How many credit cards?

[CCsAreEvil]

All the models I've seen, 1-9% util is correct to be the best ratio (if you are excluding all other factors!). I was talking with a guy that deals with this FICO garbage for a living.. he said accounts are considered "overextended" when you reach over 35% of the CL.. so you really dont want to go over 29% if you don't have to.

For me, I've noticed a few interesting things.. my "personal experience" thresholds for FICO score changes:

0% - slightly lower score than optimal 1-9%
1-9% optimal (best score!)
10-29% "ok".. slight less score than 0% util
30-49% even lower score
50-7x% things are starting to get very bad in scoring.. I don't recall if the end was 74% or 79%.. I would think 74%
90%+ I was in this territory before BK.. this is a very bad sign

of course, there are other factors.. but the main factors I've noticed are utilization and credit payment history. of course, there are all the other factors... AAoA, number of credit inquiries (hard pulls), auto loan(s), mortgage loans, etc.

It's NEVER worth paying something late to have that "30 days late" hit on your credit report. I don't know for sure, but if you are in this situation that you cannot pay a bill that would affect your credit, contact the company and work something out.. they are usually willing to help.. in the end, they just want their money (and of course.. "profits").

[justbroke]

If it's just a Website, I would never trust it. I would trust the MyFICO Website by Fair Isaac... patent owners of the FICO score. They are very specific that for high achievers (over 800) everything over even 10% is negative.

How your score varies throughout time can change just because of aging alone. It may not be an affect of your utilization.

[LadyInTheRed]

I don't think so, another website I frequent recommends 30% and that's what worked for me.

What website is that?

[ksgirl38]

ksgirl, as pjmax stated, if your score increased due to increasing to 30% utilization, than it is an anomaly.

I don't think so, another website I frequent recommends 30% and that's what worked for me.

[tobee43]

Lady you are so good!

[LadyInTheRed]

ksgirl, as pjmax stated, if your score increased due to increasing to 30% utilization, than it is an anomaly.

It also could be that the increase was a coincidence and due more to the passage of time since your BK.

[grizindabox]

ksgirl, as pjmax stated, if your score increased due to increasing to 30% utilization, than it is an anomaly.

[ksgirl38]

No, if anything it should have gone backwards. Took out two car loans, had several hard inquiries, nothing that would have increased my score. It was only when I started putting my utilities on my credit card and increasing the balance each month that the score went up.

[Pjmax]

10% did nothing for me, but 30% increased my score.

Most likely something else something else occurred at the same time, for example, maybe something you might not have noticed reached a particular age where it wasn't hurting as much. If absolutely nothing else changed, your score increase at 30% is an anomaly. If you are keeping it at 30% now, get it down below 10% and you should see another increase.

[ksgirl38]

LITR is correct. To maximize credit scores for those times you will be needing it, it is best to have between 1-10% utilization reporting. The sweet spot my differ a little for each person. For the other times, the times where you are not going to be needing a credit score for financing, you should never let it exceed 30%.

10% did nothing for me, but 30% increased my score.

[grizindabox]

LITR is correct. To maximize credit scores for those times you will be needing it, it is best to have between 1-10% utilization reporting. The sweet spot my differ a little for each person. For the other times, the times where you are not going to be needing a credit score for financing, you should never let it exceed 30%.

[ksgirl38]

30% is the max, not the minimum. According to a study by CreditKarma of 700,000 scores, 1%-10% is best. https://www.creditkarma.com/article/...zationAndScore

The Experian article I linked to in my above post, says 30% is the max to have a positive effect on your score.

I have read many articles on utilization. I have never seen one that says your utilization should be at least 30%. Most say the lower the better, as long as you are above 0%.

I disagree. I have.

[LadyInTheRed]

It actually takes closer to 30% to help your score. Try putting your utilities on them and then setting up an autopayment to your credit card. Worked for me.

30% is the max, not the minimum. According to a study by CreditKarma of 700,000 scores, 1%-10% is best. https://www.creditkarma.com/article/...zationAndScore

The Experian article I linked to in my above post, says 30% is the max to have a positive effect on your score.

I have read many articles on utilization. I have never seen one that says your utilization should be at least 30%. Most say the lower the better, as long as you are above 0%.

[justbroke]

I'm misunderstanding something. Utilization hurts your score even as low as 10% for "high FICO achievers" (according to MyFico). As such, people not in the 800s, would not "as much" affects of utilization until breaking 30%. Once you get to 90% you are toast, so to speak... at least by the utilization scoring.

Payment History, time (average age of accounts), and Utilization are three of the most important factors. I have seen people with 780 scores with just one credit card at 0% utilization. They could not go higher because they didn't have another FICO factor... mix of credit (installment, real estate, student).

[ksgirl38]

The only reason I have 3 is to help my score. All of them are under 10%... Thanks

It actually takes closer to 30% to help your score. Try putting your utilities on them and then setting up an autopayment to your credit card. Worked for me.