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Established Member
Sidewayzracer
Posts: 31
Registered: ‎09-15-2009

just got a huge boost to total utilization

I just got a 2500 cli card from wells fargo the rate is extremely bad at 30.9% but im not interested in that as i was looking to add a card to increase my total limit.

 

my limit combined on two cards was 2750 so this is a huge boost in my climb back up to a good credit score.  This is with a 598 equifax score.  now im looking for a bit of advice on how to take best advantage of this card.  Should i try and have 7% utilization to report each month but pay off the amount before the grace period or should i leave the balance at 0?

11/21/09 - Equifax score 599 12/7/09 - 603 4/25/10 - 645 4/17/2012 - 707
Valued Member
tralyn05
Posts: 39
Registered: ‎10-04-2007

Re: just got a huge boost to total utilization

Congrats on the CLI ...

 

I'm upset with WF right now....My CL was decreased from 3750 to 3000....no changes in my report ---outta the blue and they told me after the fact and only sent info after I asked.....

Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: just got a huge boost to total utilization


Sidewayzracer wrote:

I just got a 2500 cli card from wells fargo the rate is extremely bad at 30.9% but im not interested in that as i was looking to add a card to increase my total limit.

 

my limit combined on two cards was 2750 so this is a huge boost in my climb back up to a good credit score.  This is with a 598 equifax score.  now im looking for a bit of advice on how to take best advantage of this card.  Should i try and have 7% utilization to report each month but pay off the amount before the grace period or should i leave the balance at 0?


Optimal credit utilization for FICO scoring purposes seems to be:

Total revolving utilization > 0 and < 9%, the lower the better, and
Reporting a balance on less than half of your revolving TL's, and
Reporting a balance on half or less of all TL's.


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