Please help me Understand utilization..

[koky]

Account Number:		Current Status:	PAYS AS AGREED
Account Owner:	Individual Account.	High Credit:	$75
Type of Account  :	Revolving	Credit Limit:	$500
Terms Duration:		Terms Frequency:	Monthly (due every month)
Date Opened:	02/01/2013	Balance:	$54
Date Reported:	04/10/2013	Amount Past Due:	$0
Date of Last Payment:	04/2013	Actual Payment Amount:	$50
Scheduled Payment Amount:	$35	Date of Last Activity:	04/2013
Date Major Delinquency First Reported:		Months Reviewed:	N/A
Creditor Classification:		Activity Description:	N/A
Charge Off Amount:	$0	Deferred Payment Start Date:
Balloon Payment Amount:	$0	Balloon Payment Date:
Date Closed:		Type of Loan:
Date of First Delinquency:	N/A
Comments:

[DaBears]

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@koky wrote:

Account Number:		Current Status:	PAYS AS AGREED
Account Owner:	Individual Account.	High Credit:	$75
Type of Account  :	Revolving	Credit Limit:	$500
Terms Duration:		Terms Frequency:	Monthly (due every month)
Date Opened:	02/01/2013	Balance:	$54
Date Reported:	04/10/2013	Amount Past Due:	$0
Date of Last Payment:	04/2013	Actual Payment Amount:	$50
Scheduled Payment Amount:	$35	Date of Last Activity:	04/2013
Date Major Delinquency First Reported:		Months Reviewed:	N/A
Creditor Classification:		Activity Description:	N/A
Charge Off Amount:	$0	Deferred Payment Start Date:
Balloon Payment Amount:	$0	Balloon Payment Date:
Date Closed:		Type of Loan:
Date of First Delinquency:	N/A
Comments:

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Depending on when your credit card company reports to the bureau's you take the bal, divide it by your credit limit then times it by 100, in this case you will be at just under 11% util

[koky]

Professor DaBears... When my CC reported my balance was 475... Isnt that suppose to be 5%???

[guiness56]

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@koky wrote:

Professor DaBears... When my CC reported my balance was 475... Isnt that suppose to be 5%???

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I think you are confusing something.  The higher the reported balance the higher your utilization.  If that reported a balance of $475 your utilization would have been 475/500=95%.

It isn't what remains of your CL, it is the balance of your CL that is reported.

[koky]

okay.. So my high credit was 75 I payed off 50.. my credit limit is 500.. WHAT IS MY UTILIZATION...

[guiness56]

5%.

[koky]

i think i was mixing up  Available credit and Balance together

[DaBears]

+1 @ guiness, he was confusing the avail and bal. I was in the same boat many yrs ago when I got my first credit card......It happens!!! Have a good weekend everyone!!!