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Credit Card usage from 2% to 1%

New Contributor

Re: Credit Card usage from 2% to 1%

That's fine but still ur not saying any thing by saying 1-9utl

The po was asking for answers base on his experience and i gave my expertise on this field

Believe me i have spend more then 10k on fico reports but as i said its also depend on other credit factors IMOSmiley Wink

Citi Bank X2/ 29k-USAA Amex/Mastercard 24k-PP Mastercard 20k_
WMDiscover 20k-PenFed X2/15k
Current Fico/EQ-765
Garden Time Day- 10
Remaining Days-170
Message 21 of 28
Established Contributor

Re: Credit Card usage from 2% to 1%

could be 1 percent, could be under 1 percent, could be 2 percent, could be something else. IF 2 percent works best for you, fine. It most certainly doesn't work best for everyone else.

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Message 22 of 28
Valued Contributor

Re: Credit Card usage from 2% to 1%


youngandcreditwrthy wrote:
Allegedly 9% util is optimal

I'm a bit confused...does 9% mean in total? I've read to have all cards report zero balances except for one, which should report 1-9%. However, if the 9% is for the total, if you have several cards, getting to 9% total will necessitate your going over 9% on the one card. I hope I stated this clearly. 

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Message 23 of 28
Valued Contributor

Re: Credit Card usage from 2% to 1%


indiolatino61 wrote:

youngandcreditwrthy wrote:
Allegedly 9% util is optimal

I'm a bit confused...does 9% mean in total? I've read to have all cards report zero balances except for one, which should report 1-9%. However, if the 9% is for the total, if you have several cards, getting to 9% total will necessitate your going over 9% on the one card. I hope I stated this clearly. 


You are understanding it correctly. It is 1-9% of your TOTAL revolving credit. This is is why it is important to you your card that has the highest CL because you can also get a ding for going over about 30% of that card. AFAIK.

*8/10/13
Message 24 of 28
Senior Contributor

Re: Credit Card usage from 2% to 1%

I think it's 9% on one card... But I certainly use more like 10-15% on four or five cards.
My FICO is around 700. There was a graph here somewhere where a guy experimented with his fico to find that magic formula
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 25 of 28
Senior Contributor

Re: Credit Card usage from 2% to 1%

Oh nvm. I'll admit my Chase Freedom is maxxed out
Lol
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 26 of 28
New Contributor

Re: Credit Card usage from 2% to 1%

This rule apply only on my fico transunion/Individual calculation and collective calculation

Equifax/Collective calculation

Citi Bank X2/ 29k-USAA Amex/Mastercard 24k-PP Mastercard 20k_
WMDiscover 20k-PenFed X2/15k
Current Fico/EQ-765
Garden Time Day- 10
Remaining Days-170
Message 27 of 28
Established Contributor

Re: Credit Card usage from 2% to 1%


SnackTrader wrote:
Well I encourage everyone who NEEDS an extra 5-15 points out of their score to try to find their personal "magic number". Personally, I find pretty much everything under 10% reasonable for my score. But as I stated earlier I do not believe everyone has the exact same ideal utilization, and I don't think that advertising any single number as perfect is beneficial for the readers of this forum. Quite simply, without a heavy amount of evidence, I think saying 2% is the only answer is very misleading.

I will stick with the 1-9% frequently discussed based on the years of evidence from these forums.

+50,000,000,000,000 well said Snack!


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Message 28 of 28