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I'm not following how the utilization thing works I guess. My example would be:
card limit bal util
1 $1,000 $500 50 %
2 $20,000 $0 0 %
My combined utilization would be less than 3 %. Is it the 3 % number that is used for FICO scoring, or the 50 % on the one card even though it's miniscule compared to my combined credit lines?
@Gunslinger4u wrote:I'm not following how the utilization thing works I guess. My example would be:
card limit bal util
1 $1,000 $500 50 %
2 $20,000 $0 0 %
My combined utilization would be less than 3 %. Is it the 3 % number that is used for FICO scoring, or the 50 % on the one card even though it's miniscule compared to my combined credit lines?
It's my understanding that both factor in, so ideally with your cards you wuold want to show:
card limit bal util
1 $1,000 $0 0%
2 $20,000 $1800 9 %
combined util 8.57%
OR
card limit bal util
1 $1,000 $90 9 %
2 $20,000 $0 0 %
combined util .4 % (probably the better choice)
I don't see why you would have a problem getting student loans. Unless you have included them in your bankrutpcy before, which in my state is not legal. You should have no problem applying for a fasfa. I would either contanct the school or the Sallie Mae or whoever you deal with. My bk chapter 7 was discharged in May 2011 I filled for my loan in the fall and wasnt really a problem.
Good Luck!