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Util Question

Valued Member

Util Question

Hi all,
 
Here's my upcoming C/C balances. Should hit the CRAs by mid June.
 
C/C Name         Current Bal    Credit Line
 
USAIR Visa         $6100          $ 7500
WAMU                 $ 0               $ 8000
SamclubDiscv    $2700          $ 6500
NFCU MC           $5000          $15000
Barcl Vusa          $200            $ 3000 
                       ------------        -------------
                           $14,000      $ 40,000
Would my util be @ 35% , Is that Correct? Due C/Cs with 0$ balance help utils?
 
Thanks all!


Message Edited by JoeG on 05-28-2008 02:27 PM

Message Edited by JoeG on 05-28-2008 02:42 PM
Message 1 of 8
7 REPLIES
Moderator Emeritus

Re: Util Question



JoeG wrote:
Hi all,
 
Here's my upcoming C/C balances. Should hit the CRAs by mid June.
 
C/C Name         Current Bal    Credit Line
 
USAIR Visa         $6000          $ 7000
WAMU                 $ 0               $ 8000
SamclubDiscv    $2700          $ 6500
NFCU MC           $5000          $15000
Barcl Vusa          $200            $ 3000 
                       ------------        -------------
                           $13,900       $ 39,500  
 
Would my util be @ 35% , Is that Correct? Due C/Cs with 0$ balance help utils?
 
Thanks all!


Message Edited by JoeG on 05-28-2008 02:27 PM

Yes your overall util is 35%, but FICO scoring has another util calculation for each revolving account...individual util. So, you are probably going to take a hit for your USAir card reporting 86% util.
Message 2 of 8
Senior Contributor

Re: Util Question

Yes and yes. That USAir is hurting.
Message 3 of 8
Valued Member

Re: Util Question

it seems that it would pay to establish a new c/c account, transfer 3k or 4k to a new account (with a CLI of 8k-10k, higher the credit limit the better) and recalculate? Am I correct in thinking so?
 
Thanks...
Message 4 of 8
Moderator Emeritus

Re: Util Question



JoeG wrote:
it seems that it would pay to establish a new c/c account, transfer 3k or 4k to a new account (with a CLI of 8k-10k, higher the credit limit the better) and recalculate? Am I correct in thinking so?
 
Thanks...


What's your goal, better scores or eliminating your CC debt?
Message 5 of 8
Valued Member

Re: Util Question

Always reducing debt. But I do have some "standby" cards that can be used to transfer a balance or two and possibly get a better APR. But if possible, I would opt to paydown debt whenever I can. I have over $60k in C/C debt (not all under my name). It's not going to be pretty.


Message Edited by JoeG on 05-28-2008 02:40 PM
Message 6 of 8
Senior Contributor

Re: Util Question



JoeG wrote:
Always reducing debt. But I do have some "standby" cards that can be used to transfer a balance or two and possibly get a better APR. But if possible, I would opt to paydown debt whenever I can. I have over $60k in C/C debt (not all under my name). It's not going to be pretty.


Message Edited by JoeG on 05-28-2008 02:40 PM


Pay it down if you can.
Message 7 of 8
Valued Member

Re: Util Question

Actually, total util is 30%. I left out 3 other revolving accounts with $0 balance with CLIs totaling 5k.
 
Thanks again...
Message 8 of 8