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utl - each card or overall?

Established Member

utl - each card or overall?

Hello everyone.  Great info here.
 
My question is about utl.  Does it mean overall or does it refer to each card.  I have several cards with a total available credit of over $8000+ most have have less than 10% utl.  Two however have high utl.   $2500 w/ 2200 & $1250 w/ 975.  Overall utl is $3800 Would it help to spread the balance out?  I have on $3500 w/ 400.  I understand a total utl of less than 50% will help.
 
TU 624: EX 629; EQ 595
 
Trying to obtain better rate for 1st mortgage.  In August while shopping aroung for mortgages, had 21 inq.  I thought that those type of inq. would hurt me.  Sent disputes explaining they were all for mortgages.  Deal fell through on house.  No afraid to try on new house I found.
 
Also.  my 5 yr. $35000 car loan (11/2003) I have paid down to $4300 (less than 6 pmts).  No pmt due until 8/08.  CU told me that if I dont continue making pmts ($747) it could be possibly considered fraud.  I paid ahead and plan to make $400 mo. pmts.  Will make it paid off a original date of 11/08.  Did I make a mistake paying so much ahead?
 
Thanks for any advice.  You people rock!
 
 
 
4 REPLIES
Senior Contributor

Re: utl - each card or overall?

util is factored for both indv and total accounts. as for the car wow, seems like they are being weird. did you sign a prepayment penalty? which cu is it?
Established Member

Re: utl - each card or overall?

I don't believe there is prepayment penalty.  I was trying to get balance low enough to have $747 pmt excluded from debt ratio on when applying for mortgage.  Since it is less than 6 pmts, some mortgage companies will exlcude it.
 
I have an installment loan at same cu.  They say they are cross collateralized. Does that mean even if I pay off the car, then they can keep me from trading for new one as long as installment loan and cu cc have balances?
 
I didnt understnd this when I Installement loan and cc.
 
It is Public Employees Credit Union in Austin, Tx.
Senior Contributor

Re: utl - each card or overall?

wow, first i heard of the cross colat product.
 
as for util, installment accounts are scored differently. the whole util at 1-9% per card and overall w/less than half reporting at any given time is the sweet spot for fico revolving accounts.
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Moderator Emeritus

Re: utl - each card or overall?