Help with with Util

[Anonymous]

So I have read the stickies, searched and read older threads and had some Q's.

Currently I have 3 accounts.

1) Sallie Mae loan(never late, owe 17k)

2) Credit card 7200 with 2162 balance

3) Credit card 250 with 75 balance.

Now does Sallie Mae count towards util?

I read that here that the experts say keep your util @ 1-9% for good scoring, is this true?

This month I am paying 500 to 1200 for 2162 balance and 50 towards 75 blance.

I noticed that current Util is 30%!!! After payments this month the Util will be between 22-15(depending how much I pay).

Does Util work on a tier system? If so what are the tiers, so I know if I should pay only 500 or dump 1200 on my credit card.

Thanks!

Message Edited by Sushi on 05-16-2008 01:13 PM

[Anonymous]

I assume Sallie Mae is an Installment loan??? If so utility with those types of accounts doesn't work the same as Credit Cards.

You will see a bigger increase paying down your revolving credit card accounts then paying down installment loans.

[Anonymous]

Yes it is an installment loan. I have it setup for auto payments, and do not plan on paying anything extra on there. Just want to bring down my CC balances. I pay min $500 a month on the higher balance to bring it down. This month I have 1100 I can use towards the 2162 balance... If I stay in the same tier as paying 500, I rather not pay 1100 right now.

Message Edited by Sushi on 05-16-2008 01:18 PM

[Anonymous]

Anyone else?

[Anonymous]

Installments loans only count 10% toward scores. CC UTIL count 30%.  FICO like UTIL under 10% and bal $0 on some accounts.

SL if in good standing will work in your favor as they also count toward your history! 

[marty56]

I just went from 10% util to 4% util and gained 16 point on EX and 10 points on EQ.  I also had 1 INQ go over 1 year so I now have 2 INQs on EQ.  TU hasnt reported util change yet so it should also rise soon.

I dont know if 9% would have gotten me the same result as 4%