Does how much credit you have matter as much to potential credit lenders as how well you make payments?

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Posted by Joshua (MONEY FORUMS: 2, Answers: 4)
Asked on May 5, 2016 5:30 pm
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Your payment history accounts for 35% of your credit score. So, it’s the most important factor. The next factor which accounts for 30% of your score is your debt. It’s important that you keep your debt at no more than 30% of your credit limit. For example, if you have a credit card limit of $1000, your balance should not exceed $300. To address your question more specifically, although payment history is the first consideration, it’s best not to have too many open lines of credit. Creditors are afraid that you’ll go on a shopping spree! I hope that this helps!

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Posted by Roslyn Lash, AFC® (MONEY FORUMS: 0, Answers: 3)
Answered: August 11, 2016 2:32 pm