No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Can someone please clarify for me the utilization aspect of revolving credit on CC's?
Im currently sitting at a 673 FICO and a 47% CC utilization. I plan on paying these down before the next cycle this month so my FICO will jump. Im confused though on whether the utilization needs to be <10% (preferably 1%) on the whole line of credit across all cards or pay all cards off but one and have that one at 1% to 10% of its credit limit.
For clarification:
Total credit line $3500 paying utilization to <10% would be $350 left on one card even if that card only has a $1000 limit
OR
Pay off 2 cards leaving 0 balance leaving the one credit card with a $1000 limit paying it to 10% would be $100.
I know this is probably stupid but Im looking for the magic number and the difference between the 2 could be the difference in scorning.
Much appreciated in advance!
Jeff
@roost3r wrote:Can someone please clarify for me the utilization aspect of revolving credit on CC's?
Im currently sitting at a 673 FICO and a 47% CC utilization. I plan on paying these down before the next cycle this month so my FICO will jump. Im confused though on whether the utilization needs to be <10% (preferably 1%) on the whole line of credit across all cards or pay all cards off but one and have that one at 1% to 10% of its credit limit.
For clarification:
Total credit line $3500 paying utilization to <10% would be $350 left on one card even if that card only has a $1000 limit
OR
Pay off 2 cards leaving 0 balance leaving the one credit card with a $1000 limit paying it to 10% would be $100.
I know this is probably stupid but Im looking for the magic number and the difference between the 2 could be the difference in scorning.
Much appreciated in advance!
Jeff
The red one!!!!
This thread helps to explain things:
http://ficoforums.myfico.com/t5/General-Credit-Topics/Figuring-out-my-utilization/m-p/785481#M147161
Thank you both for taking the time to answer. I appreciate the info!
Jeff
Jeff, I agree with the above advice. My scores start to slide a few points here and there when I let small balances show on a few cards. The various scoring methods definitely seem to want most of those cards to have a zero balance. Let it show on just one.