Credit Cards

[drjenn]

ok.. i have several CC's now...do i keep 7-9% UTL on EACh card.. or on the total of all cards...do u guys use all the cards u have?? and will u be penalized for not using them???

HELP great FICO GODZ!!!!!!

[Brammy]

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drjenn wrote:

ok.. i have several CC's now...do i keep 7-9% UTL on EACh card.. or on the total of all cards...do u guys use all the cards u have?? and will u be penalized for not using them???

HELP great FICO GODZ!!!!!!

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Just keep your OVERALL utilizationin that range and you should be fine!!!!  As long as nothing is maxed out.

[sleigh17]

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drjenn wrote:

ok.. i have several CC's now...do i keep 7-9% UTL on EACh card.. or on the total of all cards...do u guys use all the cards u have?? and will u be penalized for not using them???

HELP great FICO GODZ!!!!!!

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I am still learning how this works, so hopefully more experienced people will be along soon with more of an answer. However, it is my understanding that a card sitting dormant (0 balance, not being used) is doing you no good because it doesn't show that you are managing credit. As for the utils, if you keep each card between 1-9%, I am told this is ideal. This doesn't necessarily mean that you have to use every card every month, but at least every other month or so, buy a tank of gas or a pizza and then PIF after the statement reports. But I will bow to more knowledgeable FICO Gurus who want to chime in here.  

Sorry Brammy, you posted your message while I was typing. Listen to what she is saying because she is far more experienced with FICO rules than I am.

Message Edited by sleigh17 on 09-12-2007 02:13 PM

[Brammy]

Well Sleigh with that response I hearby promote you to guru status  lol!!!

[sleigh17]

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Brammy wrote:

Well Sleigh with that response I hearby promote you to guru status  lol!!!

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Thank you, do I get a special cap or something?? LOL

[MidnightVoice]

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Brammy wrote:

Well Sleigh with that response I hearby promote you to guru status  lol!!!

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I had 4 of my 5 cards reporting a zero balance (total util & 0.2%) and my scored did not drop 

[Brammy]

As long as you are utilizing them to g=keep them from hitting an inactive status you should be fine.

[sleigh17]

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MidnightVoice wrote:

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Brammy wrote:

Well Sleigh with that response I hearby promote you to guru status  lol!!!

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I had 4 of my 5 cards reporting a zero balance (total util & 0.2%) and my scored did not drop 

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Just to help me understand MV, how long did they remain at "0" without any activity and did you have other types of credit in the mix such as mortgage, auto loan, etc. Not trying to get personal, just want to learn more about how the system works under different scenarios. Thanks!