cancel
Showing results for 
Search instead for 
Did you mean: 

What is the abbreviation for "Utilization"?

Established Contributor

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


Take the FICO Fitness Challenge
Message 1 of 5
4 REPLIES
Moderator Emeritus

Re: What is the abbreviation for "Utilization"?

utilSmiley Happy

Message 2 of 5
Community Leader
Epic Contributor

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.)

 

 

Message 3 of 5
Established Contributor

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
Message 4 of 5
Established Contributor

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


Take the FICO Fitness Challenge
Message 5 of 5