topic Re: UTIL - Total or Each? in Credit Cards

UTIL - Total or Each?

Anonymous — Mon, 24 Sep 2007 14:01:45 GMT

Does FICO calculate this as a total (all balances totaled divided by all CLs totaled) or is it each individual and if you are over 9% on any of them - you are toast?

Re: UTIL - Total or Each?

Anonymous — Mon, 24 Sep 2007 14:18:46 GMT

Lady_Scarlet wrote:

Does FICO calculate this as a total (all balances totaled divided by all CLs totaled) or is it each individual and if you are over 9% on any of them - you are toast?

FICO counts total utilizaton, though being maxed out on any one card can really hurt your score.

Re: UTIL - Total or Each?

Tuscani — Mon, 24 Sep 2007 14:22:45 GMT

Both... but as Brammy said.. maxing out one card would hurt you more than spreading that balance across several cards.

Re: UTIL - Total or Each?

Anonymous — Mon, 24 Sep 2007 17:25:00 GMT

Maxing out is considered what? Anything over 50%? What is the maximum amount of points a person can be dinged by maxing out one credit card?

SandyK

Re: UTIL - Total or Each?

fused — Mon, 24 Sep 2007 18:15:05 GMT

sankofa wrote:

Maxing out is considered what? Anything over 50%? What is the maximum amount of points a person can be dinged by maxing out one credit card?

SandyK

95% util on any CC is considered maxed-out.

Re: UTIL - Total or Each?

Anonymous — Mon, 24 Sep 2007 18:20:44 GMT

sankofa wrote:

Maxing out is considered what? Anything over 50%? What is the maximum amount of points a person can be dinged by maxing out one credit card?

SandyK

Maxing out one card can hurt you as much as a collection.

Re: UTIL - Total or Each?

Anonymous — Mon, 24 Sep 2007 19:53:22 GMT

fused111 wrote:

sankofa wrote:

Maxing out is considered what? Anything over 50%? What is the maximum amount of points a person can be dinged by maxing out one credit card?

SandyK

95% util on any CC is considered maxed-out.

Thanks fused111. I heard so many percentages but 95% would seem

maxed-out for sure!

Re: UTIL - Total or Each?

Anonymous — Mon, 24 Sep 2007 19:54:44 GMT

Brammy wrote:

sankofa wrote:

Maxing out is considered what? Anything over 50%? What is the maximum amount of points a person can be dinged by maxing out one credit card?

SandyK

Maxing out one card can hurt you as much as a collection.

Ouch!!

Re: UTIL - Total or Each?

Anonymous — Tue, 25 Sep 2007 00:36:30 GMT

i have a loc that's maxed out will that have the same effect as a collection?

Re: UTIL - Total or Each?

fused — Tue, 25 Sep 2007 00:42:33 GMT

dnm45227 wrote:

i have a loc that's maxed out will that have the same effect as a collection?

If it reports as a revolving account, then yes this account would report as maxed-out just like a CC. Most LOCs report as revolving.

Re: UTIL - Total or Each?

Anonymous — Tue, 25 Sep 2007 00:47:44 GMT

fused111 wrote:

dnm45227 wrote:
i have a loc that's maxed out will that have the same effect as a collection?

If it reports as a revolving account, then yes this account would report as maxed-out just like a CC. Most LOCs report as revolving.

thanks. darn it!

Re: UTIL - Total or Each?

fused — Tue, 25 Sep 2007 00:52:50 GMT

dnm45227 wrote:

fused111 wrote:

dnm45227 wrote:

i have a loc that's maxed out will that have the same effect as a collection?

If it reports as a revolving account, then yes this account would report as maxed-out just like a CC. Most LOCs report as revolving.

thanks. darn it!

Tuscani has recommended others call their banks and ask them to report the LOC as an installment...you can try this. The worst thing they can do is say NO.

Re: UTIL - Total or Each?

Anonymous — Tue, 25 Sep 2007 01:00:29 GMT

i have to pay the bill anyway. i'll call the number first, then stop by the office. It's beneficial if anyone has had any success i'm open for coaching.