Credit card utilization

[Anonymous]

OP, do you have any current installment loans open?  If not, the share secure loan technique could help you add around 25-30 points to your scores in preparation for applying for that auto loan.  That coupled with getting that utilization down would push you into the low 700's across the board more than likely which would give you greater chances of securing a favorable interest rate.

[Anonymous]

Thanks for the advice forumers. Cap one will be paid off by my next cut date on December 4, and I'll bring my Amex down to under 30 percent by then too, will let Just the Amex report next month and post what the results were.

I also do currently have a healthy mix of installment loans. Mortgage with 8 and half years of history, but a small smafu in 2009 November to January. Also currently have a car loan that will run its term in February and two other car loans that have been paid off in the last 6 years all with perfect payment history. Thanks for the advice but I'm covered on that side.

[SouthJamaica]

---

@Anonymous wrote:
Hey forum members,

Currently my credit card utilization is between 11-15 percent overal, just really depends on what final transactions post before my cut dates. I know it's best to keep utilization under 30 percent and ideal would be around 10 percent overall. Currently I am around 40 percent utilization on Amex because of zero APR and also around 40ish percent with capital one because of zero apr. My barclay, csp, freedom and BOA BBR are PIf and let 30ish dollars cut for BBR every month for the 30 bucks cash back quarterly.

Am I losing points because my two cards carry a balance around 40ish? Or is it not that large of an impact per individual card considering my overall utilization.

Mods feel free to move if it's in the wrong section, if so sorry.

---

Yes you are losing points for that.

[Anonymous]

---

@Anonymous wrote:

I also do currently have a healthy mix of installment loans. Mortgage with 8 and half years of history, but a small smafu in 2009 November to January. Also currently have a car loan that will run its term in February and two other car loans that have been paid off in the last 6 years all with perfect payment history. Thanks for the advice but I'm covered on that side.

---

One thing worth noting, if the smafu you are referring to resulted in a 90 day late payment reported in January of 2010, that late payment is likely holding back your scores 20 points or so.  The good news is that in 2 months it should come off when it hits the 7 year mark.  If it was only a 60 day late reported, however, it stopped impacting your scores several years back so in January when it comes off your score likely wouldn't change as a result.

[Anonymous]

Thanks BrutalBody**bleep**s, I am fully aware of that. Hence the 40 point difference in my scores. Luckily I was able to get EE on both Trans and Ex, but had no dice with Eq.

[Anonymous]

Sounds like you've got all the answers, then.  Good luck.

[Anonymous]

Yup,thanks brutalbodyshots. I appreciate your input on fico scoring for overall utilization and individual card utilization on scoring. Hope you enjoy the rest of your day!