QUICK QUESTION BOUT UTILITAION!!!! NEED HELP

[bsal]

Hey guys I have a quick question and i want to see if i have this down right about utilitaion keeping it under 10% because i just got approved for my first cc and i'm happy but nerv and i dont want to screw this up, so here i go, If i have a credit limit of 500 and out of 500 i use 150 so it will be the balance witch is 150 / by 500 the limit for a untilitaion of 0.3% do i have it right here guys? can i get some feed back on this please thanks, and please forgive me if its a dumb question i'm just getting started with this thing just trying to get on the right track thanks

[Anonymous]

You're close, but you missed an important step.

Utilization is Balance/CreditLimit x 100

In your case, 150/500 x 100 = 30%.

If you want to keep your utilization under 10%, on a $500 credit limit, you're going to have to keep the balance under $50. Don't forget to allow for interest and fees, too.

[Cleanmachine]

bsal

Sorry, you are close but your utilization would be 30%

To verify, 500.00 X 30%= 150.00

Clean

[Jesedmotherof5]

not a dump question you were far closer then I was in the begining.. Always PAY it before the last day the statement cuts so it reflects on your report. Unless its HScB (which is the last day of the month)

[bsal]

thank you to all of you for replying to my questions I now understand and thank you again  for the help every last one of you