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Regular Contributor
brcamacho
Posts: 181
Registered: ‎07-27-2012
0

Utilization Question

I have a total of $11,450 across 7 cards.  I am using 27% of my total avalible credit.  

 

4 of the cards are 0 balance, and the other 3 are at 77%,49% and 70% utilization.

 

For the biggest boost in fico should i just keep on payin off the lowest balance card to get another one at 0 utilization or should i be spreading my money out across all 3 cards?

 

Thanks in advance.

TU-688 5/14 (WM TU) | EX-692 on 2/14 (FNBO EX) | EQ-666 on 01/13

NFCU GoRewards $25k | NavChek $15k | Chase Slate 7.5k
Barclays Rewards $3.4k | FNBO MC $2.3K | Cap1 Plat $1.9k
Cap1 Quicksilver $1.7k | Wmt Discover $4.5k | Amazon Store Card $3k Care Credit $3.5k | Kohls $300 | Victoria's Secret $500
Cap1 Quicksilver $2k | Barclays Apple Visa $600

Valued Contributor
my-own-fico
Posts: 1,237
Registered: ‎01-05-2010
0

Re: Utilization Question

Since more than half of your cards are at zero, I wouldn't worry about zeroing another one until each is no higher than somewhere around ten to fiften percent. Less than fifty percent to begin with seems to be good advice.

The lost luggage office’s trained professional, “Has your plane arrived yet?”
Regular Contributor
brcamacho
Posts: 181
Registered: ‎07-27-2012
0

Re: Utilization Question

Thanks for the reply.

TU-688 5/14 (WM TU) | EX-692 on 2/14 (FNBO EX) | EQ-666 on 01/13

NFCU GoRewards $25k | NavChek $15k | Chase Slate 7.5k
Barclays Rewards $3.4k | FNBO MC $2.3K | Cap1 Plat $1.9k
Cap1 Quicksilver $1.7k | Wmt Discover $4.5k | Amazon Store Card $3k Care Credit $3.5k | Kohls $300 | Victoria's Secret $500
Cap1 Quicksilver $2k | Barclays Apple Visa $600

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: Utilization Question

Personally I would at this point is apply more money to the higher interst rate card to eliminat the debt.

 

Your UTIL is still high at 27% overall for scoring purposes.

 

If you eliminated another card by paying it down to zero that would lower your overall UTIL even further.

 

For best scoring purposes, you need to keep all CC's at a zero balance for when the statement hits except 1 of them. The one CC that you do have report a balance should not report more than 9% UTIL.

 

FICO scores... score on overall UTIL of all CC's and Individual UTIL of each CC.

Good Luck
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