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Valued Member
JoeG
Posts: 32
Registered: ‎04-28-2008
0

Util Question

[ Edited ]
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
Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
0

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.
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Util Question

Yes and yes. That USAir is hurting.
Valued Member
JoeG
Posts: 32
Registered: ‎04-28-2008
0

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...
Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
0

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?
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Valued Member
JoeG
Posts: 32
Registered: ‎04-28-2008
0

Re: Util Question

[ Edited ]
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
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

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.
Valued Member
JoeG
Posts: 32
Registered: ‎04-28-2008
0

Re: Util Question

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

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