topic Re: What about less than 1% util? in Credit Cards

What about less than 1% util?

KingAdrock — Mon, 10 Mar 2008 21:55:20 GMT

I do know that 1-9%; util is best for your score. But what if your balance is not zero but less than 1%? How does that effect your score? Is it good, bad, or good but not as good as if it where >1%?

Re: What about less than 1% util?

smallfry — Mon, 10 Mar 2008 22:18:45 GMT

@KingAdrock wrote:
I do know that 1-9%; util is best for your score. But what if your balance is not zero but less than 1%? How does that effect your score? Is it good, bad, or good but not as good as if it where >1%?

FICO will pick it up as 1%.

Re: What about less than 1% util?

KingAdrock — Tue, 11 Mar 2008 01:02:44 GMT

@smallfry wrote:
KingAdrock wrote: I do know that 1-9%; util is best for your score. But what if your balance is not zero but less than 1%? How does that effect your score? Is it good, bad, or good but not as good as if it where >1%?
FICO will pick it up as 1%.

Really? Any non-zero balance is counted as 1%?

Re: What about less than 1% util?

Anonymous — Tue, 11 Mar 2008 01:26:28 GMT

Yes- Fico Rounds UP

KingAdrock wrote:

smallfry wrote:

KingAdrock wrote: I do know that 1-9%; util is best for your score. But what if your balance is not zero but less than 1%? How does that effect your score? Is it good, bad, or good but not as good as if it where >1%?

FICO will pick it up as 1%.

Really? Any non-zero balance is counted as 1%?

Re: What about less than 1% util?

Anonymous — Tue, 11 Mar 2008 01:32:38 GMT

Yep, the "1-9%" that you always hear around here is just shorthand for saying, "greater than $0 but less than 10%."

Re: What about less than 1% util?

KingAdrock — Tue, 11 Mar 2008 09:34:03 GMT

@Anonymous wrote:
Yep, the "1-9%" that you always hear around here is just shorthand for saying, "greater than $0 but less than 10%."

That is the best news I have ever heard.

Re: What about less than 1% util?

Anonymous — Tue, 11 Mar 2008 14:39:26 GMT

I have 1% utility showing on my TU report (I have a few very high credit limit cards that report revolving as installment, but I won't get into that here)--

Ratio of your revolving balances to your credit limits
1%

However, the actual ratio is only 0.02443%

Re: What about less than 1% util?

Anonymous — Tue, 11 Mar 2008 14:54:00 GMT

@Anonymous wrote:
I have 1% utility showing on my TU report (I have a few very high credit limit cards that report revolving as installment, but I won't get into that here)--
Ratio of your revolving balances to your credit limits
1%
However, the actual ratio is only 0.02443%

Wow psychic! You reached the magic number. How in the world did you do that? Crunch numbers for an hour?

Re: What about less than 1% util?

Anonymous — Tue, 11 Mar 2008 15:05:55 GMT

good info to know!!

Re: What about less than 1% util?

Anonymous — Tue, 11 Mar 2008 15:23:33 GMT

That is great info to know! Especially for me while I'm on my quest to get below 10%. Now I know that I don't just need to get below 10%, I need to get below 9%. I probably would have bought all new reports as soon as I got to 9.2% but now I know different. I love this place!

Edit: spelling error

Message Edited by Moobs on 03-11-2008 10:23 AM

Re: What about less than 1% util?

haulingthescoreup — Tue, 11 Mar 2008 15:26:17 GMT

@Anonymous wrote:
That is great info to know! Especially for me while I'm on my quest to get below 10%. Now I know that I don't just need to get below 10%, I need to get below 9%. I probably would have bought all new reports as soon as I got to 9.2% but now I know different. I love this place! :

Moobs, I'm not sure that they round up for all figures, only if you're below 1%. As I recall, other util figures get rounded normally.

I certainly wouldn't swear to it though. And sometimes I've had bizarre utils displayed that I can't begin to figure out how they reached. This happens especially on TU.

Re: What about less than 1% util?

Anonymous — Tue, 11 Mar 2008 17:09:08 GMT

Sylvia--

It didn't take long at all. I only had 1 balance to consider.

Re: What about less than 1% util?

Anonymous — Wed, 12 Mar 2008 02:40:13 GMT

Does anyone think you would get extra points for being at say 1% instead of 3% or does it not make a difference as long as it is between 1%-9%?