months off the process.
I have a Halifax current account with a ridiculously expensive overdraft that I no longer need and am tempted to remove/reduce the overdraft that is available to improve my credit rating. This would mean my credit report would show my percentage of available credit used as far higher but the amount of available credit as lower.
So for the most attractive credit rating which is better to have?
High Percentage of Credit Used
(eg: £1000 Available credit, £900 used = 90% of available credit used)
or
High Amount of Credit Available
(eg: £2000 Available credit, £900 used = 45% of available credit used)
"A bank* is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain."
(*Unless it's Santander. The branch says they sent you an umbrella 3 times already and don't understand why you don't have it yet and want it back right now!!!)
(*Unless it's Santander. The branch says they sent you an umbrella 3 times already and don't understand why you don't have it yet and want it back right now!!!)
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