Credit Cards

[favor4me2]

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.

[brownee]

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)

Message Edited by brownee on 04-07-2009 01:36 PM

[favor4me2]

Thank you brownee for your prompt response! now how do I use these cards to get the maximum score?

[Credit_repair]

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favor4me2 wrote:
Thank you brownee for your prompt response! now how do I use these cards to get the maximum score?

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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%

[txjohn]

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.

[favor4me2]

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?

[Credit_repair]

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favor4me2 wrote:
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?

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correct

[favor4me2]

Thanks, txjohn, I so admire your scores. about 4 years ago that's  what mine were in the 500's after the bk and loosing the house, now I'm in the mid to upper 600's working on 700's. I have to do what you did to get there.

Message Edited by favor4me2 on 04-07-2009 12:12 PM

[txjohn]

Your welcome.  The journey is time and pain staking, but ultimately worth it 

[economan]

Could you tell me (if you know this) what the major tiers for utilization under 50% are. Many many thanks!