You know that a relationship exists between your three-digit credit score and your credit card habits. But a new study reveals just how closely these two attributes are correlated.
If you have seven or more credit cards (including those issued by a bank, gas company, department store, etc.), then you are closely correlated with a credit score of 800 or more, a credit limit of about $78,300, credit card debt of about $5,400, and no past due balance.
If you have six credit cards, then you are closely correlated with a credit score of between 700 and 799, a credit limit of about $36,100, credit card debt of about $7,600, and an average past due balance of $3.
If you have five credit cards, then you are closely correlated with a credit score of between 600 and 699, a credit limit of about $12,200, credit card debt of about $7,700, and an average past due balance of $62.
If you have three or four credit cards, then you are closely correlated with a credit score of between 500 and 599, a credit limit of about $3,600, credit card debt of about $3,600, and an average past due balance of $283.
If you have one or two credit cards, then you are closely correlated with a credit score of less than 500, a credit limit of about $2,900, credit card debt of about $3,500, and an average past due balance of $747.
If you are on the low end of this spectrum and are looking to improve your credit score, you may want to check out this guides.
Similar Posts:
- Woodcraft Credit Card
- Millions saw their credit card limits cut
- A New Academic Study Scrutinizes Credit Score Reporting
- 5 Credit Card New Year’s Resolutions
- Does My Credit Score Go Down When I Cancel a Credit Card?
