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How To Calculate Credit Card Utilization
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[QUOTE="Umoh1, post: 322850, member: 99571"] Credit card utilization is a measure of how much of your available credit you are currently using. It is calculated as a percentage, by dividing your credit card balance by your credit limit. Here's an example: Let's say you have a credit card with a credit limit of $5,000, and your current balance is $1,500. To calculate your credit card utilization, you would divide your balance by your credit limit: $1,500 (balance) / $5,000 (credit limit) = 0.3 or 30% So in this example, your credit card utilization is 30%. It's important to note that your credit card utilization is a key factor in determining your credit score. Generally, lenders prefer to see a credit card utilization of no more than 30% to 35%. If your credit card utilization is higher than that, it can have a negative impact on your credit score. It's also important to keep in mind that credit card utilization is based on your balance at a specific point in time, usually at the end of the billing cycle. So even if you pay off your balance in full every month, if you have a high balance on the day your credit card issuer reports your balance to the credit bureaus, it could temporarily increase your credit card utilization and potentially impact your credit score. [/QUOTE]
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