topic Re: utl% of cc in General Credit Topics

utl% of cc

oracles — Sat, 14 Jun 2008 06:48:31 GMT

Is it better to have a 0% utl of a cc or to have 1-9% utl? thanks

Re: utl% of cc

Anonymous — Sat, 14 Jun 2008 08:36:58 GMT

oracles wrote:
Is it better to have a 0% utl of a cc or to have 1-9% utl? thanks

Overall you want to have 1-9%, but only on one card, ideally. The rest of your cards should all report $0 for maximum FICO points.

Do not, however, let all of your cards report $0. That will cost you a few points, perhaps as many as 20 or so.

Re: utl% of cc

smallfry — Sat, 14 Jun 2008 12:19:14 GMT

@Anonymous wrote:

@oracles wrote:
Is it better to have a 0% utl of a cc or to have 1-9% utl? thanks
Overall you want to have 1-9%, but only on one card, ideally. The rest of your cards should all report $0 for maximum FICO points.
Do not, however, let all of your cards report $0. That will cost you a few points, perhaps as many as 20 or so.

1 card only huh? I know we should keep reporting balances on less than half open lines but hadn't heard you get points for only letting 1 report a balance. I see no difference in my scores if I let 3 or 5 of 8 open accounts report balances. Gonna try 1 card plus the car loan. You did mean 1 revolving account reporting a balance not 1 in total counting installments right cheddar?

Re: utl% of cc

marty56 — Sat, 14 Jun 2008 13:09:48 GMT

I seem to do better on TU with a mortgage, car loan and 1 CC reporting. It may be score bucket dependent. I suspect I am in the major derog score bucket if that helps.

Re: utl% of cc

smallfry — Sat, 14 Jun 2008 13:24:18 GMT

@marty56 wrote:
I seem to do better on TU with a mortgage, car loan and 1 CC reporting. It may be score bucket dependent. I suspect I am in the major derog score bucket if that helps.

We're in the same or similar buckets. I have 2 very old public records.

Re: utl% of cc

Anonymous — Sat, 14 Jun 2008 14:30:14 GMT

TU is supposedly the pickiest about this factor (accounts reporting) so it might not be that dependent on your bucket. I know I am in a clean (but newer) bucket and that is listed as a negative factor for me (too many accounts reporting a balance).

If you are below 50% reporting the other bureaus don't seem to mind too much, but you might see a slight gain from TU. If you want to be ultra safe, one card reporting a 3% balance will take you to the promised land.

Re: utl% of cc

marty56 — Sat, 14 Jun 2008 14:39:33 GMT

EX seems to focus on total util more. Number of cards reporting not so much. I wouldn't want to test any of them on it though.

Re: utl% of cc

Anonymous — Sat, 14 Jun 2008 15:34:34 GMT

@smallfry wrote:

@Anonymous wrote:

@oracles wrote:
Is it better to have a 0% utl of a cc or to have 1-9% utl? thanks

Overall you want to have 1-9%, but only on one card, ideally. The rest of your cards should all report $0 for maximum FICO points.

Do not, however, let all of your cards report $0. That will cost you a few points, perhaps as many as 20 or so.

1 card only huh? I know we should keep reporting balances on less than half open lines but hadn't heard you get points for only letting 1 report a balance. I see no difference in my scores if I let 3 or 5 of 8 open accounts report balances. Gonna try 1 card plus the car loan. You did mean 1 revolving account reporting a balance not 1 in total counting installments right cheddar?

I can only speak about my own experience. I have stopped giving the "fewer than half" advice because I found that I kept gaining points for each additional card that reported a $0 balance, even while overall utilization hovered around 1%.

I got my highest score ever with 1% utilization and a balance on only one CC.

Edit to add: Yes, I meant one revolving account reporting a balance. Never, never, never let your total revolving balances be $0.

Message Edited by cheddar on 06-14-2008 08:34 AM

Re: utl% of cc

marty56 — Sat, 14 Jun 2008 15:36:32 GMT

I should be at 1% and 1 CC reporting by the last week in June. I'm there now but I have to wait for it to report.