Re: Our Forums' FICO High Achievers: Who has at least one FICO Score of 760 or above?[ Edited ]
11-11-2010 03:08 PM - edited 11-11-2010 03:09 PM
From my understanding, they want to see that you can use credit responsibly, so a small balance may score higher than a "cold-turkey" zero. I'm guessing that got me 5, the dropped inq. another 5 and a couple points for the aging loan... One of the FICO pro's can chime in too...
I'm not a FICO pro, but my understanding is the same as yours. Assuming the total of your reported credit limits is at least $500, your overall util is 1%. If $5000, the 0.1% is rounded up to 1%.
That brings up the often mentioned advice of keeping your util between 1% and 9%, both included. There are variations of this, such as >0 and <9. I consider that advice to be slightly incorrect. 9.1 rounded up to 10 fits in that range too. Even a straight 10 belongs there.