@Anonymous wrote:
Again, thanks. So I thought the optimal thing (for FICO scoring) was to have all revolving accounts at about 33% utilization? Is it really
More like 10%?
No it's more like 8% or less. And we're talking FICO 8 here, not mortgage scores.
Also, is it total utilization (across all cards), or isnit optimal to have each card below a magic %?
It's optimal to have total utilization at 8% or less, and individual utilization at 28% or less. But again, we're talking FICO 8, not mortgage.
If my score goes up 30 points, it will put my mid FICO 8 at 720. Here’s hoping the mortgage score follows. We have more than 20% equity, so PMI is not an issue; we just want the best rates we can get. 😊
The mortgage score will not follow. Sorry to burst your bubble.
