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Is utilization the same as carrying a balance? I just got my first credit card in 10 years. I didnt want to get it, but for several reason I understand that I am pretty much forced to have a pulleable credit file. If my credit card has a $500 limit, if I use $50 on it does that mean I have a 10% utilization? If I pay the credit card off with the next payment due and dont carry a balance, will my utilization still be 10%?
Utilization is the ratio of how much of your revolving credit limits you use.
So yes, if you have a $500 CL and have a $50 balance, that is 10%.
If you pay if off before it reports to the CRAs, then you will have 0 utilization. FICO has no memory. It scores what it sees.
CC report monthly so if you have a balance when it reports, depending on how much, that will decide what your utilization is.