topic Re: utilization question? Come on experts HELP! in General Credit Topics

utilization question? Come on experts HELP!

MeN5 — Thu, 21 May 2020 07:58:54 GMT

My total available credit is 20350 and my total balance would be right under 30 what will be my reported utilization?

Re: utilization question? Come on experts HELP!

Anonymous — Thu, 21 May 2020 08:19:29 GMT

Just divide your total spent by your total available and it will give you your utilization.

Re: utilization question? Come on experts HELP!

tcbofade — Thu, 21 May 2020 09:14:33 GMT

0.001%

Depending on which card is reporting a balance, your total reported utilization will either be 0 or 1%.

Re: utilization question? Come on experts HELP!

Ficoproblems247 — Thu, 21 May 2020 13:21:54 GMT

Actually, it's 0.15%. I did the same thing two days ago when posting some data. Looked at the raw number instead of the percentage.

Re: utilization question? Come on experts HELP!

Anonymous — Thu, 21 May 2020 14:08:44 GMT

@Ficoproblems247 wrote:
Actually, it's 0.15%. I did the same thing two days ago when posting some data. Looked at the raw number instead of the percentage.

Yes, it's always good to check the calculation method. Clearly if your balance equalled your credit limit, this is a 100% util, rather than 1% you get if you (mis)use the raw number.

Re: utilization question? Come on experts HELP!

MeN5 — Fri, 22 May 2020 11:47:32 GMT

@tcbofade @Anonymous @Ficoproblems247 @Anonymous i do not want a 0% utilization im thinking of shrinking my limit by closing some cards nut i am curious how people with my bigger limits achieve the azeo method by only using 20 or 30 dollars

Re: utilization question? Come on experts HELP!

Ficoproblems247 — Fri, 22 May 2020 11:56:22 GMT

@MeN5 wrote:
@tcbofade @Anonymous @Ficoproblems247 @Anonymous i do not want a 0% utilization im thinking of shrinking my limit by closing some cards nut i am curious how people with my bigger limits achieve the azeo method by only using 20 or 30 dollars

Limits do not matter. If you have a $30K TL and report a $20 balance on that one card with the rest at $0, you've accomplished AZEO and it will report to the bureaus as such.

ETA: There are some FIs that will report at $0 if you have a super low balance i.e. less than $5 or less than $1 or so. Usually I see people post to let a good $20 or so report to be on the safe side.

Re: utilization question? Come on experts HELP!

Anonymous — Fri, 22 May 2020 12:33:37 GMT

make a purchase for a few hundred bucks on your card with the highest limit/lowest APR. this should put you well below 8.9% and give you several months of paying the minimum before it gets back to 0. then you dont have to worry about paying and purchasing 25 bucks every month.