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breeze

CC spreadsheet for Open Office

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Great spreadsheet! Thanks!!! This may be a stupid question but what is the Preferred UT 25%???

 

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Great spreadsheet! Thanks!!! This may be a stupid question but what is the Preferred UT 25%???

 

Sent from my SM-G935T using Tapatalk

"Preferred UT 25%" = Preferred Credit Line Utilization of 25%

(example: If your Credit Limit on one of your Credit Cards is 100.00 and you want maintain a balance of no more than 25%

( i.e. You Prefer to keep your Credit "Utilization" at no more than 25%) or less then that is an example of your "Preferred UT %"

 

On the spreadsheet, you can set it to whatever % you want it based on your needs

& how much of a Positive Impact you'd like to

have on your Credit Score in the short-term:

25% UT for some Positive Impact, on your score.

20% UT for a slightly more Positive Impact on your score.

15% UT for a significantly more Positive Impact on your score.

10% UT for a very Positive Impact on your score.

5% UT for a very very Positive Impact on your score.

 

And regardless of your Credit Limit on each of your Credit Cards,

I've heard that you can have the absolute Greatest Impact on your Score over the Short Term

by getting your Statement Balance down to $3.00 if its a Discover Credit Card

and $2.00 on all other major Credit Cards (Visa, MasterCard, American Express)

Based on the number in your preferred UT, the spread sheet will calculate the exact payment you need to make

so that your "Preferred UT XX%" is maintained on each of your credit cards/ credit lines.

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Great spreadsheet! Thanks!!! This may be a stupid question but what is the Preferred UT 25%???

 

Sent from my SM-G935T using Tapatalk

"Preferred UT 25%" = Preferred Credit Line Utilization of 25%

(example: If your Credit Limit on one of your Credit Cards is 100.00 and you want maintain a balance of no more than 25%

( i.e. You Prefer to keep your Credit "Utilization" at no more than 25%) or less then that is an example of your "Preferred UT %"

 

On the spreadsheet, you can set it to whatever % you want it based on your needs

& how much of a Positive Impact you'd like to

have on your Credit Score in the short-term:

25% UT for some Positive Impact, on your score.

20% UT for a slightly more Positive Impact on your score.

15% UT for a significantly more Positive Impact on your score.

10% UT for a very Positive Impact on your score.

5% UT for a very very Positive Impact on your score.

 

And regardless of your Credit Limit on each of your Credit Cards,

I've heard that you can have the absolute Greatest Impact on your Score over the Short Term

by getting your Statement Balance down to $3.00 if its a Discover Credit Card

and $2.00 on all other major Credit Cards (Visa, MasterCard, American Express)

Based on the number in your preferred UT, the spread sheet will calculate the exact payment you need to make

so that your "Preferred UT XX%" is maintained on each of your credit cards/ credit lines.

Thank you so much. So $2 is better than 0% utilization?

 

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Thank you so much. So $2 is better than 0% utilization?

 

Sent from my SM-G935T using Tapatalk

 

 

 

Yes - -but only in a specific scenario. Take a clean report with a zero dollar balance on ALL accounts, and check the FICO's. Now let *ONE* account report a very small balance, and you'll see a FICO increase of a few points. Some accounts won't report a balance of a dollar or less, so $2 is generally considered the lowest balance that will reliably report.

 

Consider this an advanced technique for getting the absolute maximum FICO score from a clean report (and keep in mind we're only talking a few points). If you have multiple accounts reporting a balance, this will do nothing for you.

 

ETA - On the "Preferred UT %" column - If your objective is to maximize your FICO scores, only let one account report less than 5% utilization (but more than $2). But if you're going to carry more than that minimum balance on one or more accounts, the "Preferred UT %" column calculates the maximum balance for each account, at a user-defined utilization level. The key thing here is that you are defining what that utilization level is - "Preferred" means your personal preference - not FICO's.

 

e.g. Say you want to make use of a Balance Transfer offer, but you want to stay below 25% utilization, because single-account utilization of 25% or more is a significant FICO trigger. Set the "Preferred UT %" to 25, and the column will display what your maximum balance would be.

Edited by JeffeVerde

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On 9/3/2008 at 10:47 AM, Promethyl said:

This is only useful if you carry a balance on your credit cards. :angry:

I can sing my balances a song:

Na na na na

Na na na na

Hey hey hey

Good-bye

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On 8/24/2008 at 5:11 PM, breeze said:

fixed up to work with OO courtesy of taylortr.

CCCS2008.ods

That leads to a breeze question :D

 

 

Sorry, there is a problem

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Error code: 2C171/1

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Pam question. :lol: It may not have finished finding stuff, or it may have lost it. I dunno.

The XL file will usually open in OO, if the XL file is available.

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