topic Re: What about UTL % anyway in Credit Cards

What about UTL % anyway

Anonymous — Sun, 24 Feb 2008 16:36:34 GMT

We know that 1-9% UTL on half of our cards is the perfect formula for increasing FICO scores. We are told we can do well to put less than %30 utl on all our cards. We are warned that we should never go over %50 utl on anything and that 85% utl is as severe as a collection.

What is the real scale and how do we know exactly what it is?

Re: What about UTL % anyway

Anonymous — Sun, 24 Feb 2008 16:49:40 GMT

beenthere wrote:
We know that 1-9% UTL on half of our cards is the perfect formula for increasing FICO scores. We are told we can do well to put less than %30 utl on all our cards. We are warned that we should never go over %50 utl on anything and that 85% utl is as severe as a collection.
What is the real scale and how do we know exactly what it is?

I thought it was less then 10% UTL on less then half our cards. So if you had 5 cards, report a balance on 1 or 2, but if you had 4 cards, report a balance on only 1.

Message Edited by krystofur on 02-24-2008 08:49 AM

Re: What about UTL % anyway

Anonymous — Sun, 24 Feb 2008 17:15:33 GMT

@Anonymous wrote:
We know that 1-9% UTL on half of our cards is the perfect formula for increasing FICO scores. We are told we can do well to put less than %30 utl on all our cards. We are warned that we should never go over %50 utl on anything and that 85% utl is as severe as a collection.
What is the real scale and how do we know exactly what it is?

beenthere, that's the wonderful mystery of FICO and the scoring models. As the methodology of FICO scoring is proprietary and a total tip top secret, we do not know.

We speculate, hypothesize, and guess based on our collective experience and input from all of us. Our theories are based on trial and error, our collective history and experience, and what statistics Fair Isaac and the 3 CRA's provide us.

Makes for a fun game, it do, it do.

Re: What about UTL % anyway

Anonymous — Sun, 24 Feb 2008 17:34:38 GMT

And for as much progress as we've made in predicting these things, it's all about to change.

Re: What about UTL % anyway

MidnightVoice — Sun, 24 Feb 2008 17:42:52 GMT

Moobs wrote:
And for as much progress as we've made in predicting these things, it's all about to change.

Well, "about to" is a relative term. I reckon FICO 08 won't be hitting our CRs for months atr the earliest!

Re: What about UTL % anyway

Anonymous — Mon, 25 Feb 2008 00:00:07 GMT

Sylvia, it is a good game and I'm having a lot of fun with it. I was thinking last night about the kind of people who come here. Sure, there are some who come here to figure out how they can get that last 3 points for an 800 club and there are some that come here to beat some kind of rap but the ones who fascinate me most are the ones who for whatever reason went through the dregs and are now learning how to be the most financially educated and responsible people on the planet; and are succeeding at it.

I love extremes.

Re: What about UTL % anyway

Anonymous — Mon, 25 Feb 2008 00:01:05 GMT

Moobs. Ya know what? I do beleive that that change is going to do me good!

Re: What about UTL % anyway

fused — Mon, 25 Feb 2008 00:02:09 GMT

beenthere wrote:

Sylvia, it is a good game and I'm having a lot of fun with it. I was thinking last night about the kind of people who come here. Sure, there are some who come here to figure out how they can get that last 3 points for an 800 club and there are some that come here to beat some kind of rap but the ones who fascinate me most are the ones who for whatever reason went through the dregs and are now learning how to be the most financially educated and responsible people on the planet; and are succeeding at it.

I love extremes.

Sounds like Timothy, Brammy, MidnightVoice, Tuscani, etc.

Re: What about UTL % anyway

Anonymous — Mon, 25 Feb 2008 00:06:04 GMT

and me Fused. I lived in fear of being homeless and now I'm kicking but. I'm a very grateful man and I love what I read here.

Re: What about UTL % anyway

haulingthescoreup — Mon, 25 Feb 2008 00:44:26 GMT

@Anonymous wrote:

Sylvia, it is a good game and I'm having a lot of fun with it. I was thinking last night about the kind of people who come here. Sure, there are some who come here to figure out how they can get that last 3 points for an 800 club and there are some that come here to beat some kind of rap but the ones who fascinate me most are the ones who for whatever reason went through the dregs and are now learning how to be the most financially educated and responsible people on the planet; and are succeeding at it.
I love extremes.

