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What is the rule of thumb on this?
I have 21K in student loans and 2K in CC credit. So it's only 9.5%
If I get a couple cards this year and get my revolving credit limit higher that will help out. I'm also going to put some money down on the loan. If I can get to 30%-50% credit to debt OK?
There's got to be more to it than that. What if I had a mortgage? Even if I had 20K in revolving credit, it could potentially only be 10% of my debt....
Thanks,
JD12
Mortgages and auto loans are installment and not revolving.
That's my point.... how is it calculated?
Is it all my revolving credit / all my debt?
Is mortgage included in the calculation?
@JohnDoe12 wrote:That's my point.... how is it calculated?
Is it all my revolving credit / all my debt?
Is mortgage included in the calculation?
For your credit score, when they talk about utiliization, its strictly revovling credit.
No other loans or accounts are factored into the util percentage.
-scott
@rckstrscott wrote:
@JohnDoe12 wrote:That's my point.... how is it calculated?
Is it all my revolving credit / all my debt?
Is mortgage included in the calculation?
For your credit score, when they talk about utiliization, its strictly revovling credit.
No other loans or accounts are factored into the util percentage.
-scott
Installment utilization does factor into your scores. Just not near as much as revolving. Installment would probably factor in somewhere at around 10% or less but, it does factor in.
@guiness56 wrote:
@rckstrscott wrote:
@JohnDoe12 wrote:That's my point.... how is it calculated?
Is it all my revolving credit / all my debt?
Is mortgage included in the calculation?
For your credit score, when they talk about utiliization, its strictly revovling credit.
No other loans or accounts are factored into the util percentage.
-scott
Installment utilization does factor into your scores. Just not near as much as revolving. Installment would probably factor in somewhere at around 10% or less but, it does factor in.
No kidding??
Learning something new everyday haha
-scott
+1 Installment loans have very low factors when it comes to scoring......they do help to some degree!!!!