Magic Utilization #?

[Anonymous]

Two credit cards- we've kept them both at or about 7-12% utilization..... no credit score movement.  Then we paid one to 0, left the other at about 9%... no move.  Is there a ideal # to keep them at????

Thanks!

[smallfry]

Chances are your utilization wasn't bad enough to begin with in your bucket for a tweak like you executed to matter. How old is yourt oldest reporting account? What are your scores? What is your AAofA? Mix of credit?

[Anonymous]

>>>>>Chances are your utilization wasn't bad enough to begin with in your bucket for a tweak like you executed to matter. How old is yourt oldest reporting account? What are your scores? What is your AAofA? Mix of credit? <<<<<<

HI!  Thanks.  That is the problem, we're rebuilding- so we're at month 4 right now.  Scores are mid to upper 500's.  Installments= 2 small student loans and 2 cars (one 3 years old and one almost 4 years old).

So, are we just still early?  When is the typical *burst* if any???

[smallfry]

You should see some improvement at the one year mark. What negatives are on your reports?

[marty56]

The best way to find out is to PIF all the CCs so you will have a baseline and then allow 1 CC to report a small balance, then PIF of course.

For my credit profile, TU want 0% util and EQ likes a little util but the point loss on EQ is only 3 points I loose 10 or more points on TU for reporting aa small balance on a single card.

[smallfry]

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@marty56 wrote:

The best way to find out is to PIF all the CCs so you will have a baseline and then allow 1 CC to report a small balance, then PIF of course.

For my credit profile, TU want 0% util and EQ likes a little util but the point loss on EQ is only 3 points I loose 10 or more points on TU for reporting aa small balance on a single card.

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Mid to upper 500's U seems like the least of the problems.

[marty56]

Except for history, the OP's credit profile might look like mine if the OP has a major derog so 0% util could give a few points to make 600.

Being a member of the 600 group might give momementum to go on.  Sorta like a FICO Snowball.

[Anonymous]

Just avoid yellow FICO snowballs

[marty56]

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@Anonymous wrote:
Just avoid yellow FICO snowballs

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Or other non-white colors for that matter.

[jackg]

DMWBCC,

If ,in fact, you've just begun to rebuild your credit all I can say is that PATIENCE has to be your biggest asset at this point. I and my wife filed CH 7 BK in May 2006 and today my FICO scores are:

TU 684

EX 701 IN Jan 2009 just before they shut it down

EQ 783

I have to admit that my biggest mistake was "buying" way too many FICO scores, it was a lot of money but I just knew that my repair efforts were working and I wantedto the rewards for my efforts. Please don't make my mistake.

As far as utilization goes, everyone's experience is different because all CR"s contain different history. But, my observations here at CB tells me that to optimize your score in the area of "Amounts Owed" (30% of FICO score) you should carry a balance due on one card only and it should be 3%. This isn't written in stone though so don't hold me to it.

Good luck to you.