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Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
0

CC's Utilization

Hey all, Eve here!!
 
Question:  Here are my credit card balances, where should they be so that they are not adversely affecting my fico score?
 
Creditor/Limit/Balance
 
ikea/500/532
1st premier/475/567
peach direct/1800/1424
hfc/10000/10174
home depot/5000/3138
appliedcardbank/1600/1458
 
I won't put all of them but I am sure you get the idea...  Can you give me some advice?
 
Thanks
 
Eve
 
 
Established Contributor
so_confused
Posts: 630
Registered: ‎06-20-2007
0

Re: CC's Utilization

Looks to me as if you are over your limit on at least 3 of these cards....need to get that handled first.
9/18/08 TU=707 EQ=706 EX=702
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
0

Re: CC's Utilization

I can do that, but then what?  If I pay the balances down to half, will that increase my score?
Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
0

Re: CC's Utilization



myhearts07 wrote:
I can do that, but then what?  If I pay the balances down to half, will that increase my score?


Paying down to 50% will help but not much. Util of 1-9% on all revolving CCs is best. 
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

Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: CC's Utilization

Paying them to 50% is a good start-
You will get another point boost at 30% and another when it gets under 10%.

fused111 wrote:


myhearts07 wrote:
I can do that, but then what?  If I pay the balances down to half, will that increase my score?


Paying down to 50% will help but not much. Util of 1-9% on all revolving CCs is best. 



Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
0

Re: CC's Utilization

The more you pay off the better your score will get. The more you charge the lower your score goes. It's just like a balance scale. Less than 4% should get you close to best.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
0

Re: CC's Utilization

Thanks all for your input.  I didn't know that about the credit cards and I think that is what caused the huge drop in my scores and maybe not so much the deletes.  I am going to work on that this month to get them down.  Appreciate your help.
 
Eve

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