Wednesday, September 23, 2009

Other Balances

Balances other than revolving are treated differently in determining your credit score. Non-revolving and non-mortgage loans are treated differently; mortgage loans are also a class of their own. Lenders like to see that you don’t owe too much money. It is generally recommended to keep them as low as possible, but one thousand dollars is the target number. You don’t want to go over one thousand dollars. Again, this can be found by obtaining a copy of your FICO score. It says that FICO high achievers do not let their balances of non-revolving non-mortgage loans go over a thousand dollars.

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