CC Utilization Question

mathman · ‎12-13-2013

Hi all,

I have a question regarding CC utilization. I've heard two different schools of thought here, and I'd like to know which is true. When attempting to get the highest possible FICO score in the util category, do we have to have BOTH under 10% overall utilization and less than 10% utilization on only one card, or is it just less than 10% of overall utilization?

I've seen different posts here that say different things, and I'm wondering what's true?

Thanks much!

MM

myjourney · ‎12-13-2013

10% one card reporting all the rest $0

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

NotUsher · ‎12-13-2013

Ideally one card under 10%. All other at 0. YMMV to some extent, but that's the general consensus

b1gr3dmachin3 · ‎12-13-2013

@NotUsher wrote:
Ideally one card under 10%. All other at 0. YMMV to some extent, but that's the general consensus

Just another question to go along with the OP's question, if you have multiple cards should you rotate which one reports a balance so each one does so every few months or just keep letting the same one report?

BoA 123 $2.5k (11/12) // Discover It $3.9k (7/13) // Citi Forward Student $3.8k (7/13) // Chase Freedom 5k (12/13) // Amex Blue Cash 6k (1/15)

Starting Score: No Credit History (11/12)
Current Score: MyFico 761
Goal Score: 800+

Take the myFICO Fitness Challenge

myjourney · ‎12-13-2013

@b1gr3dmachin3 wrote:
@NotUsher wrote:
Ideally one card under 10%. All other at 0. YMMV to some extent, but that's the general consensus
Just another question to go along with the OP's question, if you have multiple cards should you rotate which one reports a balance so each one does so every few months or just keep letting the same one report?

Some don't but I do switch every month...

unless i'm in a 0% promo then that card will be the reporting card until the balance is paid .....make sense?

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

b1gr3dmachin3 · ‎12-13-2013

@myjourney wrote:
@b1gr3dmachin3 wrote:
@NotUsher wrote:
Ideally one card under 10%. All other at 0. YMMV to some extent, but that's the general consensus
Just another question to go along with the OP's question, if you have multiple cards should you rotate which one reports a balance so each one does so every few months or just keep letting the same one report?
Some don't but I do switch every month...
unless i'm in a 0% promo then that card will be the reporting card until the balance is paid .....make sense?

Yup, makes sense. Is there a reason why you switch every month? Any advatanges or credit companies like when you let their card report or something?

BoA 123 $2.5k (11/12) // Discover It $3.9k (7/13) // Citi Forward Student $3.8k (7/13) // Chase Freedom 5k (12/13) // Amex Blue Cash 6k (1/15)

Starting Score: No Credit History (11/12)
Current Score: MyFico 761
Goal Score: 800+

Take the myFICO Fitness Challenge

myjourney · ‎12-13-2013

@b1gr3dmachin3 wrote:
@myjourney wrote:
@b1gr3dmachin3 wrote:
@NotUsher wrote:
Ideally one card under 10%. All other at 0. YMMV to some extent, but that's the general consensus
Just another question to go along with the OP's question, if you have multiple cards should you rotate which one reports a balance so each one does so every few months or just keep letting the same one report?
Some don't but I do switch every month...
unless i'm in a 0% promo then that card will be the reporting card until the balance is paid .....make sense?
Yup, makes sense. Is there a reason why you switch every month? Any advatanges or credit companies like when you let their card report or something?

I switch so everyone is shown love

Meaning when my history on CR's is reviewed it reflect i'm using them all and managing all TL's effectively

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

FinStar · ‎12-14-2013

@myjourney wrote:
@b1gr3dmachin3 wrote:
@myjourney wrote:
@b1gr3dmachin3 wrote:
@NotUsher wrote:
Ideally one card under 10%. All other at 0. YMMV to some extent, but that's the general consensus
Just another question to go along with the OP's question, if you have multiple cards should you rotate which one reports a balance so each one does so every few months or just keep letting the same one report?
Some don't but I do switch every month...
unless i'm in a 0% promo then that card will be the reporting card until the balance is paid .....make sense?
Yup, makes sense. Is there a reason why you switch every month? Any advatanges or credit companies like when you let their card report or something?
I switch so everyone is shown love
Meaning when my history on CR's is reviewed it reflects i'm using them all and managing all TL's effectively

+1

This becomes practical when your have a decent mix of TLs, especially CCs.