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I have 4 sub-prime cards and am looking to apply for my first prime card. I am thinking the Barclay Rewards Card. Anyways, my TU FICO is right at 700 (give or take 3 points). The concenus on this board for ideal utilzation with regards to your best score seems to be a 9% utilization. I guess my question before I apply for my new card is this: Should I leave 9% on my CapOne card which is not only my oldest card, but also has my highest limit ($1,500)? Or, should I spread the 9% out over 2 or 3 cards?
Thanks ahead of time!
@BackInTheSaddleAgain wrote:I have 4 sub-prime cards and am looking to apply for my first prime card. I am thinking the Barclay Rewards Card. Anyways, my TU FICO is right at 700 (give or take 3 points). The concenus on this board for ideal utilzation with regards to your best score seems to be a 9% utilization. I guess my question before I apply for my new card is this: Should I leave 9% on my CapOne card which is not only my oldest card, but also has my highest limit ($1,500)? Or, should I spread the 9% out over 2 or 3 cards?
Thanks ahead of time!
VERY Imporant - only have one card with a balance. "# of cards with balance" is a data point used in calculating your score.
I've personally had best results with my largest card having about a balance of 1% to 3% of my total credit, and everything else zero.
it can change as your history grows and your bucket changes.
For me, right now, a singlle card, even with a 1% balance, gives me a lower score than zero cards with a balance-about 5-7 points difference. a sub 1% balance is worth about a point more than 1%.
over 5% on a single card would give me even less points(only a couple more points)
Thanks guys. I think! Actually, now I am more confused than anything. I was just getting ready to leave $288 on my CapOne card ($1,500 CL), which would have let me at 9% utilization. You guys are saying that may be too high. I really need to get this right. My CapOne statement cycles this week and I need the highest FICO possible afterwards. If I get it wrong, it will be another month before I can apply for the Barclaycard and refinance my car.
@BackInTheSaddleAgain wrote:Thanks guys. I think! Actually, now I am more confused than anything. I was just getting ready to leave $288 on my CapOne card ($1,500 CL), which would have let me at 9% utilization. You guys are saying that may be too high. I really need to get this right. My CapOne statement cycles this week and I need the highest FICO possible afterwards. If I get it wrong, it will be another month before I can apply for the Barclaycard and refinance my car.
You want to have NO MORE THAN 9% for optimum scoring. The recommendation is usually 1-9%, but no more than that. It should be on one card only. Everyone has their own "sweet spot", that utilisation amount that's key for optimal scores. Some have reported that 5-7% is a personal sweet spot. For me, it's 4-5% where I get my best scores. Could be relative to your total accumulated credit as well; the higher your CL, the lower your "sweet spot". But this could also be a YMMV thang!