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Regular Contributor
Posts: 208
Registered: ‎02-08-2013
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Idea Utilization for Maximum Score

I have 4 sub-prime cards and am looking to apply for my first prime card. I am thinking the Barclay Rewards Card. Anyways, my TU FICO is right at 700 (give or take 3 points). The concenus on this board for ideal utilzation with regards to your best score seems to be a 9% utilization. I guess my question before I apply for my new card is this: Should I leave 9% on my CapOne card which is not only my oldest card, but also has my highest limit ($1,500)? Or, should I spread the 9% out over 2 or 3 cards?

 

Thanks ahead of time!


Current Score: EX: 718, EQ: 715, TU: 720
Goal Score: EX: 750, EQ: 750, TU: 750

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Valued Contributor
Posts: 2,658
Registered: ‎06-05-2008
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Re: Idea Utilization for Maximum Score


BackInTheSaddleAgain wrote:

I have 4 sub-prime cards and am looking to apply for my first prime card. I am thinking the Barclay Rewards Card. Anyways, my TU FICO is right at 700 (give or take 3 points). The concenus on this board for ideal utilzation with regards to your best score seems to be a 9% utilization. I guess my question before I apply for my new card is this: Should I leave 9% on my CapOne card which is not only my oldest card, but also has my highest limit ($1,500)? Or, should I spread the 9% out over 2 or 3 cards?

 

Thanks ahead of time!


VERY Imporant - only have one card with a balance.  "# of cards with balance" is a data point used in calculating your score.  

I've personally had best results with my largest card having about a balance of 1% to 3% of my total credit, and everything else zero.

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

Established Contributor
Posts: 599
Registered: ‎03-10-2012
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Re: Idea Utilization for Maximum Score

[ Edited ]

it can change as your history grows and your bucket changes.

 

For me, right now, a singlle card, even with a 1% balance, gives me a lower score than zero cards with a balance-about 5-7 points difference. a sub 1% balance is worth about a point more than 1%.

 

over 5% on a single card would give me even less points(only a couple more points)

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
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Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Regular Contributor
Posts: 208
Registered: ‎02-08-2013
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Re: Idea Utilization for Maximum Score

Thanks guys. I think! Actually, now I am more confused than anything. I was just getting ready to leave $288 on my CapOne card ($1,500 CL), which would have let me at 9% utilization. You guys are saying that may be too high. I really need to get this right. My CapOne statement cycles this week and I need the highest FICO possible afterwards. If I get it wrong, it will be another month before I can apply for the Barclaycard and refinance my car.


Current Score: EX: 718, EQ: 715, TU: 720
Goal Score: EX: 750, EQ: 750, TU: 750

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Valued Contributor
Posts: 1,426
Registered: ‎08-30-2011
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Re: Idea Utilization for Maximum Score


BackInTheSaddleAgain wrote:

Thanks guys. I think! Actually, now I am more confused than anything. I was just getting ready to leave $288 on my CapOne card ($1,500 CL), which would have let me at 9% utilization. You guys are saying that may be too high. I really need to get this right. My CapOne statement cycles this week and I need the highest FICO possible afterwards. If I get it wrong, it will be another month before I can apply for the Barclaycard and refinance my car.


You want to have NO MORE THAN 9% for optimum scoring.  The recommendation is usually 1-9%, but no more than that.  It should be on one card only.  Everyone has their own "sweet spot", that utilisation amount that's key for optimal scores.  Some have reported that 5-7% is a personal sweet spot.  For me, it's 4-5% where I get my best scores.  Could be relative to your total accumulated credit as well; the higher your CL, the lower your "sweet spot".  But this could also be a YMMV thang!

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EX = 818 EQ = 822 TU = 830 - 01/2015
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