Usage %

[vader77]

So I have a quick question I'd like to clear up.  Over on the auto loans section someone posted in order to maximize you credit score as far as usage is concerned, have all your cards at a $0 balance and one card with 7-9% of that cards credit limit.  I thought I read here previously that it should be 7-9% of your total available credit. 

Can someone tell me which is correct? 

Thanks!

[Burned2manybridgesB4]

Two versions:

Five card monte: 3 cards at zero, 2 with under 10%..ok.

                           4 cards at zero, 1 under 10%...max (sweet spot around 3-6%?)

Three card monte: same as above except two of three will ding you a point or two.

It takes into account the overall utilization picture on revolving tradelines, but also a single card that goes above a certain percentage. Kinda like a double hit.

[guiness56]

There is no set rule on how many cards or what exact %.  YMMV and it is what works best for you.

For rebuilding it is found you get an optimum FICO score if you let only one card report a balance of 9% or below, no matter how many you have.  YMMV so you can experiment and see what % works best for you and how many cards reporting a small balance works best for you.  FICO has no memory of utilization and you are scored on what is on your report on any given day.

[vader77]

Thanks for your replies.  Appreciated.

[Burned2manybridgesB4]

Fyi: the examples I listed were from my own experiences. Ymmv.