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re: Any negative for having too many CCs open?
Posted on 7/24/14 at 10:06 pm to jtmiller02
Posted on 7/24/14 at 10:06 pm to jtmiller02
Can someone explain what utilization, percentage, and all that crap means for cc? Explain it in laymen terms not money talk terms 
I have a chase freedom with limit of I think $4,000 but only have about $300 I owe on it. That would be good right? Or is it bad b/c they want me using more? I did owe about $1000 on it once but threw down about $600 a couple months ago.
I have a chase freedom with limit of I think $4,000 but only have about $300 I owe on it. That would be good right? Or is it bad b/c they want me using more? I did owe about $1000 on it once but threw down about $600 a couple months ago.
This post was edited on 7/24/14 at 10:07 pm
2
Posted on 7/24/14 at 11:38 pm to windshieldman
Balance / credit limit = utilization.
300/4000= 7.5%
You're fine. Anything between 1% and 20% is where you're looking to be.
300/4000= 7.5%
You're fine. Anything between 1% and 20% is where you're looking to be.
This post was edited on 7/24/14 at 11:39 pm
Posted on 7/25/14 at 6:19 am to windshieldman
quote:
Can someone explain what utilization, percentage, and all that crap means for cc? Explain it in laymen terms not money talk terms
Most people on the MyFico Forums say that you want a zero balance on all cards but one. On that card you want between 1% and 9% utilization (statement balance/credit limit). I have FICO ScoreWatch where I can see what my score does when I play around with my utilization and that seems to ring true for me. My score has been highest when all cards except one are at zero balance and the last one having utilization of less than 10%.
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