topic Re: credit utilization? in General Credit Topics

credit utilization?

Anonymous — Mon, 30 Dec 2013 19:28:24 GMT

I know it is not recommended to keep your credit utilization at 0% so what percentage do you all reccomend? I have a clean credit history, no late payments, missed payments, collections, closed cards etc. I'd like to raise my score. The last score I pulled was 742. I have about seven years worth of credit history due to my age.

Re: credit utilization?

Anonymous — Mon, 30 Dec 2013 23:14:57 GMT

I would let one CC report a few percent of the CL for that CC, and all others report $0.

Re: credit utilization?

FinStar — Tue, 31 Dec 2013 08:26:11 GMT

@Anonymous wrote:
I would let one CC report a few percent of the CL for that CC, and all others report $0.

The ideal or optimal percentage range can be anywhere from 1%-10%. Then, rotate as appropriate for mix.

Re: credit utilization?

takeshi74 — Tue, 31 Dec 2013 13:03:05 GMT

You'd have to test to find your ideal % but it's probably somewhere in the 1-10% range mentioned above.

Re: credit utilization?

Anonymous — Tue, 31 Dec 2013 20:58:54 GMT

@takeshi74 wrote:
You'd have to test to find your ideal % but it's probably somewhere in the 1-10% range mentioned above.

How can we find what our ideal util % is if our credit scores are constantly lowered by inquiries, etc? Just curious.

Re: credit utilization?

09Lexie — Wed, 01 Jan 2014 05:08:28 GMT

@Anonymous wrote:
@takeshi74 wrote:
You'd have to test to find your ideal % but it's probably somewhere in the 1-10% range mentioned above.
How can we find what our ideal util % is if our credit scores are constantly lowered by inquiries, etc? Just curious.

Stop apping, allow your CR's to rest a bit then okay around with your util.

Re: credit utilization?

StartingOver10 — Wed, 01 Jan 2014 18:48:53 GMT

@Anonymous wrote:
@takeshi74 wrote:
You'd have to test to find your ideal % but it's probably somewhere in the 1-10% range mentioned above.
How can we find what our ideal util % is if our credit scores are constantly lowered by inquiries, etc? Just curious.

Your credit score is NOT affected by consumer inquiries for credit scores. In other words, when you check your scores here, it is not a inquiry that counts against you. The inquiries that do affect your score are those that are for additional credit (cc apps and loan apps).

Re: credit utilization?

Anonymous — Sat, 04 Jan 2014 02:51:33 GMT

@FinStar wrote:
@Anonymous wrote:
I would let one CC report a few percent of the CL for that CC, and all others report $0.

+1

The ideal or optimal percentage range can be anywhere from 1%-10%. Then, rotate as appropriate for mix.

Is that 1-10% number referring specifically to one credit card's limit or your total credit limit. For example let's say I have a Cap1 card with a 1k limit, but my total credit limit is 10k over 5 cards. Does that mean I should only spend $10-90 on the Cap1 card and let all other cards report a balance of $0?

Re: credit utilization?

Anonymous — Sat, 04 Jan 2014 04:21:16 GMT

@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
I would let one CC report a few percent of the CL for that CC, and all others report $0.

+1

The ideal or optimal percentage range can be anywhere from 1%-10%. Then, rotate as appropriate for mix.
Is that 1-10% number referring specifically to one credit card's limit or your total credit limit. For example let's say I have a Cap1 card with a 1k limit, but my total credit limit is 10k over 5 cards. Does that mean I should only spend $10-90 on the Cap1 card and let all other cards report a balance of $0?

Your total limit. All cards at 0 except Cap1 at $90 would be rounded up to 1% util for your example