In this Ficos Fundamentals Class for EYL University, Shonda Martin, a credit educator, and expert, dives deep into one of the most crucial aspects of your credit profile: credit utilization. Understanding and managing your credit utilization can significantly boost your credit score and open doors to better financial opportunities.
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We cover:
What credit utilization is and why it matters
How to calculate your credit utilization ratio
Tips for maintaining an ideal utilization rate
Common pitfalls that can hurt your credit score
The impact of loan balances and charge-offs
00:00 Introduction
00:12 What is Credit Utilization?
00:35 Factors Affecting Credit Utilization
01:00 Number of Accounts with Balances
01:34 Impact of Charge-Offs
02:17 Proportion of Loan Balances to Original Loan Amount
03:14 Student Loans and Deferments
04:03 Checking Your Student Loan Reporting
05:14 Ideal Credit Utilization
06:07 How to Calculate Your Utilization
06:44 Why 1-3% Utilization is Best
07:45 Preparing for Credit Applications
08:14 Planning Ahead for Applications
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