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Certain Cards Can Crimp Your Credit (The Motley Fool via Yahoo! News)


Here’s a new one factor that can adversely affect your credit score, credit cards with no preset spending limit. Since their is no limit, the credit utilization of that card is uncalculable. Which can lower your score since some lenders report your limit on these cards as the highest balance you’ve had on it. So if you have a $3,500 balance on this card and the most you’ve used is $5,000, your utilization will be 70% which is pretty high.

-Adam

Focus on the financial world, and it’s easy to learn something new every day. Here’s what I learned today, thanks to a Bankrate.com (Nasdaq: RATE - News) article by Kristin Arnold: It seems that there are credit cards with no borrowing limits, and that using them can damage your credit rating. Yikes!

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Often, consulting a credit repair agency is necessary to handle collection issues.
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