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Valued Member
Posts: 39
Registered: ‎11-15-2009
0

How to figure utilization????

I'm sure I'm just an idiot but how do I figure utilation? I just looked at all 3 CR's and got these #'s: I have 149,650 in limits (no equity lines) and owe 9,927. My balances are usually PIF but the CR's never catch up it seems. My prob right now is TU shows 22 inq' in the past year.....EQ 12 and EX 11. My TU is 757 and EQ is 772.  I am doing major renovations on one of my buisnesses so I have been trying to get some biz cards so they dont show on personal but I am starting to get denials. Thanks alot
Valued Contributor
Posts: 2,682
Registered: ‎07-29-2009
0

Re: How to figure utilization????

To calculate utilization percentage, you divide your usage by your total credit limits. Move the decimal, and you have a percentage:

 

$9,927 / $149,650 = 0.0663 x 100 = 6.63%

 

So...your utilization is only 6.63%.

 

What reasons are you getting for the denials? You do have quite a few inquiries, so that could certainly be an issue. You may want to be very careful before you app again until you know exactly why you are being turned down.

 

Also, you comment that the CRs never catch up with your PIF status. Do you pay before the statement cuts each month? If you do, your credit cards should be reporting zero balances.

Valued Member
Posts: 39
Registered: ‎11-15-2009
0

Re: How to figure utilization????

Thanks for my answer! I have been turned down twice for too many inq's. I always pay right at the due date and it seems I always have a balance on my reports?????

Valued Contributor
Posts: 2,682
Registered: ‎07-29-2009
0

Re: How to figure utilization????

Will any of your inquiries turn one year old any time soon? They will count against you until they are a year old. If you can survive without apping for anything right now, it seems best to give your inquiries some time to age.

 

We try to pay our cards online about two days before the statement cuts. This is not always enough time. Also, there are usually charges floating out there that haven't hit yet. We're not apping for anything more right now, so I'm OK with that, but if I wanted to show very little utility, then I would pay about three days before the statement cut date, but I would quit using the card a couple of days before that and not use it again until the statement cut.

 

Utilization doesn't seem to be your credit issue, though. Credit has gotten a lot tighter, and you don't want to app any more than necessary.

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