, 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.
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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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