Credit card Utilization

[paul]

Does the FICO score matter on the overall Debit to Credit ratio or is it dependent on each card ? For example I have 6 cards and 2 of them are at 60% and 90% but my overall ratio would be 34%.

Message Edited by paul on 05-17-2007 08:12 AM

[Kevin5974]

I'M FAIRLY CERTAIN IT TAKES INTO ACCOUNT ALL OF THE CARDS AS A WHOLE AND IT DOES MATTER IN DETERMINING YOUR FICO SCORE

[Tuscani]

Yes, both individual card and overall util is taken into account.

[Anonymous]

Moral of the story ... pay down the 90% and the 60% as much as you can.

[Anonymous]

paul,

What are your near term goals? Paying down debt? Getting your scores up to qualify for a mortgage or car loan? Something else?

If you just wanna get rid of debt, then do BTs from your highest APR cards to the lowest APR cards.

This might be a useful read.
http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=4120&query.id=1017...

[paul]

No paying down debt is not my goal. I plan to apply for a mortgage. Wanted to see if paying it down Vs using the cash for a downpayment would be helpfull.

[Anonymous]

Then I would do BTs to get the two at 60% and 90% under 50%.