Regarding my FICO score, the details on my utilization percentage says it makes up approx 30% of the score, and as you can see in the screenshot above, that highlighted as a positive, not a negative.
The score I see in the Chase app is my VantageScore from Experion, a different credit agency. Not sure what their max is but 826 is an excellent score too.
As far as carrying a balance goes on my credit card, we do not. We use it for most purchases and pay it off in full at the end of the month. So while it has a balance month-to-month, and makes up most of our utilization, nothing carries over and we pay no interest but instead get cash back. We have high limits on most cards so that keeps our % utilization low, which really is an advantage.
On our recommendation most of our adult kids do the same re: using the credit card as a debit and paying it off monthly. I know at least 3 have their scores in 800s too. If you have the discipline, having the high limit with a low utilization seems to be advantageous.
Regarding my FICO score, the details on my utilization percentage says it makes up approx 30% of the score, and as you can see in the screenshot above, that highlighted as a positive, not a negative.
The score I see in the Chase app is my VantageScore from Experion, a different credit agency. Not sure what their max is but 826 is an excellent score too.
As far as carrying a balance goes on my credit card, we do not. We use it for most purchases and pay it off in full at the end of the month. So while it has a balance month-to-month, and makes up most of our utilization, nothing carries over and we pay no interest but instead get cash back. We have high limits on most cards so that keeps our % utilization low, which really is an advantage.
On our recommendation most of our adult kids do the same re: using the credit card as a debit and paying it off monthly. I know at least 3 have their scores in 800s too. If you have the discipline, having the high limit with a low utilization seems to be advantageous.