04-07-2009 11:31 AM
I'm enlisting the help of my fellow fico family. You all are so helpful and knowledgable about credit and scores. I'm not good at calculating the util % so could somebody help me? I'm just wondering where I am after paying down a lot of cc debt. I have 6 cards as follows:
Cap1 1000 bal 0
Cap1 2050 bal 1014.83
Hooters 1800 bal 685.56
Orchard 1000 bal 686.03
Walmart 400 bal 0
Target 200 bal 0
I have recently in the last couple of weeks payed all of these cards down or off, all of them were pretty much maxed out. I'm just wondering what my util is at this point I'm excited to see it go down but I don't know how to calculate it. I'm working on getting the other cards paid off or down to 1-9 util. Also can someone tell me the best way to manage these cards to obtain the max score possible with a Bk in 05 discharged 2-06. You all have been very helpful and I got these cards by reading all of your suggestions.
04-07-2009 11:35 AM - edited 04-07-2009 11:36 AM
Looks to me like you're right at 37% utilization.
ETA: I just added the balances together and divided by the available credit. (2386.42/ 6450.00)
04-07-2009 11:50 AM
Thank you brownee for your prompt response! now how do I use these cards to get the maximum score?
You make sure that the total util reporting to the CRA is below 9%.
I would recommend having just one CC's balance to report to the CRA's and that should be below 9%
04-07-2009 12:06 PM
Step 1: Get utilization under 35%, this is a threshhold. There are various threshholds that bucket your utilization.
Step 2: Reduce debt utilization and number of accounts with a reported balance.
Step 3: Ultimately keep utilization to 9% or less and a balance on only 1 card, if possible.
04-07-2009 12:06 PM
04-07-2009 12:07 PM
Thank you, so after I get them all payed down just make sure I only have one at a time reporting a balance under 9%? and I suppose if I do use them just make sure I pay them off before the billing statement ends so it wont report a balance, is that correct?
04-07-2009 12:10 PM - edited 04-07-2009 12:12 PM
04-08-2009 05:43 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.