As many people know, the higher your credit score, the better the terms you can get on loans and credit cards.
Key Points
If you're hoping to snag the best-available terms on a loan, a standard rule of thumb about credit card usage could end up messing with your plans. "Anything above 5% will start lowering FICO scores," said Al Bingham, a credit expert and author of "The Road to 850."Exactly how much, he said, depends, including how long the accounts have been opened. Regardless, your score continues dropping as your utilization rate climbs toward 30% — and does not suddenly nosedive at that recommended ratio, Bingham said.
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