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Posts: 1,900
Registered: ‎01-05-2010
Re: Do I need to get a car loan to raise my FICO score to excellent?

Dingler wrote:


How low in percent is your utililzation, and how do you calculate it? (3% based on my total credit divided by my balance.


That works when there are no exceptions. But have you verified with a myFICO report saying the same 3%, on page two I think it's at? The credit limit of one of my cards amounts to one third of my total, and there was a time when it wasn't included, which means the utilization was a good deal higher as I used mostly other cards. The card can be excluded from utilization because the credit limit is too high or because the account type isn't revolving, just to mention two ways it can happen. So you would want to verify with the percentage in a myFICO report.