30% Magical Number
All credit scoring models rate your scores higher if your accounts have less than 30% balances in relation to their high credit limits. This includes mainly your credit cards. However, car loans, mortgages, and all other accounts including installment loans can be subjected to the 30% number.
This is also why your credit scores will go DOWN when a new mortgage or car loan reports on your credit. And as you pay those accounts lower each month your scores steadily increase.
The Secret To Keeping Your Balances Low
So if you REALLY want to spike your credit scores, pay down your credit card accounts so the balances are lower than 30% of your limits OR, simply call your creditors to apply for a credit limit increase. You can also get approved for higher limit accounts to help increase your scores.
The secret is to keep the balances below 30% of the credit limit to insure you have a healthy credit profile and healthy financial future. If you go above, your credit scores could go down. Yet by paying them down again, your scores will go back up.