topic Re: Utilization rate in Understanding FICO® Scoring

Utilization rate

slicemans — Fri, 04 Jul 2014 20:03:33 GMT

I have only one card .......capital one secured card with $501 credit limit. From i've read its best to keep the Utilization average 7%. Would that mean I need to report it at $35? Thanks

Re: Utilization rate

MT936 — Fri, 04 Jul 2014 21:17:01 GMT

under 30% should be good just make sure you are paying the balance off by the due date

Re: Utilization rate

Anonymous — Fri, 04 Jul 2014 22:25:39 GMT

1. You can spend as you wish on the CC, but I'd try to arrange things so that the reported balance is around $10-50, or around 2-10% utilization. Typically this is done by paying the balance off or down just before the statement date.

2. To optimize scoring for the long term, I'd recommend adding a couple more revolving accounts, e.g. another secured CC like the SDFCU Visa.