Credit Cards

[KingAdrock]

I do know that 1-9%; util is best for your score. But what if your balance is not zero but less than 1%? How does that effect your score? Is it good, bad, or good but not as good as if it where >1%?

[smallfry]

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KingAdrock wrote:
I do know that 1-9%; util is best for your score. But what if your balance is not zero but less than 1%? How does that effect your score? Is it good, bad, or good but not as good as if it where >1%?

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FICO will pick it up as 1%.

[KingAdrock]

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smallfry wrote:

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KingAdrock wrote: I do know that 1-9%; util is best for your score. But what if your balance is not zero but less than 1%? How does that effect your score? Is it good, bad, or good but not as good as if it where >1%?

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FICO will pick it up as 1%.

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Really? Any non-zero balance is counted as 1%?

[Timothy]

Yes- Fico Rounds UP

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KingAdrock wrote:

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smallfry wrote:

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KingAdrock wrote: I do know that 1-9%; util is best for your score. But what if your balance is not zero but less than 1%? How does that effect your score? Is it good, bad, or good but not as good as if it where >1%?

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FICO will pick it up as 1%.

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Really? Any non-zero balance is counted as 1%?

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[cheddar]

Yep, the "1-9%" that you always hear around here is just shorthand for saying, "greater than $0 but less than 10%."

[KingAdrock]

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cheddar wrote:

Yep, the "1-9%" that you always hear around here is just shorthand for saying, "greater than $0 but less than 10%."

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That is the best news I have ever heard.

[psychic]

I have 1% utility showing on my TU report (I have a few very high credit limit cards that report revolving as installment, but I won't get into that here)--

Ratio of your revolving balances to your credit limits
                                     1%

However, the actual ratio is only 0.02443%

[Sylviatob]

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psychic wrote:

I have 1% utility showing on my TU report (I have a few very high credit limit cards that report revolving as installment, but I won't get into that here)--

Ratio of your revolving balances to your credit limits
1%

However, the actual ratio is only 0.02443%

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Wow psychic! You reached the magic number. How in the world did you do that? Crunch numbers for an hour?

[AWLEGZ]

good info to know!!

[Moobs]

That is great info to know! Especially for me while I'm on my quest to get below 10%. Now I know that I don't just need to get below 10%, I need to get below 9%. I probably would have bought all new reports as soon as I got to 9.2% but now I know different. I love this place!

Edit: spelling error

Message Edited by Moobs on 03-11-2008 10:23 AM