Ok. I know that there is the ideal util catagories in terms of percentages, but to your knowledge is there an ideal dollar amount? I have my util down to 4% (which equates to around $530). I was just wondering if there are 'brackets' in the scoring where dollar amounts are concerned? Would my score improve for example, if I got the dollar amount of util below say...$500? and again at $250 or something? Any of you ever come across any info concerning that?
Starting Score: April 2011- EX FAKO 639, EQ FAKO 645, TU98 FICO 665
pizzadude wrote:
sunshine7157 wrote:Ok. I know that there is the ideal util catagories in terms of percentages, but to your knowledge is there an ideal dollar amount? I have my util down to 4% (which equates to around $530). I was just wondering if there are 'brackets' in the scoring where dollar amounts are concerned? Would my score improve for example, if I got the dollar amount of util below say...$500? and again at $250 or something? Any of you ever come across any info concerning that?
The actual dollar amount is not taken into consideration by FICO. Only the utilization% ( balance vs. credit limit ).
You can play around with lowering/increasing the balance but it's really the utilization that counts.
Thank you! I thought so, but what made me wonder is that alot of the FAKO & score estimator sites ask not only about util, but also whether your balances are $1-$499, $500-$999, $1000-$2000, etc...
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.
>> About myFICO
