Utilization and maximizing Credit

[Anonymous]

Since I was just recently accepted to 2 different credit cards, what is the best way to bring my credit score up with these?

Right now I have a bank of america credit card that has a $500limit and my statement showed up showing $390 owed (which I'll have paid off before the closing date) but I heard that this is really bad since its a high ultilization... Does that mean my credit will be dinged?

.. Does the "utilization" count as all the credit card limit totaled together? Or for each credit card seperately? 

What is the most I can spend on a card for good utilzation. I read that a lot of people do 3% ultization.. but that isn't really any at all for a $500-$2000 credit limit card.. 

Thank you!

[Anonymous]

Yes, that is really bad utilization on that card, 78%.

Utilization scores each individual card then the combined total of all balances divided by CLs. 

For optimum scoring, let one report a 0 balance the other at 9% or below.  You can use what you want on the cards just make sure one reports a 0 balance and the other at 9% or below.  They normally report on or a few days after the statement date.  Pay off the balance before the due date to avoid interest charges.

Yes, you would be dinged for that high of utilization.  But the good thing is your score will recover as soon as it is paid down.  FICO has no memory of utilization.

[Anonymous]

Thank you!