topic Re: Util ??? in Credit Cards

Util ???

dfitzg — Thu, 26 Jun 2008 16:11:18 GMT

Macys - 179/600

Household MC - 250.11/500

Cap1 MC - 338/500

Cap1 Visa - 280/500

Chase Visa - 219/400

Target - 230/500

What should my ideal balances be ???

Re: Util ???

Uniqua — Thu, 26 Jun 2008 16:24:53 GMT

If I am doing the math correctly, looks like you're at 50% util.

Util under 10% is best.

Re: Util ???

Anonymous — Thu, 26 Jun 2008 16:31:19 GMT

around 30% is good but around 10% is very good. You have high balance on those cards IMO.

Re: Util ???

dfitzg — Thu, 26 Jun 2008 17:50:36 GMT

im paying them off over the next 2 months they should be around 30 % by the time im done

Re: Util ???

marty56 — Thu, 26 Jun 2008 17:52:58 GMT

9% and they round up. Thats how $15 is 1% of my total util.

Re: Util ???

dfitzg — Thu, 26 Jun 2008 17:54:36 GMT

isnt 10% a bit rediculous, why have it and not use it

i guess i an use it then pay before the statement cut ...

thnx for the input guys

Re: Util ???

Uniqua — Thu, 26 Jun 2008 18:02:50 GMT

It may sound ridiculous, but that is what FICO likes. 30% util is too high.

Re: Util ???

Anonymous — Thu, 26 Jun 2008 23:24:17 GMT

@Uniqua wrote:
It may sound ridiculous, but that is what FICO likes. 30% util is too high.

30% is higher than 10% but its not a bad ratio.

Message Edited by voidman on 06-26-2008 04:24 PM

Re: Util ???

Anonymous — Thu, 26 Jun 2008 23:27:35 GMT

@dfitzg wrote:
im paying them off over the next 2 months they should be around 30 % by the time im done

good, after that work towards keeping the util around 10% (as it gives IMO *max* score jump on util)

Also, you can *artificially* show 10% util by paying off enough balance before the statement cuts.

Re: Util ???

Anonymous — Thu, 26 Jun 2008 23:28:34 GMT

The key is less than 10%. You will get max FICO points for keeping utilization at 9% or less.

Re: Util ???

Anonymous — Thu, 26 Jun 2008 23:54:51 GMT

Does FICO look at TOTAL util, or util per card. For example having two cards, one half maxed and one not used at all both with the same CL. Would FICO say util is 50% and 0% or 25%?

Re: Util ???

Anonymous — Thu, 26 Jun 2008 23:57:13 GMT

Nmbr1ballr wrote:
Does FICO look at TOTAL util, or util per card. For example having two cards, one half maxed and one not used at all both with the same CL. Would FICO say util is 50% and 0% or 25%?

FICO looks at both individual and overall utilization, and they are weighed approximately equally.

Maxing out a single card will hurt, even if overall utilization remains unchanged.