Utilization question

[Hutchman92]

I'm confused on this one. I was always told to let 1% report. Is this inncorrect and it should be 9%?

[Anonymous]

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@Hutchman92 wrote:

I'm confused on this one. I was always told to let 1% report. Is this inncorrect and it should be 9%?

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@Hutchman92 depends on how technical you want to get & for which version. However, in my opinion, if you would like to be able to optimize all fico versions currently in use:

have less than $100 report on one bankcard with a credit limit of less than $31,000. Of course there may be many other things you can do to increase your score.

[Hutchman92]

Okay so not 9%? My total revolving credit limit 9k +2500 authorized user (5 cards plus care credit revolving )

as follows:

credit one -950

cap 1 quicksilver one -700

cap 1 plat -700

cap one biz spar- 700

achieva Cc- 3000

carecredit - 3000

Discover (auth user) -2500

so should I carry 1  % on all these cards? That would equate to 115$ including auth user account or 90$ without it. Or should I carry 9% taking into account the dollar amount is rounded to dollar and percent to newest hole? Also should I carry specific balance to each card or just the aggregate total? It may be hard to report certain limit to care credit but I could make up the cumulative total on another revolving account. 

[Hutchman92]

So with this example if we're being deducted points for having a high percentage of revolving accounts with balances how do you avoid this without also being subtracted points for having a 0 balance? Meaning that even if you keep 1% of balance to report to get extra points opposed to having 0% report , you'll still lose points because that 1% reporting is still technically a revolving card with a balance? Unless there is a threshold to what % utilization counts as a balance. 

[Anonymous]

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@Hutchman92 wrote:

So with this example if we're being deducted points for having a high percentage of revolving accounts with balances how do you avoid this without also being subtracted points for having a 0 balance? Meaning that even if you keep 1% of balance to report to get extra points opposed to having 0% report , you'll still lose points because that 1% reporting is still technically a revolving card with a balance? Unless there is a threshold to what % utilization counts as a balance. 

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@Hutchman92 this is an old thread, so I would highly recommend that you start a new one, so we can consider your questions. Just ping me there.

I would also highly recommend you read the Scoring Primer linked at the top of my signature, it will also explain a great deal and resolve a lot of your questions. 

Keep in mind there are both individual and aggregate Thresholds. 

@Hutchman92 I didn't say anything about 1%. I said have less than $100 report on one bankcard with a credit limit of less than $31,000.

[Remedios]

@Hutchman92  I've moved your post and created separate thread for your questions. The other thread isn't quite the right place for it 

[Anonymous]

In other words you want one bankcard and one loan ideally reporting a balance, but not more, the percentage is in the aggregate, not individually. But really you can have 0% you just can’t have $0 aggregate.

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

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@Hutchman92 wrote:

I'm confused on this one. I was always told to let 1% report. Is this inncorrect and it should be 9%?

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@Hutchman92 depends on how technical you want to get & for which version. However, in my opinion, if you would like to be able to optimize all fico versions currently in use:

have less than $100 report on one bankcard with a credit limit of less than $31,000. Of course there may be many other things you can do to increase your score.

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I don't understand the 31K max limit for the one reporting revolver.   I have two 50K revolvers, (Cap 1 and Navy) and if I let either of them report a $5 balance they work fine.  No points lost.   What is with this 31K idea???

[Hutchman92]

Thank you. 

[Hutchman92]

Okay I just spent the last two hours reading your post that you referred me to. Thank you so much for documenting all of that information and your past investigation. I have several questions but it's 4am here in Florida. I will reply to this thread tomorrow (today) thank you Birdman!