December 10, 2013 | By Greg Fisher
Which CRA's generic FICO score is the median, 714, reported in the September, 2012 CFPB credit score report?
Whodunit (see Myth #4): Who are the experts who recommend a so-called "credit utilization ratio" of 30% or less?
"A variety of experts say under 10% is best but 30% is acceptable (Motley Fool)." - Consumers Union
"Experts recommend that you keep your balance below 30%, or $300 for every $1000 of available credit." - Kiplinger
"Most experts recommend keeping the utilization ratio well below 30% to avoid your outstanding credit card debt from pulling down your credit score." - CreditCardGuide.com (Bankrate)
"According to some experts, using more than 30 percent of the available credit on your credit cards can dent your score." - CreditCardGuide.com (Bankrate)
"Experts say you should keep that ratio below 35 percent on each card and overall." - CreditCards.com (Bankrate)
"I've been told by analysts that credit companies think 30% is an upper safe limit." - some guy on CBSNews.com
"Some credit score experts will suggest maintaining a credit utilization ratio of less than 30 percent for each debt, while others suggest a 10 percent ratio is better." Money Talks News
"Experts recommend keeping your credit card utilization below 30 percent on each card and collectively." - Credit Karma
When was the first FICO score introduced-- 20 years ago, or 30 years ago?
In 2013, Fair Isaac stated, "Since its introduction 20 years ago, the FICO Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries."
2013 - 20 years = 1993
Elsewhere, the company states: "Introduces first FICO credit bureau risk score. (1981)."
2013 - 1981 = 32 years
- Discover, what is the FICO credit score model and version on your credit card statements?
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