Most of us dealing with FICO scoring frequently feel totally stupid
inquring_minds wrote:Thanks Hauling, I need a math refresher - if feel totally stupid!
As far as we can tell, it looks at both. You could try getting both down to less than 5% and then tell us what happens!
inquring_minds wrote:ok, so what should I do now?I have low utilization and my statement cuts on the 30th and I need a boost in scores. I thought Fico model looked at individual utilization for optimal scores.
There's not a day goes by that I don't stare at the laptop and say to myself, "Well, duh!"
Like MV said, you get rated on individual util and on total util. Try having one card PIF'd and the other reporting incredibly low. I got 10-15 points on all three scores recently by having a $7 balance post on one card, $0 on the other 4, $52K+ total CL. I think it was like 1/100 of 1% util. TU especially liked it!
This is now my new happy solution to not worrying about my CC's. I only use one per month, pay it down to 1% before the statement cuts, and there you are. Peace of mind through simplicity!