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How To Calculate Credit Card Utilization
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[QUOTE="Yusra3, post: 322254, member: 31907"] Credit card utilization is the percentage of your total available credit that you are using on purchases. It's important to keep track of this because it helps you stay within your credit limit, which can help you save money on interest charges. In order to calculate your credit card utilization, you need to know how much of your available credit is being used. To do this, take the total available on your account and divide it by the total balance. If you have a $2,000 balance but have only used $1,000 in purchases, then your utilization is 50%. If you want to know how much of your available credit you're using every month, multiply that number by 12 for every billing period. For example, if you have $1,000 available credit and are spending $600 per month (using all of it), then your utilization would be 20%. It's actually pretty easy to figure out exactly how much of your available credit you've spent or charged on your credit card. Here are the steps: 1. Go to the website of your credit card provider and look up your account information, including your account number and expiration date. 2. Find the monthly statement that lists all of your charges for the month. 3. Add up all of the purchases you made using this account over the course of a year that's what you want to look at! [/QUOTE]
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