Reply
Established Contributor
Posts: 905
Registered: ‎07-25-2008
0

Util

How do I figure my util?
 
If that is lower will scores increase?
 
Thanks

Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards
Highlighted
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Util



hoping2rebuild wrote:
How do I figure my util?
 
If that is lower will scores increase?
 
Thanks


Total CC balance divided by total CL. Some CC COs could factor into utilization as well, YMMV.
 
Per score change, what mostly works for myself is if I have 3 or more CCs reporting, then for every 1% I reduce my CL down to 10% of the total utilization, then my score increases by 1 point. So, if I was at 65% and reduce it to 6%, I can guesstimate my score to increase by 55 points.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.