Util Question

[Anonymous]

Hi all,

Here's my upcoming C/C balances. Should hit the CRAs by mid June.

C/C Name         Current Bal    Credit Line

USAIR Visa         $6100          $ 7500

WAMU                 $ 0               $ 8000

SamclubDiscv    $2700          $ 6500

NFCU MC           $5000          $15000

Barcl Vusa          $200            $ 3000 

                       ------------        -------------

                           $14,000      $ 40,000

Would my util be @ 35% , Is that Correct? Due C/Cs with 0$ balance help utils?

Thanks all!

Message Edited by JoeG on 05-28-2008 02:27 PM

Message Edited by JoeG on 05-28-2008 02:42 PM

[fused]

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JoeG wrote:

Hi all,

Here's my upcoming C/C balances. Should hit the CRAs by mid June.

C/C Name         Current Bal    Credit Line

USAIR Visa         $6000          $ 7000

WAMU                 $ 0               $ 8000

SamclubDiscv    $2700          $ 6500

NFCU MC           $5000          $15000

Barcl Vusa          $200            $ 3000 

                       ------------        -------------

                           $13,900       $ 39,500  

Would my util be @ 35% , Is that Correct? Due C/Cs with 0$ balance help utils?

Thanks all!

Message Edited by JoeG on 05-28-2008 02:27 PM

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Yes your overall util is 35%, but FICO scoring has another util calculation for each revolving account...individual util. So, you are probably going to take a hit for your USAir card reporting 86% util.

[smallfry]

Yes and yes. That USAir is hurting.

[Anonymous]

it seems that it would pay to establish a new c/c account, transfer 3k or 4k to a new account (with a CLI of 8k-10k, higher the credit limit the better) and recalculate? Am I correct in thinking so?

Thanks...

[fused]

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JoeG wrote:

it seems that it would pay to establish a new c/c account, transfer 3k or 4k to a new account (with a CLI of 8k-10k, higher the credit limit the better) and recalculate? Am I correct in thinking so?

Thanks...

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What's your goal, better scores or eliminating your CC debt?

[Anonymous]

Always reducing debt. But I do have some "standby" cards that can be used to transfer a balance or two and possibly get a better APR. But if possible, I would opt to paydown debt whenever I can. I have over $60k in C/C debt (not all under my name). It's not going to be pretty.

Message Edited by JoeG on 05-28-2008 02:40 PM

[smallfry]

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@Anonymous wrote:

Always reducing debt. But I do have some "standby" cards that can be used to transfer a balance or two and possibly get a better APR. But if possible, I would opt to paydown debt whenever I can. I have over $60k in C/C debt (not all under my name). It's not going to be pretty.

Message Edited by JoeG on 05-28-2008 02:40 PM

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Pay it down if you can.

[Anonymous]

Actually, total util is 30%. I left out 3 other revolving accounts with $0 balance with CLIs totaling 5k.

Thanks again...