Understanding FICO® Scoring

[shorttough]

Hi all,

I have a CL out of 13 CLs  with 0% APR. My Current Score is 736 (EQ myfico). Overall Balance on CL, $25100, Util 41%.

Citi Card 4692  /8000 limit

How high could i carry a balance on this credit card, with minimal impact on my score? i currently have a code on my report for High Credit Usage with the score of 736.

Thanks in advance.

[AndySoCal]

The ocde that you referred to is stating that your high credit use is impacting your score.  You want to keep your  total balance(s)  under 10% of your total credit limits. The higher the credit util the greater impact on the score.

[cleansheet]

To maximise your score you want your overall % util below 10%, any individual card below 10 % util, and less than 1/2 your cards reporting a balance at any time.

[shorttough]

I understand that its IDEAL to be within 10%. But right now My Utilization for that Single Credit card, is 59%..  I know individual UTIL % and overall UTIL% impacts your score... So since my damage is already done exceeding the 50% individual credit UTIL, thus the score of 736. how far can i exceed above 59% but below 90%, without impacting my Score...not sure if this is an individual CC UTIL or Overall UTIL thing. Because, i want to to pay my taxes u sing that card, without using my cash reserve that i'm saving for showing the mortgage underwriter.

[guiness56]

That's hard to predict given all the factors.  The one good thing is FICO has no memory.  Even if you do lose points, when you start paying down the CC your score will climb back up.