@Tonydga wrote:
I'm about to pay 5 of my cc's off dramatically reducing my utilization. My question, when looking at utilization and credit scoring, is the ideal utilization of under 10 % apply to each individual card or overall combined card utilization?
Currently I have about 14k in credit card lines and owe approximately $5k which is about 35% utilization overall. However, 3 cards are about 50% utilization on each.
It applies to overall UTL but you want the 1-9% reporting on one card for MAX Fico scoring
Another aspect of Fico scoring is any card with High UTL roughly (70%) causes a scoring ding in Fico algorithm because it shows that card as maxed out
Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