Post of the day! What a great way to describe the people here.

Re: What about UTL % anyway

atlastontheroad — Mon, 25 Feb 2008 01:01:48 GMT

beenthere wrote:

What is the real scale and how do we know exactly what it is?

Awwww.....geez.....and here I'd planned on getting my total UTI down to 5% on three cards (with a total CL of 11k) by May. Now y'all tell me I gots to get another card 'cause I have three and you can't carry a balance on 1½ cards?

at last....the lightbulbs are glowing.

Re: What about UTL % anyway

Anonymous — Mon, 25 Feb 2008 01:08:10 GMT

So, what counts as utilization? Is it was is actually charged during each billing cycle or is it what is reported to CRA? I currently have a balance of $250 on my $1100 WF card. Billing doesn't close until March 4th. So, if I pay off $230 before close, will WF consider my utilization for the month of February ~25% or ~%2?

Re: What about UTL % anyway

haulingthescoreup — Mon, 25 Feb 2008 01:13:19 GMT

@Anonymous wrote:

So, what counts as utilization? Is it was is actually charged during each billing cycle or is it what is reported to CRA? I currently have a balance of $250 on my $1100 WF card. Billing doesn't close until March 4th. So, if I pay off $230 before close, will WF consider my utilization for the month of February ~25% or ~%2?

It's what was reported, generally the balance shown on your statement.

That's what's so great about util: you can control it by timing your payments. Assuming that you have the $$$, that is!

Re: What about UTL % anyway

haulingthescoreup — Mon, 25 Feb 2008 01:18:06 GMT

atlastontheroad wrote:

Awwww.....geez.....and here I'd planned on getting my total UTI down to 5% on three cards (with a total CL of 11k) by May. Now y'all tell me I gots to get another card 'cause I have three and you can't carry a balance on 1½ cards?

at last....the lightbulbs are glowing.

Hi, atlas, I'm probably greatly at fault in advising this. It's very true for my score bucket (long history of 18 years), but I don't think it's that huge for those still building and re-building. I have to say, though, I tried controlling the util on all of my cards for maybe six weeks before I went screaming into the night. When I gave up and just PIF'd 3 and had balances on 2, life was a lot calmer! And the scores were happier, too.

Re: What about UTL % anyway

Anonymous — Mon, 25 Feb 2008 03:04:53 GMT

I had $19.57 charged against my new Target card. Thank goodness I got that monster paid off before my scores tanked.

I think I have this thing licked now. Get $40,000 worth in credit cards but bring a calculator to determine if you can charge that second stick of gum. Got'cha.

.........................

6 years ago I had a 1968 Mustang 6 cylinder with oxidized primer and no hub caps. I was out for a Sunday drive today and thinking what great shape my motorcycle is in and it's paid for AND I have a brand new car that is 40% paid for. Today is a good day.

Re: What about UTL % anyway

Anonymous — Mon, 25 Feb 2008 16:44:12 GMT

@Anonymous wrote:
Moobs. Ya know what? I do beleive that that change is going to do me good!

Everything I've read gives me that impression also. I'm actually excited and looking forward to this thing kicking off.

I'm just working hard and getting my util down right now. My total limits are 18000 and I owe $2725(15%). I will be less than 10% in April and paid off completely in early July. Then I'll be starting on retirement savings!

Re: What about UTL % anyway

rubaty — Mon, 25 Feb 2008 17:09:02 GMT

I wouldnt worry about using your many cards unless you one of the following messages:

You have too many credit accounts with balances.

Your FICO score considers the number of accounts you have with balances. For credit cards, even if you pay them off in full each month, your credit report may still show a balance on those cards. The total balance on your last statement is generally the amount that is shown on your credit report.

You have too many credit cards carrying balances.

Your FICO score was hurt because you are carrying balances on too many credit cards [?] at once.

I still don't worry because I don't think they are costing me more than 5 - 10 points.