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Credit Card Utilization

Frequent Contributor

Re: Credit Card Utilization

vwgrrc wrote:

myjourney wrote:

HYPASS33 wrote:
Your score goes by the UT of all accounts combined tho correct as long as none of them are close to being maxed?


(1) you never want to exceed 30% of total limits

(2) for max score let 1 card report a balance of 1-9%

Hope this helps  

Heard this a lot.


But waht if I have only one card? Does 0 on balance mean 0 usage? 

You should let your single card report to show usage. Actually adding 1-2 cards can increase your score because it shows more responsible use because you are able to balance your finances, especially if your file is thin. 

|| Barclaycard Rewards Visa $5500 || AMEX BCE $2000 || Discover IT $3000 || Amazon Rewards Visa $1800 ||
|| Chase Freedom $2700 || CSP $5000 || Chase Marriott Premier $7500 || Sallie Mae MC $3800 ||

FICO Scores: EX 752 (3/13/13) || EQ 782 (10/4/13) || TU 724 (1/18/13)

In the garden as of 10/12/2013
Message 11 of 12
Valued Contributor

Re: Credit Card Utilization

Agree with b_seeker, except that when you start out, the first card is the hardest to obtain. The second, third, fourth and all others become much easier assuming no negatives pop up on your report. So I always recommend waiting 4-6 months after getting your first card before getting more because it may enable you to move into a different credit tier and qualify for more desirable cards.

So, vwgrrc, feel free to start a new thread for advice on how long to garden or if it is time to apply for new cards and we all would be happy to offer suggestions based on your individual circumstances.

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 12 of 12