UT/ based on each account separately?

[majesty]

Question... In the fico scoring system is UT % determined on each account individually (CL versus balance of each account) or the total sum of all available credit versus balances?

[fused]

Both! And they are weighed equally in FICO scoring.

[majesty]

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fused wrote:

Both! And they are weighed equally in FICO scoring.

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Thanks... however if I have 6 cards with low limits 300 CL and only at 10% UT and 1 card with 5k CL at 80% UT am I ok or losing the advantage of the 6 accounts at 10% because of the 1 larger account?

[fused]

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majesty wrote:

Thanks... however if I have 6 cards with low limits 300 CL and only at 10% UT and 1 card with 5k CL at 80% UT am I ok or losing the advantage of the 6 accounts at 10% because of the 1 larger account?

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This will hurt you in both ways: overall util is at 61% (bad), and an indiv util on your 5K CC at 80% getting worse. The trick is to never have a single CC reporting more than 50% util. I think in your case it's best to have 3 of your 6 cards reporting 1-9% util and the other 3 PIF.

[majesty]

good advice... I see what you mean in regards to allowing the 3 PIF cards to lower over UT %.. I may possibly keep all 6 small cards at 0 -2% utilization...

[haulingthescoreup]

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@majesty wrote:
good advice... I see what you mean in regards to allowing the 3 PIF cards to lower over UT %.. I may possibly keep all 6 small cards at 0 -2% utilization...

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And it's a heck of a lot easier to keep low CL cards at 0% and let the bigger ones report a balance. 9% on a $300 CL card = $27. Not even a tank of gas these days.

You will get a better score boost if at least half of your cards have a $0 balance at any one time. That was a big part of my recent score jump. I'm now only allowing one card to post at any one time (maybe a 10-day overlap before one shows as PIF'd.) Not only does it help the scores, but it's a heck of a lot simpler to keep track of.

[majesty]

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@haulingthescoreup wrote:

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@majesty wrote:
good advice... I see what you mean in regards to allowing the 3 PIF cards to lower over UT %.. I may possibly keep all 6 small cards at 0 -2% utilization...

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And it's a heck of a lot easier to keep low CL cards at 0% and let the bigger ones report a balance. 9% on a $300 CL card = $27. Not even a tank of gas these days.

You will get a better score boost if at least half of your cards have a $0 balance at any one time. That was a big part of my recent score jump. I'm now only allowing one card to post at any one time (maybe a 10-day overlap before one shows as PIF'd.) Not only does it help the scores, but it's a heck of a lot simpler to keep track of.

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you guys are so helpful.. I have been online paying down those small accounts since yesterday