UTIL

[Anonymous]

How do you figure out UTIL? Balance divided by CL??

Thanks

[fused]

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Mshamika wrote:

How do you figure out UTIL? Balance divided by CL??

Thanks

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Yes. Just remember there are two types of util% calculations: one that calculates each CC and the other is cumulative, that is the total of all CCs.

[Anonymous]

Thanks fused, I just figured them both out, I'm at 53% Total....

Cap 1 Visa

[Anonymous]

Screwed the first post up...

53% overall

Cap 1 Visa         88%         $1000 CL

Cap 1 MC          52%          $500CL

Hooters MC       52%          $1000CL

Orchard Bank    91%         $300CL

Kay Jewelers     24%         $2000CL

Target Card       85%         $500CL

Which ones should I work on payind down 1st?

[fused]

How much cash do you have on hand?

[Anonymous]

$1500 to use for credit cards right now....

[Anonymous]

Start with the one that has the highest rate. Pay it completely. then the next highest one etc. I would recomend you close any cards that have annual fees. Pick your nicest CC, and your nicest store card, and charge a little each month to each. Pay it in full by the due date. Pay all others in full as soon as you can and put them away.

[Anonymous]

Try these numbers out for size, you'll not like me for suggesting that you come up with another $230.00.  But this will get you to 20% Util on all of your cards.

Cap 1 Visa  $680.00

Cap 1 MC    $160.00

Hooters        $320.00

Orchard       $215.00

Kay               $80.00

Target           $275.00

The total is $1730.00, and that will get you to 20% Util on all your tradelines individually and 20.94% Util on your total tradelines.

It'll help boost your scores and allow you to next month pay a few of the small ones off and toss a few bucks at the bigger ones.

Just what I'd do FWIW.

Van

[Anonymous]

Thanks Vanyel! And yes I do NOT like you telling me to come up with another $230 LOL But I will pay what I can with the $1500, u don't think I should pay Orchard completely off (only cc with an AF)?? I will follow your guidelines as closely as I can...UTI is pretty good with Kay right now, so i'll give them less...

Thanks for your help....

[Anonymous]

Only one with an AF is Orchard....