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Posts: 17,443
Registered: ‎12-30-2011
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Re: Newbie questions about 1-9% utilization

JHorowitz wrote:

gdale6 wrote:

If you are going to apply for credit you want the 1-9% of one cards CL reporting all other cards paid off. The more cards that have balances the lower your FICO score will be as you get dinged for too many with balances. Utilization has no memory it is calculated on the spot when someone pulls a report.

That's good to hear. I want to apply for a CC after my statement closes and my UTIL will be 15%-ish. When they see my credit report, they cant see that my past 6 months were at 70% UTIL? 


So basically my question is, I can apply right away after statement closes and shows 15% UTIL? Or should i wait a few more months to show that my UTIL is 15% at consecutive months and not just only 1 month?  


My EQ FICO is 735, no baddies. Only UTIL was holding me back.

FICO cannot, the lender doing the underwriting can but I don't see where that's a problem typically.  Payments are reported on one's credit report for I believe all the bureaus now, and they can back-of-hand math the prior utilization numbers easily enough. 


If they ask, just hand-wave and state you didn't know that having a balance on your credit cards hurt your credit score but now that you've done some research you're turning over a new leaf... blah blah blah.


You'll be fine.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)

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Posts: 33
Registered: ‎09-05-2013
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Re: Newbie questions about 1-9% utilization

Sounds great! Thanks, all.

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