utl% of cc

[oracles]

Is it better to have a 0% utl of a cc or to have 1-9% utl? thanks

[Anonymous]

---

oracles wrote:
Is it better to have a 0% utl of a cc or to have 1-9% utl? thanks

---

Overall you want to have 1-9%, but only on one card, ideally.  The rest of your cards should all report $0 for maximum FICO points.

Do not, however, let all of your cards report $0.  That will cost you a few points, perhaps as many as 20 or so.

[smallfry]

---

@Anonymous wrote:

---

@oracles wrote:
Is it better to have a 0% utl of a cc or to have 1-9% utl? thanks

---

Overall you want to have 1-9%, but only on one card, ideally. The rest of your cards should all report $0 for maximum FICO points.

Do not, however, let all of your cards report $0. That will cost you a few points, perhaps as many as 20 or so.

---

1 card only huh? I know we should keep reporting balances on less than half open lines but hadn't heard you get points for only letting 1 report a balance. I see no difference in my scores if I let 3 or 5 of 8 open accounts report balances. Gonna try 1 card plus the car loan. You did mean 1 revolving account reporting a balance not 1 in total counting installments right cheddar?

[marty56]

I seem to do better on TU with a mortgage, car loan and 1 CC reporting.  It may be score bucket dependent.  I suspect I am in the major derog score bucket if that helps.

[smallfry]

---

@marty56 wrote:

I seem to do better on TU with a mortgage, car loan and 1 CC reporting. It may be score bucket dependent. I suspect I am in the major derog score bucket if that helps.

---

We're in the same or similar buckets. I have 2 very old public records.

[Anonymous]

TU is supposedly the pickiest about this factor (accounts reporting) so it might not be that dependent on your bucket. I know I am in a clean (but newer) bucket and that is listed as a negative factor for me (too many accounts reporting a balance).

If you are below 50% reporting the other bureaus don't seem to mind too much, but you might see a slight gain from TU. If you want to be ultra safe, one card reporting a 3% balance will take you to the promised land.

[marty56]

EX seems to focus on total util more.  Number of cards reporting not so much.  I wouldn't want to test any of them on it though.

[Anonymous]

---

@smallfry wrote:

---

@Anonymous wrote:

---

@oracles wrote:
Is it better to have a 0% utl of a cc or to have 1-9% utl? thanks

---

Overall you want to have 1-9%, but only on one card, ideally. The rest of your cards should all report $0 for maximum FICO points.

Do not, however, let all of your cards report $0. That will cost you a few points, perhaps as many as 20 or so.

---

1 card only huh? I know we should keep reporting balances on less than half open lines but hadn't heard you get points for only letting 1 report a balance. I see no difference in my scores if I let 3 or 5 of 8 open accounts report balances. Gonna try 1 card plus the car loan. You did mean 1 revolving account reporting a balance not 1 in total counting installments right cheddar?

---

I can only speak about my own experience.  I have stopped giving the "fewer than half" advice because I found that I kept gaining points for each additional card that reported a $0 balance, even while overall utilization hovered around 1%.

I got my highest score ever with 1% utilization and a balance on only one CC.

Edit to add: Yes, I meant one revolving account reporting a balance.  Never, never, never let your total revolving balances be $0.

Message Edited by cheddar on 06-14-2008 08:34 AM

[marty56]

I should be at 1% and 1 CC reporting by the last week in June.  I'm there now but I have to wait for it to report.