I'm trying to stay on track with keeping debt to ratio low. These are the cards I currently have
Capital One credit limit $1,000; balance $0 (asked for an CLI, received one for ($250.00) 2 weeks ago which increase my
limit to $1,000
Capital One credit limit $750 balance $400.00 (the balance will be $0 by next week) cli increase of ($250.00) 2wks ago
Capital One (acct restricted) credit limit $500 balance $290.00 (paying this off next week)
Amex (authorized user) credit limit $2k balance $42.00
NYMCU (secured card) credit limit $300 balance $91.00
How do I figure out the debt to ratio? When I pay down the balances does it make my scores increase substantially or a point here or there? Scores right now are EQ: 598; TU: 617; EX: 614. Just waiting to get scores up a little more to apply for the Chase credit card. Thanks everyone
Starting Score: EQ 430, TU 467, EX 465
@Jayla127 wrote:I'm trying to stay on track with keeping debt to ratio low. These are the cards I currently have
Capital One credit limit $1,000; balance $0 (asked for an CLI, received one for ($250.00) 2 weeks ago which increase my
limit to $1,000
Capital One credit limit $750 balance $400.00 (the balance will be $0 by next week) cli increase of ($250.00) 2wks ago
Capital One (acct restricted) credit limit $500 balance $290.00 (paying this off next week)
Amex (authorized user) credit limit $2k balance $42.00
NYMCU (secured card) credit limit $300 balance $91.00
How do I figure out the debt to ratio? When I pay down the balances does it make my scores increase substantially or a point here or there? Scores right now are EQ: 598; TU: 617; EX: 614. Just waiting to get scores up a little more to apply for the Chase credit card. Thanks everyone
Utilization % is your debt owed divided by the credit limit. For examply, your Cap 1 account with $400 balance and a credit limit of $750 is at approximately 54%. Paying that off along with the card that has the $290 balance will raise your score. I would also pay off the NYMCU because that is at about 30%. You will have 1 card remaining with a utilization of less than 9% and this will give you the maximum scoring for utilization. YMMV but my son just brought his utilization down from obout 70% to 15% and received an increase of 30-39 pts. You can't go by his because everyone is different, but you should definitely see more than a couple of points. Best wishes!
Thanks medicgrrl