Reply
Established Contributor
BBYGRL
Posts: 511
Registered: ‎10-18-2007
0

What is the abbreviation for "Utilization"?

I'm having a brief brain fart...What is the abbreviation for "Utilization"? I couldn't find it on the Common Abbreviations link. Thanks! :smileyvery-happy:

 

10/08 - EX 795 / EQ 816 / TU 806
6/09 - EQ 763 / TU 770

Starting Score (2/2010): TU-767, EQ-745
Current Score (2/2010): TU-767, EQ-745
Goal Score (12/2010): TU-780, EQ-790


Take the FICO Fitness Challenge
Moderator Emeritus
fused
Posts: 16,374
Registered: ‎03-12-2007
0

Re: What is the abbreviation for "Utilization"?

util:smileyhappy:

Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, 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 (Amex 07-15-2014)

Mega Contributor
RobertEG
Posts: 17,720
Registered: ‎03-19-2007
0

Re: What is the abbreviation for "Utilization"?

Really, a very good question.

FICO has a major category of credit scoring, called "utilization of credit."  It is a generic term, often applied to indiv accounts.

That is 30% of your credit score.

But it then quickly breaks down into many sub-factors that are also called "utilization." under that 30% FICO weighting umbrellla.

I list those terms, in my perceived level FICO significance:

 

1. % util of overall revolving credit.  CLEARLY the most significant util factor.

2. % util of each indiv revolving credit account.

3. Number of revolving accounts showing reproting period  balances of more than $0 at the end of each monthly reporting cycle(low significance)

4. % util on installment loans (very,very low significance.)

 

 

Established Contributor
BBYGRL
Posts: 511
Registered: ‎10-18-2007
0

Re: What is the abbreviation for "Utilization"?


RobertEG wrote:

Really, a very good question.

FICO has a major category of credit scoring, called "utilization of credit."  It is a generic term, often applied to indiv accounts.

That is 30% of your credit score.

But it then quickly breaks down into many sub-factors that are also called "utilization." under that 30% FICO weighting umbrellla.

I list those terms, in my perceived level FICO significance:

 

1. % util of overall revolving credit.  CLEARLY the most significant util factor.

2. % util of each indiv revolving credit account.

3. Number of revolving accounts showing reproting period  balances of more than $0 at the end of each monthly reporting cycle(low significance)

4. % util on installment loans (very,very low significance.)

 

 


LOL Thanks Robert. I needed the abbreviation and you graciously gave me a thorough definition. :smileyvery-happy:

10/08 - EX 795 / EQ 816 / TU 806
6/09 - EQ 763 / TU 770

Starting Score (2/2010): TU-767, EQ-745
Current Score (2/2010): TU-767, EQ-745
Goal Score (12/2010): TU-780, EQ-790


Take the FICO Fitness Challenge
Established Contributor
BBYGRL
Posts: 511
Registered: ‎10-18-2007
0

Re: What is the abbreviation for "Utilization"?

Thank you FUSED! :smileyhappy:

10/08 - EX 795 / EQ 816 / TU 806
6/09 - EQ 763 / TU 770

Starting Score (2/2010): TU-767, EQ-745
Current Score (2/2010): TU-767, EQ-745
Goal Score (12/2010): TU-780, EQ-790


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}