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Unnamed financial experts and their advice on credit scores

They recommend 30% so-called credit utilization ratios, and many mention those personal finance experts. But, who are they?

| By Greg Fisher

If the 5 writers delineated below each come up with the names of two unique people, we'll have 10 personal finance experts to blame. Here's a bevy of people writing about credit scores within the last year. Imagine the email flying back and forth! Let's watch.

See Credit Score Myth 4, the idea that 30 percent has magic power. #Myth4 - #2experts


TO: Brian Acton; Ben Luthi, contributor to Student Loan Hero; Kristin Wong, contributing writer, Lifehacker; Nationwide Bank; Bev Oshea, writer, Nerdwallet
FROM: Greg Fisher, greg@truthandfalsity.com
DATE: May 23, 2018
SUBJECT: credit score, ratio, 30%, experts

Hi.

Let's dispense with the notion that you don't see this message. It is published at http://www.creditscoring.com/interaction/2018/05/23-experts.html. The article there is titled "Unnamed financial experts and their advice on credit scores -- They recommend 30% so-called credit utilization ratios, and many mention those personal finance experts. But, who are they?"




I've been taking a lot of notes.

According to the Washington Post, "'There is no specific threshold when utilization begins to negatively impact a FICO score,' said Can Arkali, principal scientist for FICO."

That is very clear. But, see your words below. What are the names of two experts you refer to?

This is fascinating. Isn't it?

"Experts recommend using no more than 30% of your available credit at one time."

Acton, B. (2018, May 21). Help your kids learn to avoid these 6 big credit mistakes. Retrieved May 21, 2018, from https://www.marketwatch.com/story/6-credit-mistakes-you-should-teach-your-kids-to-avoid-2018-05-21

"Many credit experts recommend keeping your utilization below 30% so that it doesn’t damage your credit score, but that’s not a hard-and-fast rule."

Luthi, B. (2018, May 14). Stop Believing These 5 Money Myths. Retrieved May 21, 2018, from https://studentloanhero.com/featured/money-myths-believing-today/

"Your overall credit utilization ratio on these cards is roughly 18%, which is below the 30% threshold that many credit experts recommend."

Luthi, B. (2018, April 10). So You've Paid Off Your Credit Card - Now What? Retrieved May 21, 2018, from https://studentloanhero.com/featured/smart-things-credit-card-paying/

"The lower your utilization, the better your score, and experts say you should not have a ratio higher than 30%."

Wong, K. (2017, July 28). How Your Credit Score Is Determined. Retrieved May 21, 2018, from https://twocents.lifehacker.com/the-5-factors-behind-your-credit-score-1797277397

"Experts generally recommend maintaining a credit utilization ratio of no more than 30% across all accounts."

Nationwide Bank. (n.d.). How to Improve Your Credit Score. Retrieved May 21, 2018, from https://www.nationwide.com/improve-your-credit-score.jsp

"Most credit experts recommend keeping balances under 30% of your limit on any card, and lower is better. "

O'Shea, B. (2017, October 27). How to Get a Quick Credit Score Bump. Retrieved May 21, 2018, from https://www.nerdwallet.com/blog/finance/the-credit-move-that-can-bump-up-your-score-in-30-days/

--
Greg Fisher
Truth and Falsity
truthandfalsity.com
The Credit Scoring Site
creditscoring.com
PO Box 342
Dayton, Ohio 45409-0342
mobile/text 937-681-3224





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