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Credit card Utilization

paul
Established Member

Credit card Utilization

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

Starting Score: 590
Current Score: 708
Goal Score: 850


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Message 1 of 7
6 REPLIES 6
Kevin5974
Frequent Contributor

Re: Credit card Utilization

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

Starting Score: 475
Current Score: 649
Goal Score: 690


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Message 2 of 7
Tuscani
Moderator Emeritus

Re: Credit card Utilization

Yes, both individual card and overall util is taken into account.
Message 3 of 7
masdeocho
Moderator Emeritus

Re: Credit card Utilization

Moral of the story ... pay down the 90% and the 60% as much as you can.
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Message 4 of 7
Noah_Bodie
Senior Contributor

Re: Credit card Utilization

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...

Message 5 of 7
paul
Established Member

Re: Credit card Utilization

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.
 

Starting Score: 590
Current Score: 708
Goal Score: 850


Take the FICO Fitness Challenge
Message 6 of 7
Noah_Bodie
Senior Contributor

Re: Credit card Utilization

Message 7 of 7
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