Better credit card debt ratio or reducing avaliable credit?

Idlersdreams81

Dear All

I am looking to balance transfer some of my debt.however my score is still very low.is it better to have more cards with better credit ratios or less avaliable credit to improve your score?

Many thanks
For replies in advance!

DCFC79

Idlersdreams81 wrote: »

Dear All

I am looking to balance transfer some of my debt.however my score is still very low.is it better to have more cards with better credit ratios or less avaliable credit to improve your score?

Many thanks
For replies in advance!

Ask the reference agency who gave you the score what to do ?
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Seriously forget what your score is, no lender (irrespective what they say) can see your score so its useless.

[Deleted User]

Idlersdreams81 wrote: »

Dear All

I am looking to balance transfer some of my debt.however my score is still very low.is it better to have more cards with better credit ratios or less avaliable credit to improve your score?

Many thanks
For replies in advance!

What are your debts, limits and income?

mwarby

It depends on the lender and the product your applying for

Lower utilization as a percentage always looks good IMHO as it shows restraint

The flip side is that having a low utilization of a large overall amount of available credit doesn't prove much. eg if you had £20k of credit but only ever used £200 it doesn't show you could cope with more debt, which you could choose to incur at any time.

I'd think they also look at balance and limits over time, they'd probably be looking for steady usage with slow increase in usage, if you've just gone from low utilization to high this won't look so good