, which is an important component of your overall credit score. The lower your balance, the better your credit utilization ratio.
Now, let's say you have a balance of $5,000 on the same card. Your credit utilization ratio leaps to 50 percent. If you decide to apply for a loan to buy a condo, that big balance and less-than-stellar ratio is going to raise some eyebrows at the bank that is deciding whether to let you borrow the cash.
My Amex gives me the option to automatically pay off the balance in full every month. Would recommend that everyone uses that feature. Credit cards are a beautiful thing. Accumulating points for money I would be spending otherwise, it'd be stupid not to take advantage of them.
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