topic Re: CC Utilization in Credit Cards

CC Utilization

Anonymous — Thu, 13 Mar 2008 01:11:52 GMT

I have 3 CCs, 1 BoA and 2 Amex. BoA has $6500 limit, Amex1 has $8500 limit and Amex2 has $2500.

BoA card is completely paid off
Amex1 has $2500 on it
Amex2 has $1000 on it.

I'm trying to understand utilization. How much of each card should I be using monthly to keep in a utilization range that will increase my score?

Re: CC Utilization

Anonymous — Thu, 13 Mar 2008 01:14:09 GMT

1-9%

Re: CC Utilization

Anonymous — Thu, 13 Mar 2008 01:15:37 GMT

Panerai wrote:

I have 3 CCs, 1 BoA and 2 Amex. BoA has $6500 limit, Amex1 has $8500 limit and Amex2 has $2500.

BoA card is completely paid off
Amex1 has $2500 on it
Amex2 has $1000 on it.

I'm trying to understand utilization. How much of each card should I be using monthly to keep in a utilization range that will increase my score?

Ideally, 1-9% on fewer than half your open accounts.

Assuming these are your only accounts (which is unlikely), your ideal utilization would look like:

BoA: $0 balance (0%)

Amex1: $85 - $765 balance (1-9%)

Amex2: $0 balance (0%)

You can also shake it up and change which card reports a balance in a given month, but you should only let one at a time report, and only 1-9% of its limit.

Re: CC Utilization

Anonymous — Thu, 13 Mar 2008 01:15:53 GMT

so 1 to 9% of the credit limit on each card?

Re: CC Utilization

Anonymous — Thu, 13 Mar 2008 01:17:07 GMT

1-9% on half the accounts at any given time except due date when my balances are zero.

Message Edited by beenthere on 03-12-2008 06:17 PM

Re: CC Utilization

Anonymous — Thu, 13 Mar 2008 01:21:46 GMT

Great! I wasnt expecting an answer this quick. Thank you all