topic Re: Utilization question in Rebuilding Your Credit

Utilization question

westo12 — Sun, 09 Aug 2009 00:46:05 GMT

I am currently @ 6% util on 3 positive cc accts with a limit of $3500.

My question is, would I really see a difference in points if I paid that down to under 5%? Or does it not make a difference in points as long as you are under 10%?

Re: Utilization question

Anonymous — Sun, 09 Aug 2009 00:52:49 GMT

i was wondering the same thing if i get more if i go lower then 5% with 6,120.00 in CL's

Re: Utilization question

Anonymous — Sun, 09 Aug 2009 01:18:25 GMT

Depends on how many total revolving accounts you have.

You do not want all of them to report 0.

If you have 4 accounts, at least 2 to 3 should report 0. 9% or less on the remaining card.

Re: Utilization question

DI — Sun, 09 Aug 2009 01:25:56 GMT

@Anonymous wrote:
@I am currently @ 6% util on 3 positive cc accts with a limit of $3500.

My question is, would I really see a difference in points if I paid that down to under 5%? Or does it not make a difference in points as long as you are under 10%?

You will only see a big difference in your score when the balance is paid down over several months. Decreasing utilization from 6 to 5 in a month won't give you a big score jump.

Re: Utilization question

westo12 — Sun, 09 Aug 2009 01:40:14 GMT

I have 3 accounts, all total 6% util. I paid off the two smallest ones and next month they'll report a $0 bal and the last one will be less than 5%. Just want to see what will happen. Thanks all!

Re: Utilization question

DI — Sun, 09 Aug 2009 01:44:31 GMT

Keep us posted. thanks!