Figuring out my utilization

[Anonymous]

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@llecs wrote:

Here's what I have...

Best Buy	508.12	700.00
Baxter CU	717.73	3,000.00
Capital One	389.38	550.00
Chase	1,325.34	1,500.00
Citibank	1,771.58	2,000.00
Credit One	821.84	1,575.00
Dell	0.00	3,000.00
HSBC	628.28	1,200.00
JC Penney	64.45	750.00
Merrick	561.91	1,150.00
Newegg	0.00	1,076.00
Orchardbank	611.82	960.00
PayPal	0.00	330.00
Sam's	122.10	600.00
Target	529.62	800.00
Walmart	0.00	380.00
	8,052.17	19,571.00	0.411434

As on 12/1, your util is 41.1% based on your spreadsheet above. Question: Is Newegg included in your util? I don't think it is. I may be wrong, but I thought they didn't report. If it doesn't report, then your util is 43.5%.

Installment util is scored seperate and differently (much, much differently) than revolving. I'd ignore it.

Remember, your CRs won't show that 41.1% util (or 43.5% minus Newegg). CCCs typically report the balance you had on the statement date (except maybe HSBC above). Because of the different dates, your util can easily change multiple times monthly.

All is assuming that the $0 balance TLs are open.

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Correct - I don't see Newegg on my reports so maybe they don't report.  I don't have a balance on it so I probably shouldn't have included it. 

So is 43.5% good or bad?  I'm inclined to say bad since I've gotten denied for the last 3 cards I app'd for.

[llecs]

If you are looking to increase your FICO score, and assuming you get the balances to report where you'd like them to be at, you could probably gain 50-60 points if you were to get over 1/2 of your CCs to report $0 with each remaining reporting a balance of under 9% of the CL. In other words, get at least 8 to report $0 and get the others under 9% of their respective CL.

On a creditor standpoint, your util is high. I've been turned down due to util even while it was in the teens. YMMV based on the creditor of course. But good news is that revolving util is the fastest and simplest way to increase your scores. Not necessarily the easiest though.

[Anonymous]

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@llecs wrote:

If you are looking to increase your FICO score, and assuming you get the balances to report where you'd like them to be at, you could probably gain 50-60 points if you were to get over 1/2 of your CCs to report $0 with each remaining reporting a balance of under 9% of the CL. In other words, get at least 8 to report $0 and get the others under 9% of their respective CL.

On a creditor standpoint, your util is high. I've been turned down due to util even while it was in the teens. YMMV based on the creditor of course. But good news is that revolving util is the fastest and simplest way to increase your scores. Not necessarily the easiest though.

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Thanks for the assistance and the wonderful info.  I'm slowly but surely getting a grasp of this credit stuff.

[roost3r]

Bringing this to the top because this is awesome information! Im at the point 673 FICO with 47% CC UTL that I cant do anything else but pay it down to <1% and time. Time I cant control, paying them off I can do. Hopefully paying them off this month will bump my score into the 700s and then sit back and wait on Father time to do the rest.