Utilization

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Utilization, credit limit utilization, is the amount of credit used verses the amount of credit you have overall. For example, if you took all your credit cards and added up their credit limits and it came to $1,000 and you then added up all the balances owed on them and it came up to $300, you would be at 30% utilization. The formula is: (credit balances / credit limits) * 100 = utilization. Note: The 100 is just to remove the decimal so .3 ends up being 30 for 30%. As a rule of thumb, you want to stay at 30% or below. Your credit score will get penalized as you go above that 30% mark and you can lose as many as 100 points on your credit score if you are close to 100% utilization.

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