05-28-2008 02:27 PM - edited 05-28-2008 02:42 PM
05-28-2008 02:31 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.
Hi all,Here's my upcoming C/C balances. Should hit the CRAs by mid June.C/C Name Current Bal Credit LineUSAIR Visa $6000 $ 7000WAMU $ 0 $ 8000SamclubDiscv $2700 $ 6500NFCU MC $5000 $15000Barcl Vusa $200 $ 3000------------ -------------$13,900 $ 39,500Would 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
05-28-2008 02:35 PM
05-28-2008 02:37 PM
What's your goal, better scores or eliminating your CC debt?
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...
05-28-2008 02:39 PM - edited 05-28-2008 02:40 PM
05-28-2008 02:41 PM
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
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.