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Excellent Tips For How To Increase Your Credit Score
By Nathan Navachi
Having a good credit rating today has become an important part of surviving and thriving in our
society. From filling up your car with fuel to buying groceries, and even to buying a new house and
furnishings, credit cards can facilitate all of this and more.
Especially when it comes to getting a mortgage, your credit score is one of the most important aspects
of judging whether you have competency in money management matters, and whether you can get a
low interest rate.
Revolving Debt and Credit Score
Revolving debt is one of the most important aspects of your credit score, and in order to consistently
keep your credit rating as high as possible it is wise to fully understand this concept.
Credit agencies and banks have nearly full access to all of your credit history of borrowing money,
since all major financial institutions will regularly report to the major credit agencies. To think that
something will not show up on your credit report just because it is spread out over multiple credit cards
is naive and it is not the way this industry works.
Revolving debt is the percentage of your total amount of credit across all credit cards and loans,
relative to the amount of money that you still need to pay back currently.
For example, if you have five credit cards and a combined credit limit of $30,000, if you never used
these credit cards or had them all completely paid off then your percentage of revolving debt would be
0%. This is seen as a good sign to banks and c