topic Re: Credit utilization in General Credit Topics

Credit utilization

ashdown1967 — Fri, 10 Aug 2012 20:34:58 GMT

Hello,

I have a furniture account that has a zero balance and is open, but I haven't used it for about two years. It is not being included in my credit utilization. If i used it for something small would that help my credit score or hurt it?

Re: Credit utilization

pizzadude — Fri, 10 Aug 2012 20:51:53 GMT

@ashdown1967 wrote:
Hello,

I have a furniture account that has a zero balance and is open, but I haven't used it for about two years. It is not being included in my credit utilization. If i used it for something small would that help my credit score or hurt it?

At some point idle accounts are removed from utilization ~ if it lowers your revolving utilization then it might help your FICO score. What is the credit limit ?

Re: Credit utilization

ashdown1967 — Sat, 11 Aug 2012 02:57:29 GMT

Hello,

It is only 1,400 dollar, but it is not being included in the credit utilization.

Thanks

Re: Credit utilization

pizzadude — Sat, 11 Aug 2012 03:36:39 GMT

What is your current utilization and what would it look like with the 1,400 CL added ?

Re: Credit utilization

ashdown1967 — Sat, 11 Aug 2012 17:19:33 GMT

Hello,

Right now my utilization is 70 percent.

Thanks

Re: Credit utilization

pizzadude — Sat, 11 Aug 2012 19:01:24 GMT

Ok what is the total of all your revolving credit limits ? Need to know this to determine how significant adding the $1,400 will be.....

Re: Credit utilization

ashdown1967 — Sat, 11 Aug 2012 22:35:58 GMT

Hello,

It is 4700

Re: Credit utilization

pizzadude — Sat, 11 Aug 2012 22:44:30 GMT

If my math is correct your utilization would be around ~55% if you charged a very small item on this account and the $1,400 is added into your revolving utliization total credit limit. So you might see a small FICO gain, YMMV.

Can you pay down your balances ? Or possibly request CLIs on the other accounts ?

Re: Credit utilization

Anonymous — Sat, 11 Aug 2012 22:46:11 GMT

@ashdown1967 wrote:
Hello,

It is 4700

So that means right now your total balances are around $3,300? (Total balances of $3,300/ Total credit limits of $4,700 = 70% utilization).

If you add that $1,400 to your CL's that would make your overall utilization 54% ($3,300/$6,100).

ETA: Outtyped (once again) by pizzadude.

Re: Credit utilization

ashdown1967 — Sun, 12 Aug 2012 21:42:35 GMT

Thank you guys so much.