If you can list out your accounts as:
Creditor/Credit Line/Balance on one line for each account.
Then we can see whats helping or whats hurting. Aggregate or overall util is tops. Less than 8.9% is ideal. Same applies for one card out of how many cards you have before applying. Or AZEO. Fire away!
@tim1017 wrote:HI, looking to buy our next home and would like to squeeze out a few more fico points in my overall score. Couple of questions I need clarifiication on. I understnad the credit mix and overall weighting, but some details regarding the over all credit card utilization vs. individual card utlization %.
- Are individual utilization and overall credit card utilization one formula or are they mutually exclusive?
- If exclusive, which one has more affect on your fico?
My goal is to get my overall utilization down to below 30% by May's reporting cycle. Just not sure how to prioritize them, highest UTILIZATION or highest BALANCE
1. Individual card utilization is one thing; aggregate card utilization is another. And they both count.
2. It's best to keep aggregate utilization at 9% or less; and it's even better to get it down to 6% or even 1%. 30% is not good.
3. It's best not to let individual card utilization exceed 28% or so.
4. With the mortgage scores, another important metric is the percentage of cards with a balance. The more zero balances the better.
