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Need help calculating UTIL!

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Schoolbuskid
Valued Contributor

Need help calculating UTIL!

I have a limit of $300 and my balance is $276.57 meaning i have used $23.43 of my overall limit.  What would be my UTIL? Thanks!
Rebuilding and Reducing Debt, is my game plan.
Message 1 of 13
12 REPLIES 12
fishbjc
Senior Contributor

Re: Need help calculating UTIL!

If you owe $276 & your CL is $300, it's approximately 92%.
 
 
Message 2 of 13
Schoolbuskid
Valued Contributor

Re: Need help calculating UTIL!

no i dont owe 276.57 this is my current balance. I owe 23.43!
Rebuilding and Reducing Debt, is my game plan.
Message 3 of 13
Anonymous
Not applicable

Re: Need help calculating UTIL!

$23.43 / $300 = 7.81% utilization on that card
Message 4 of 13
Anonymous
Not applicable

Re: Need help calculating UTIL!

Then $276.57 would be your total available balance.  If that is the case then your utilization would be your balance divided by your credit limit multiplied by 100 to get the %.  That would be $23.43 divided by $300 which equals .0781 multiplied by 100 which would put your utilization at 7.81%.
Message 5 of 13
Anonymous
Not applicable

Re: Need help calculating UTIL!

$276.57 is your available credit remaining. It's not your balance. It's generally accepted that balance implies money still owed on the cc.

To calculate the utilization simply divide your balance by your credit limit.

And yes your methodology is correct.
Message 6 of 13
Schoolbuskid
Valued Contributor

Re: Need help calculating UTIL!

Thanks guys you all are awesome. So.... last time my CR was updated i was at 100% util so now with it being 7.81% could you estimate what i kind of score boost i should receive or you really cant tell!
 
 
Thanks
SBK


Message Edited by Schoolbuskid on 01-17-2008 12:18 PM
Rebuilding and Reducing Debt, is my game plan.
Message 7 of 13
Anonymous
Not applicable

Re: Need help calculating UTIL!

You really can't tell in advance, there are so many variables involved.

But I can tell you that in February, 2007 my utilization was right at 85% and my TU FICO score was 521. And by July I had brought down my utils to around 15% and the score jumped to 681. A 160 point increase. I think Timothy did a similar thing and his jumped around 191 points, if I'm not mistaken.
Message 8 of 13
Schoolbuskid
Valued Contributor

Re: Need help calculating UTIL!



Sylviatob wrote:
You really can't tell in advance, there are so many variables involved.

But I can tell you that in February, 2007 my utilization was right at 85% and my TU FICO score was 521. And by July I had brought down my utils to around 15% and the score jumped to 681. A 160 point increase. I think Timothy did a similar thing and his jumped around 191 points, if I'm not mistaken.


Man thats nice! Is that on one card that you brought the util down or several? I'll let you all know i usually get a SW alert around the 18-20th of every month i am so anxious! You just dont know!
Rebuilding and Reducing Debt, is my game plan.
Message 9 of 13
Anonymous
Not applicable

Re: Need help calculating UTIL!

It was based on 6 bank cards and 2 store cards. That's all I had at the time.

I paid 4 out of the 6 bank cards in full, and left small balances on everything else.

Yes, please do keep us informed. We all love good news. Smiley Happy
Message 10 of 13
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