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UTIL

Regular Contributor

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
Message 1 of 31
30 REPLIES
Moderator Emeritus

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.
Message 2 of 31
Regular Contributor

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
Message 3 of 31
Regular Contributor

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
Message 4 of 31
Moderator Emeritus

Re: UTIL

How much cash do you have on hand?
Message 5 of 31
Regular Contributor

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
Message 6 of 31
Contributor

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.
Message 7 of 31
Regular Contributor

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.
.
Message 8 of 31
Regular Contributor

Re: UTIL

Thanks Vanyel! And yes I do NOT like you telling me to come up with another $230 LOL Smiley Wink 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
Message 9 of 31
Regular Contributor

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
Message 10 of 31