New Contributor
Brandnick
Posts: 85
Registered: ‎11-07-2012
Re: Fico score boost and 3 credit card balances
[ Edited ]

Utilization is calculated amongst all your credit cards so if you shared the $2000 on all the cards vs. Paying just one card your utilization will be the same.

 

E.g. 

 

- Sam - $8300 with $8500 limit

- AARP Chase - $7000 with $7500 limit

- Discover $6500 with $7000 limit

 

How utilization is calculated

 

$8300 + $7000 + $6500  = $ 21800 balance 

 

$8500 + $7500  $7000 = $  23000 Limit

 

Calculation

 

Total Balance divided by Total Limit =  Utilization

 

$21800 / $23000 = .974 ( x 100) = 94.7% Utilization

 

 

My suggestion would be is to pay this extra $2000 on the credit that has the highest Apr 

 

 

Current Score: 771 - 11/21/2012/ Amex Pull
Late Payment: 0 / Collections: 0
AAOA: 6.3 Years

"My Scores Yesterday or Last week or even Last month has no value when applying for credit today. The value is not in my score but the information in my credit file. Once the information is good the score will follow"