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Established Contributor
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Registered: ‎10-18-2007
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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! Smiley Very 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


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Registered: ‎03-12-2007
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Re: What is the abbreviation for "Utilization"?

utilSmiley Happy

Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, 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: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
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Posts: 21,291
Registered: ‎03-19-2007
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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
Posts: 511
Registered: ‎10-18-2007
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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. Smiley Very 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
Posts: 511
Registered: ‎10-18-2007
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Re: What is the abbreviation for "Utilization"?

Thank you FUSED! Smiley 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


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