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Are You Pushing Your Credit Limits?

Most insurance companies want to know what your credit limits are and how much you owe. If you don’t owe more than 50% of your limit on each credit card or loan, you’re generally in good shape.

If you have lots of credit cards and loans and you’re maxed out, this will lower your credit rating and your insurance score.

For example, if you owe $500 on a credit card with a $2,000 limit, then you owe 25%. That’s not a problem for most insurance companies. If you owe $250 on a $500 loan, then you owe 50%. That could be a problem.

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