Hello folks:
I've been working on rebuilding my credit after emerging from a BK 2 years ago and have some questions. I'll be the first to admit that I haven't done everything properly and have made some mistakes. I have far too many inquiries and have settled for too many low-limit credit cards...but I also didn't understand that bigger banks won't give you a thought w/a BK on your credit. But, through a lot of hard work, I've been able to get my FICO score up to 641 from a low of 509....though it took a lot of talking with creditors, taking care of money I owed for health bills, and ultimately getting negative items deleted from my reports.
But, that's not why I'm here. I have questions about credit utilization and how it's calculated. I have some confusion regarding whether FICO calculates scores based on overall credit utilization or individual credit lines. I have 1 credit card that is, admittedly, too high and my overall utilization right now is at 41% (that one card is much higher and a secured card no less). I know I can easily drop that number down significantly, however I'm trying to determine if it's better to pay down the 1 credit card that is too high, or pay down my other cards that are at about 20% at the moment? I can provide more info if necessary.
Thanks for the help, love this forum.
