Local financial expert Mark Jorel Snow from Slick Cash Loan makes credit utilization rates understandable for regular folks in his blog "Decoding the Concept of Credit Utilization Rate." His plain English advice empowers everyday people to take control of their finances and lending potential.
GLENDALE, Calif. - Sept. 1, 2023 - PRLog -- Have you ever felt totally lost when hearing terms like "credit utilization rate"? Yeah, me too. But according to Mark Jorel Snow, a financial coach at Slick Cash Loan in Glendale, it doesn't need to be so confusing.
In a recent blog post, Snow breaks down what credit utilization rate actually means in simple words we can all get. His goal? To empower everyday people to take control of their finances with confidence.
After 15+ years in the finance industry, Snow knows this stuff can feel intimidating. "I want to explain concepts like credit utilization in plain English so regular folks don't feel so overwhelmed," he says.
So first, what is credit utilization rate anyway?
"Basically, it's just the percentage of your total available credit you're using right now across all your accounts," explains Snow.
Experts say to keep your rate under 30%. But people with the best credit scores have rates around 6% or less.
Snow warns that high utilization can seriously hurt your credit score, even tanking it 50 points or more!
"Your rate gives lenders a peek at how you handle debt. High usage looks risky, but low usage makes you look financially responsible," he says.
But here's the good news - there are clear steps you can take to calculate and improve your rate. Snow's advice includes:
- Paying down balances fast
- Opening balance transfer cards
- Asking for higher credit limits
- Spreading charges across multiple accounts
- Tracking spending habits
"Use these tips consistently to boost your utilization and financial health," says Snow. "When you understand your rate, you can build your credit and lending potential."
So if you've been confused by this tricky financial metric, check out Snow's blog "Decoding the Concept of Credit Utilization Rate." He explains everything in simple terms anyone can understand.
Snow's practical advice helps everyday folks like us finally get a handle on concepts that used to seem totally intimidating. "I want to empower people to take control of their finances with confidence," he says.
Kudos to Mark for making this credit utilization stuff less scary for us regular folks! His easy-to-grasp tips are real money savers.
Want to learn more tips from finance pro Mark Jorel Snow for mastering your money with confidence? Follow Slick Cash Loan on social media for regular financial wisdom:
Facebook: https://www.facebook.com/slickcashloan/
Twitter: https://twitter.com/slickcashloan
YouTube: https://www.youtube.com/channel/UCcoXQ3Yab34FNMO5yoon5ag
Contact
Mark Jorel Snow
marksnow@slickcashloan.com
888-200-7445
Source: Slick Cash Loan
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