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thanks alot that was a big help, im in the process of building my credit now so im start with the BOA secured cared and a low balance. SO say i have a $1000 limit i would want to keep the balance at about $100?
trinigal wrote:J,Only because I like youUtilization: how much of your available credit on your cards you're actually using.So say you have just 1 CC with a $5000cl, and you're running a balance of $2500, that 50% util. You're using 50% of your available credit.The same principle is applied if you have multiple CCs.Say now you have 3CL CC1 = $5000CL CC2 = $2500CL CC2 = $1000Total available credit = $8500Now ifCC1 Balance is $2500 (50% util)CC2 Balance is $500 (20% uitl)CC3 Balance is$100 (10% uitl)You overall util is 3100/8500 or approx: 36.5%What we've learned on here is that to max out your FICO points you have to look at both your overall Util and per card Util and keep both between 1-9%. While 30% is good util, but you seem to get the most points with 1-9%. Which is why you'll see it suggested on here that if you can't get them all to 1-9% through payments. Say one is high and the other is low, one option is to shuffle them around. That's a personal decision, and would depend on what you're objectives are and how much time you have.So just remember this:1-9, on time, all the time!Hope this helps-trini
jenkins wrote:
thanks alot that was a big help, im in the process of building my credit now so im start with the BOA secured cared and a low balance. SO say i have a $1000 limit i would want to keep the balance at about $100?
jenkins wrote:another question whats a good method of paying off? should u pay the min? or pay as much as i can? i was told paying it all off at once doesnt help your score as much as making smaller payments