Reply
Regular Contributor
Mshamika
Posts: 125
Registered: ‎04-17-2007

UTIL

How do you figure out UTIL? Balance divided by CL??
 
Thanks
FICO's 03/03/08 EQ 597, EX 581, TU 606
FICO's 04/30/08-EQ 632, EX 620, TU 618
FICO's 06/03/08 EQ 607, EX 591, TU 599
Moderator Emeritus
fused
Posts: 16,166
Registered: ‎03-12-2007

Re: UTIL



Mshamika wrote:
How do you figure out UTIL? Balance divided by CL??
 
Thanks


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.
Regular Contributor
Mshamika
Posts: 125
Registered: ‎04-17-2007

Re: UTIL

Thanks fused, I just figured them both out, I'm at 53% Total....
 
Cap 1 Visa
FICO's 03/03/08 EQ 597, EX 581, TU 606
FICO's 04/30/08-EQ 632, EX 620, TU 618
FICO's 06/03/08 EQ 607, EX 591, TU 599
Regular Contributor
Mshamika
Posts: 125
Registered: ‎04-17-2007

Re: UTIL

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?
FICO's 03/03/08 EQ 597, EX 581, TU 606
FICO's 04/30/08-EQ 632, EX 620, TU 618
FICO's 06/03/08 EQ 607, EX 591, TU 599
Moderator Emeritus
fused
Posts: 16,166
Registered: ‎03-12-2007

Re: UTIL

How much cash do you have on hand?
Regular Contributor
Mshamika
Posts: 125
Registered: ‎04-17-2007

Re: UTIL

$1500 to use for credit cards right now....
FICO's 03/03/08 EQ 597, EX 581, TU 606
FICO's 04/30/08-EQ 632, EX 620, TU 618
FICO's 06/03/08 EQ 607, EX 591, TU 599
Contributor
hdj
Posts: 95
Registered: ‎06-12-2007

Re: UTIL

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.
Regular Contributor
Vanyel
Posts: 216
Registered: ‎05-17-2007

Re: UTIL

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
 
 
FICO 6/25/08 TU 668 EQ 646 EX 652
FACO 6/25/08 TU 655 EQ 622 EX 641
Recovering from the App Spree that dropped me like a rock. Post Car loan apps as well.
.
Regular Contributor
Mshamika
Posts: 125
Registered: ‎04-17-2007

Re: UTIL

Thanks Vanyel! And yes I do NOT like you telling me to come up with another $230 LOL :smileywink: 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....
FICO's 03/03/08 EQ 597, EX 581, TU 606
FICO's 04/30/08-EQ 632, EX 620, TU 618
FICO's 06/03/08 EQ 607, EX 591, TU 599
Regular Contributor
Mshamika
Posts: 125
Registered: ‎04-17-2007

Re: UTIL

Only one with an AF is Orchard....
FICO's 03/03/08 EQ 597, EX 581, TU 606
FICO's 04/30/08-EQ 632, EX 620, TU 618
FICO's 06/03/08 EQ 607, EX 591, TU 599

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+