cancel
Showing results for 
Search instead for 
Did you mean: 

Is my UTL good enough to apply?

tag
vinster95
New Contributor

Is my UTL good enough to apply?

Hey everyone! I'm applying for the Capital One Venture card next week. Waiting for my scores to update to the highest possible it could be before applying. Just ran the numbers and my utilization is going to be at 14.4 percent. (I'm guessing that will be rounded up to 15 percent).

 

Is 15 percent considered a good enough UTL for a card like that? Scores should be between 760-790. My plan was to get it down to 9 percent, but had a couple of unexpected bills pop up. 

 

Should I still be good to apply with a 14-15 percent UTL, with that credit score mentioned above?

 

Side question for anyone who knows as well: Should I wait x amount of time before I apply after scores update, or am I good to apply as soon as the MyFico app/Experian app/Credit Karma show all updated scores?


Thanks!

Message 1 of 9
8 REPLIES 8
NoHardLimits
Established Contributor

Re: Is my UTL good enough to apply?

It's hard to say without more information.  Is that utilization % across all of your cards?  How many cards do you have, and what is the highest individual utilization?  How many new accounts and inquiries do you have within the last 6/12/24 months?

May 2024 Scorecard: Clean, Thick, Mature, New Revolver
FICO8:
FICO9:
VantageScore3:
Inquiries (n/12, n/24):
AAoA: 10 yrs | AoORA: 36 yrs | AoYRA: 0 mos | New Accounts: 1/6, 1/12, 3/24 | Util: 1% | DTI: 1%
Message 2 of 9
vinster95
New Contributor

Re: Is my UTL good enough to apply?

Yeah thats across all cards. My only cards with limits are an Amex Delta Gold with a 3000 limit and a Dell account with a 4000 that acts as a revolving. I have an Amex Platinum that I mainly use, so nothing on there is reported with a limit. 

 

The scores will be reporting (approx):

$100/3000 Amex Delta Gold

$900/4000 Dell

Total of $1000/7000 - 14 percent UTL

 

Inquiries- Experian 1, EQ 0, TU 0

No new accounts in the last 12 months

 

 

Message 3 of 9
NoHardLimits
Established Contributor

Re: Is my UTL good enough to apply?


@vinster95 wrote:

Yeah thats across all cards. My only cards with limits are an Amex Delta Gold with a 3000 limit and a Dell account with a 4000 that acts as a revolving. I have an Amex Platinum that I mainly use, so nothing on there is reported with a limit. 

 

The scores will be reporting (approx):

$100/3000 Amex Delta Gold

$900/4000 Dell

Total of $1000/7000 - 14 percent UTL

 

Inquiries- Experian 1, EQ 0, TU 0

No new accounts in the last 12 months

 


Your current utilization numbers shouldn't be a problem for a Cap1 application.  0/12 new accounts is an important metric in your favor.  Do you have any installment loans (mortgage, auto, student) which would impact your DTI (debt to income ratio)?  Your current income will also, of course, be an important factor.

May 2024 Scorecard: Clean, Thick, Mature, New Revolver
FICO8:
FICO9:
VantageScore3:
Inquiries (n/12, n/24):
AAoA: 10 yrs | AoORA: 36 yrs | AoYRA: 0 mos | New Accounts: 1/6, 1/12, 3/24 | Util: 1% | DTI: 1%
Message 4 of 9
vinster95
New Contributor

Re: Is my UTL good enough to apply?

Yeah I have 1 installment loan. Its an Affirm loan for a Peloton. $1300 remaining on it ($125 a month), and a car loan that has about $16,000 left. Payment on the car loan is about $470 a month. Income 130k.

Amex Platinum reported $2500, but idk how thats calculated since its not a revolving or a loan.

 

Besides that that's pretty much the entire credit report. 

Message 5 of 9
CYBERSAM
Senior Contributor

Re: Is my UTL good enough to apply?

You should be good, as long as you don't have too many Cap1 cards!

Venture is not a difficult card to get, you may not get the 30K SL but they don't "bucket" Venture therefore when you put usage on it, it will grow.

Good luck.







                
Message 6 of 9
NoHardLimits
Established Contributor

Re: Is my UTL good enough to apply?


@vinster95 wrote:

Yeah I have 1 installment loan. Its an Affirm loan for a Peloton. $1300 remaining on it ($125 a month), and a car loan that has about $16,000 left. Payment on the car loan is about $470 a month. Income 130k.

Amex Platinum reported $2500, but idk how thats calculated since its not a revolving or a loan.

 

Besides that that's pretty much the entire credit report. 


DTI seems fine for a credit card app.  Amex Platinum is considered an account with a balance for FICO scoring, but it is not included in revolving balances or revolving utilization metrics because it is not technically a revolving account.

May 2024 Scorecard: Clean, Thick, Mature, New Revolver
FICO8:
FICO9:
VantageScore3:
Inquiries (n/12, n/24):
AAoA: 10 yrs | AoORA: 36 yrs | AoYRA: 0 mos | New Accounts: 1/6, 1/12, 3/24 | Util: 1% | DTI: 1%
Message 7 of 9
Thomas_Thumb
Senior Contributor

Re: Is my UTL good enough to apply?


@vinster95 wrote:

Hey everyone! I'm applying for the Capital One Venture card next week. Waiting for my scores to update to the highest possible it could be before applying. Just ran the numbers and my utilization is going to be at 14.4 percent. (I'm guessing that will be rounded up to 15 percent).

 

Is 15 percent considered a good enough UTL for a card like that? Scores should be between 760-790. My plan was to get it down to 9 percent, but had a couple of unexpected bills pop up. 

 

Should I still be good to apply with a 14-15 percent UTL, with that credit score mentioned above?

 

Side question for anyone who knows as well: Should I wait x amount of time before I apply after scores update, or am I good to apply as soon as the MyFico app/Experian app/Credit Karma show all updated scores?


Thanks!


Your utilization and score are fine. No need to wait on applying. Sure, under 9%  UT might bump your score some but, current scores are sufficient.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 8 of 9
SouthJamaica
Mega Contributor

Re: Is my UTL good enough to apply?


@vinster95 wrote:

Hey everyone! I'm applying for the Capital One Venture card next week. Waiting for my scores to update to the highest possible it could be before applying. Just ran the numbers and my utilization is going to be at 14.4 percent. (I'm guessing that will be rounded up to 15 percent).

 

Is 15 percent considered a good enough UTL for a card like that? Scores should be between 760-790. My plan was to get it down to 9 percent, but had a couple of unexpected bills pop up. 

 

Should I still be good to apply with a 14-15 percent UTL, with that credit score mentioned above?

 

Side question for anyone who knows as well: Should I wait x amount of time before I apply after scores update, or am I good to apply as soon as the MyFico app/Experian app/Credit Karma show all updated scores?


Thanks!


Aggregate utilization of 14-15 % is good. I'm sure the application will take in a lot more information than that and your credit score, though.

 

Also bear in mind that Capital One triple pulls.

 

 


Total revolving limits 710800 (590300 reporting) FICO 8: EQ 712 TU 710 EX 710

Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.