Exactly.
Take the CL of each revolving account and add it up that is your total CL. Take reported balances of each revolving account and add it up that is your total revolving debt. Total Revolving Debt / Total Revolving Credit Line = util %.
Remember this is ONLY revolving debt. The accounts listed under Revolving section of report (credit cards, lines of credit, store cards, gas cards, HELOC, etc).
Couple gotchas:
1) Installment loans are not included.
2) Closed accounts are not included.
3) Charge-offs/Included in BK SHOULD not be included. When charged off the balance should be $0 but I have had to dispute a few.
Some credit card providers like Capital One don't report your CL they report you max usage ONLY. So let's say you only have one Capital One card. $10K CL. You charge $1000 on it. Your usage should be 10% but since Cap1 doesn't report your CL your max usage & current balance are both $1K so util is 100%. You pay down the card to $100 (should be 1% util) it is reported as $100/$1000 = 10% util.
