Contributor
Sushi
Posts: 166
Registered: ‎05-11-2008
Help with with Util
[ Edited ]

‎05-16-2008 01:13 PM - edited ‎05-16-2008 01:13 PM

So I have read the stickies, searched and read older threads and had some Q's.
 
Currently I have 3 accounts.
1) Sallie Mae loan(never late, owe 17k)
2) Credit card 7200 with 2162 balance
3) Credit card 250 with 75 balance.
 
Now does Sallie Mae count towards util?
 
I read that here that the experts say keep your util @ 1-9% for good scoring, is this true?
 
This month I am paying 500 to 1200 for 2162 balance and 50 towards 75 blance.
 
I noticed that current Util is 30%!!! After payments this month the Util will be between 22-15(depending how much I pay).
 
Does Util work on a tier system? If so what are the tiers, so I know if I should pay only 500 or dump 1200 on my credit card.
 
Thanks!
 


Message Edited by Sushi on 05-16-2008 01:13 PM
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Valued Contributor
1111mel
Posts: 1,060
Registered: ‎02-13-2008
Re: Help with with Util

‎05-16-2008 01:16 PM

I assume Sallie Mae is an Installment loan??? If so utility with those types of accounts doesn't work the same as Credit Cards.
 
You will see a bigger increase paying down your revolving credit card accounts then paying down installment loans.
Mortgage Lenders Mid-Score 778 I AM A HOMEOWNER!!!!! 30 Year 5% Fixed Rate, closed on 3/18/09
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Contributor
Sushi
Posts: 166
Registered: ‎05-11-2008
Re: Help with with Util
[ Edited ]

‎05-16-2008 01:18 PM - edited ‎05-16-2008 01:18 PM

Yes it is an installment loan. I have it setup for auto payments, and do not plan on paying anything extra on there. Just want to bring down my CC balances. I pay min $500 a month on the higher balance to bring it down. This month I have 1100 I can use towards the 2162 balance... If I stay in the same tier as paying 500, I rather not pay 1100 right now.


Message Edited by Sushi on 05-16-2008 01:18 PM
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Contributor
Sushi
Posts: 166
Registered: ‎05-11-2008
Re: Help with with Util

‎05-17-2008 10:51 AM

Anyone else?
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Moderator Emeritus
HappyDays
Posts: 7,326
Registered: ‎06-18-2007
Re: Help with with Util

‎05-17-2008 11:15 AM

Installments loans only count 10% toward scores. CC UTIL count 30%.  FICO like UTIL under 10% and bal $0 on some accounts.
 
SL if in good standing will work in your favor as they also count toward your history! 
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Super Contributor
marty56
Posts: 5,660
Registered: ‎10-06-2007
Re: Help with with Util

‎05-19-2008 01:46 PM

I just went from 10% util to 4% util and gained 16 point on EX and 10 points on EQ.  I also had 1 INQ go over 1 year so I now have 2 INQs on EQ.  TU hasnt reported util change yet so it should also rise soon.
 
I dont know if 9% would have gotten me the same result as 4%
06/15/2012 FICO: EQ: 798 TU:785
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