Personal Finance

question about credit utilization

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  • Jan 21st, 2014 11:16 pm
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[OP]
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Jan 14, 2014
17 posts
1 upvote

question about credit utilization

i understand that the utilization of credit is a big consideration when we apply a credit.
my question is that are the venders consider total utilization, or the percentage of each single credit line will be as well?
i got 3 credit cards, but i use one only which was 80% more at balance/credit limit showed up last statement. the total utilization for my all credits was 17% though.
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Deal Guru
Jun 26, 2011
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If you have 17% total utilization with all of it on one card you are a lot better off than with 30%+ total utilization spread across many cards.
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Apr 14, 2004
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Credit utilization of 70% over multiple lines of credit with no late periods will result in highest credit score. 900+ Depending on who you are asking
Deal Guru
Jun 26, 2011
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jp149 wrote:
Jan 19th, 2014 11:05 pm
Credit utilization of 70% over multiple lines of credit with no late periods will result in highest credit score. 900 Depending on who you are asking
Ummmmm....no.
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Jul 11, 2010
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peelin15 wrote:
Jan 19th, 2014 10:36 pm
i understand that the utilization of credit is a big consideration when we apply a credit.
my question is that are the venders consider total utilization, or the percentage of each single credit line will be as well?
i got 3 credit cards, but i use one only which was 80% more at balance/credit limit showed up last statement. the total utilization for my all credits was 17% though.
Your credit score is based on 5 criteria. 1) Payment history - 35%, 2) debt load - 30%, 3) credit history - 15%, 4) types of credit - 10%, 5) recent activity - 10%

The debt load or credit utilization accounts for 30% . The lower your debt load the higher the score. Your 17% utilization is good. A 70% utilization is a concern to lenders and your overall score is lowered.

The Financial Consumer Agency of Canada has a lot of good information on credit and scores. The site is www.fcac.gc.ca
Doug Boswell
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jp149 wrote:
Jan 19th, 2014 11:05 pm
Credit utilization of 70% over multiple lines of credit with no late periods will result in highest credit score. 900+ Depending on who you are asking
900+?

hummmm....
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jp149 wrote:
Jan 19th, 2014 11:05 pm
Credit utilization of 70% over multiple lines of credit with no late periods will result in highest credit score. 900+ Depending on who you are asking
Like you said, "depending on who you are asking". It would be best if people weren't asking you. :facepalm:
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Lol, ok I've been dealing with these matters for a while now, I even know a few people with more than 900 on their credit score but I guess rfd arm chair critics > me.


Ps I do apologize this was sort of a bait of an answer to see who actually knew about credit scores. Everyone that retorted to "over 9000, impossible" (j/k 900) showed their true colours. Not to many people know you can have a credit score that high because they don't know to to build it, and who is reporting it, hence the "depending on who you ask" And yes my response was a little too succinct, again to see who would show their ignorance.
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jp149 wrote:
Jan 21st, 2014 12:23 am
Lol, ok I've been dealing with these matters for a while now, I even know a few people with more than 900 on their credit score but I guess rfd arm chair critics > me.


Ps I do apologize this was sort of a bait of an answer to see who actually knew about credit scores. Everyone that retorted to "over 9000, impossible" (j/k 900) showed their true colours. Not to many people know you can have a credit score that high because they don't know to to build it, and who is reporting it, hence the "depending on who you ask" And yes my response was a little too succinct, again to see who would show their ignorance.
What are you even talking about? Or are you just trolling the OP for fun?

At least from a Canadian Agency, you've never seen a score over 900.
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May 2, 2007
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This utilization your talking about is the balance carried forward to the next month?

I have a credit limit on one card $1000 (never needed more ever). Say if I charge $700, but paid off most or all of the balance in a couple of days (time to post to account). Does that count as a 70% use?
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RolandCouch wrote:
Jan 21st, 2014 12:38 am
What are you even talking about? Or are you just trolling the OP for fun?

At least from a Canadian Agency, you've never seen a score over 900.
I wasn't trolling the op at least not intentionally,more so other rfd members. Ratings that consumers see and what professionals see are different.
Deal Guru
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jp149 wrote:
Jan 21st, 2014 1:54 pm
I wasn't trolling the op at least not intentionally,more so other rfd members. Ratings that consumers see and what professionals see are different.
I have probably gone through well over 1000 credit reports from Equifax in my days and I have never seen a credit score of 900 or higher, because they do not exist.
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Aug 19, 2013
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Isn't 900 the maximum score anyone can get? So if it is then how exactly would someone obtain a score over 900. Do they give bonus points lol.
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jp149 wrote:
Jan 19th, 2014 11:05 pm
Credit utilization of 70% over multiple lines of credit with no late periods will result in highest credit score. 900+ Depending on who you are asking
jp149 wrote:
Jan 21st, 2014 12:23 am
Lol, ok I've been dealing with these matters for a while now, I even know a few people with more than 900 on their credit score but I guess rfd arm chair critics > me.

Not to many people know you can have a credit score that high because they don't know to to build it, and who is reporting it, hence the "depending on who you ask" And yes my response was a little too succinct, again to see who would show their ignorance.
You've just shown your ignorance. Please stop talking... the BS you've posted all over this thread is more ridiculous than the posts made from the recently banned.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
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Antiquated Vantage score from not long ago pre 2012-2013, went as high as 990 or so; which is not the same score as the equifax or fico score which everyone is alluding to which goes up to 850. On every post I put "which credit agency you ask" and what scoring method they use yet every single one that posted either was not aware of the other scores or chose to ignore what I wrote. I even admitted to trolling member of rfd which presumed to know about credit scores, anyone worth their salt who has enough experience with credit scores should have clued into this. @Mikeymike1 which do you fit into ?

Oh and where everyone is going 70% credit utilization is high there is a reason for that! scores takes into account how much debt can be managed. Someone with $10,000 worth of credit who never used more than $100 will be rated lower than someone who frequently uses the line of credit and pays back on time. Eg $7,000 utilization on $10,000. It shows that they can borrow that much and pay back on a consistent basis. 70% is at the very cusp of building credit which can turn into degrading credit if you go any higher.

@op that one line of credit at 80% I would pay down or spread over other lines of credit/trade.

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