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'Usage'? What the heck is 'usage'?

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expatCanuck
Super Contributor

'Usage'? What the heck is 'usage'?

Was looking at my online EX report today.

 

Account Type, Date Opened, Account Status, Payment Status ... yadda, yadda ... Usage ... yadda, yadda.  Hmmm.  Never noticed Usage before.

 

For 10 of my 12 CC's, the usage value is NoCredit.  Not coincidentally, those ten cards last reported a zero balance.

For the 2 other cards, one had a utilization of ~12% (1.8K/14.7K).  The other had a util of 2% (600/30K).  Each had a usage value of 'Fair'.

And the mortgage and HELoan don't specify a value -- it's a dash.

 

A picture is coming into focus. 

 

Anyone know what the other Usage values are?  And is Usage any more than a text descriptor of reported utilization ranges?


2023 Goal: save 3 months' net income

Starting FICO8: 666 (give or take a FICO)
[ Last INQ 12-Feb-2024 ]
EQ8415 INQ (Auto, CC, HELOC, 2 mort)7y2m
EX8125 INQ (2 CC, 2 mort, HELoan)6y11m
TU8294 INQ (3 CC, 1 mort)6y6m
5/243/12AoYA 0m | AoOA 23y6m~3%
Message 1 of 7
6 REPLIES 6
Girlzilla88
Valued Contributor

Re: 'Usage'? What the heck is 'usage'?

Usage is more like overall use or at least that is how it shows on mine so it will say Overall Credit, CC Debt and The Usage %......is that what you are referencing to?!







Message 2 of 7
Girlzilla88
Valued Contributor

Re: 'Usage'? What the heck is 'usage'?

Ideal 'usage' is 6% or less according to them so if you are under that then you are in a Green Spot sitting pretty lol Smiley Very Happy







Message 3 of 7
thornback
Senior Contributor

Re: 'Usage'? What the heck is 'usage'?

There was a thread about this some months ago regarding the addition of "usage" to Experian reports. It came out of nowhere really. Didn't realize EQ was now doing the same. The indicators, applied to each individual revolver, include 'no credit', 'fair', 'medium', and 'high' based on its balance/limit utilization at any given time.

My assumption is that this is simply a means of expressing util in words instead of numbers (perhaps for the sake of clarity - like layman's terms). It doesn't seem to have any additional effects on scoring.
Personal Aphorism:"Forget What You Feel, Remember What You Deserve"
Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA:
4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:  


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 4 of 7
thornback
Senior Contributor

Re: 'Usage'? What the heck is 'usage'?

Here's the thread abt EX I mentioned:

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Experian-Credit-Report-quot-Nocredit-quo...
Personal Aphorism:"Forget What You Feel, Remember What You Deserve"
Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 04/2022: EX 796 ✦ EQ 793 ✦ TU 790
Current FICO 9s | 04/2022: EX 790 ✦ EQ 788 ✦ TU 782
2022 Goal Score | 800s

My AAoA:
4.6 years not incl. AU / 4.9 years incl. AU
My AoOA: 9.2 years not incl. AU / 11.2 years incl. AU
Inquiries: EX 0/12 ✦ EQ 0/12 ✦ TU 0/12
Report Status: Clean
Garden Status:  


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 5 of 7
expatCanuck
Super Contributor

Re: 'Usage'? What the heck is 'usage'?


@thornback wrote:
There was a thread about this some months ago regarding the addition of "usage" to Experian reports. It came out of nowhere really. Didn't realize EQ was now doing the same. The indicators, applied to each individual revolver, include 'no credit', 'fair', 'medium', and 'high' based on its balance/limit utilization at any given time.

My assumption is that this is simply a means of expressing util in words instead of numbers (perhaps for the sake of clarity - like layman's terms). It doesn't seem to have any additional effects on scoring.

My bad -- meant to write 'EX', not 'EQ'.  Corrected.

And thanks for the explanation.


2023 Goal: save 3 months' net income

Starting FICO8: 666 (give or take a FICO)
[ Last INQ 12-Feb-2024 ]
EQ8415 INQ (Auto, CC, HELOC, 2 mort)7y2m
EX8125 INQ (2 CC, 2 mort, HELoan)6y11m
TU8294 INQ (3 CC, 1 mort)6y6m
5/243/12AoYA 0m | AoOA 23y6m~3%
Message 6 of 7
Anonymous
Not applicable

Re: 'Usage'? What the heck is 'usage'?


@Girlzilla88 wrote:

Ideal 'usage' is 6% or less according to them so if you are under that then you are in a Green Spot sitting pretty lol Smiley Very Happy


Wouldn't that be utilization , not usage? There shouldn't be a cap or a certain "usage" amount that a person shouks stay at. As in my mind, usage is an amount ran through the card each statement period. 

Message 7 of 7
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