Best Credit Utilization Ratio: How to Optimize Your Credit Score

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window.allScripts.push({ type: "load", script: "%3Cscript%20src%3D%22https%3A%2F%2Fwww.googletagmanager.com%2Fgtm.js%3Fid%3DGTM-MP6F46L%22%20data-consent%3D%22ANALYTICS%22%20data-track-load%3D%22gtm%22%3E%3C%2Fscript%3E" });</script> <script type="application/ld+json"> {"@context":"http://schema.org","@type":"Article","mainEntityOfPage":{"@type":"WebPage","@id":"https://www.businessinsider.com/personal-finance/credit-score/credit-utilization-ratio"},"editor":{"@type":"Person","name":"Libby Kane, CFEI"},"author":{"@type":"Person","name":"Jennifer Streaks","sameAs":"https://www.businessinsider.com/author/jennifer-streaks"},"publisher":{"@context":"http://schema.org","@type":"Organization","name":"Business Insider","legalName":"Insider Inc.","foundingDate":"2007","url":"www.businessinsider.com","sameAs":["https://www.instagram.com/businessinsider","https://www.twitter.com/businessinsider","https://www.facebook.com/businessinsider","https://www.linkedin.com/company/businessinsider","https://www.youtube.com/@BusinessInsider"],"founder":{"@type":"Person","name":"Henry Blodget"},"logo":{"@type":"ImageObject","url":"https://www.businessinsider.com/public/assets/logos/structured-data.png"}},"headline":"Best Credit Utilization Ratio: How to Optimize Your Credit Score","alternativeHeadline":"Best credit utilization ratio: How to optimize your credit score","image":{"@type":"ImageObject","url":"https://i.insider.com/625883016e3336001926b9da?width=1200&format=jpeg","width":1200,"height":900},"name":"Best credit utilization ratio: How to optimize your credit score","datePublished":"2024-07-18T15:15:51Z","dateModified":"2024-07-18T15:15:51Z","description":"Discover the best credit utilization ratio for optimizing your credit score and learn effective strategies to manage your credit.","keywords":"","articleBody":"Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit score services to help you make smart decisions with your money.Credit bureaus consider a variety of information in your credit report to calculate your credit score. One major scoring factor is your credit utilization ratio.Having a lot of debt can lead to a high utilization ratio, which may hurt your scores. But your utilization ratio is also one of the few important scoring factors that you may be able to quickly change to improve your credit score. Your credit utilization ratio is the amount of credit you're using divided by the credit limit on your revolving credit accounts, usually your credit cards. Credit scoring algorithms consider utilization ratios an important factor because high utilization has been shown to correlate with an increased risk that someone will miss a payment in the future. That may not be surprising. After all, someone who maxed out their credit cards might be struggling financially or prone to overspending. As a result, they might not be able to afford all their monthly payments or handle a new loan or line of credit. Credit utilization ratio can often have a major impact on credit scores, but the exact effect will depend on the type of credit score — there are many different scoring models — and your overall credit file. \"Each model has its way of calculating your credit score, including more or less focus on your credit utilization,\" says Jay Zigmont, Ph.D., a CFP® professional and founder of Childfree Wealth, an investment advisory firm. Still, utilization is often a major scoring factor.Your credit utilization ratio is part of the \"amounts owed\" category, which determines about 30% of your FICO score, the most widely used credit scoring model among creditors. VantageScore 3.0, the second most popular scoring model, incorporates your credit score into 20% of its calculation. Credit scoring models consider the utilization ratio of each individual credit account as well as your overall utilization ratio (the sum of your revolving accounts' balances compared to their total credit limits). As a result, even if you have a low overall utilization ratio, maxing out one of your credit cards might hurt your credit score. One silver lining is that many credit scoring models only consider your current utilization ratio. \"Most of your credit [score] is based upon things that take time, like your average length of credit and how many months you have paid on time,\" says Zigmont. But if your utilization drops from one month to the next, that could have an immediate impact on your scores.While many creditors still use older models to evaluate applicants, that's changing with newer models. FICO 10T and VantageScore 4.0, new credit scoring algorithms from FICO and VantageScore, use trended data, which consider your credit utilization ratios over the past 24 months. If they detect an overall trend of increasing credit utilization ratios, that will hurt your credit score.A high utilization ratio will have a negative impact on your credit scores, but having no utilization ratio may be worse. Lack of utilization could make it seem like you're not using your credit accounts. There's a Goldilocks Zone where you should keep your ratio to maximize your credit score. As a rule of thumb, some experts suggest trying to keep your overall utilization rate below 30%. However, people with the highest credit scores tend to have a utilization ratio in the single digits. Maintaining a low utilization ratio can be difficult if you have a large balance that you're working to pay off, your card has a low limit, or you regularly use your cards to earn rewards. However, once you understand how utilization gets calculated, you may be able to time your payments to lower your utilization ratio.You can calculate your credit utilization ratio by dividing a revolving account's balance by its credit limit. \"Only your revolving credit is used in utilization calculations,\" Zigmont says. \"Credit cards are a common form of revolving credit.\" However, other revolving credit lines, such as a personal line of credit or home equity line of credit, could also impact your credit utilization ratio. To do the calculation, check your credit report to find an account's balance and limit. Say you have two revolving credit accounts on your credit report. Account A has a $4,000 limit, of which you're using $500. You have a $6,000 limit on Account B, and you're using $2,000. Your credit ratios are 12.5% for Account A, 33.3% for Account B, and 25% overall. This spread won't necessarily hurt your credit score, but spend any more, and you'll start seeing a negative effect. You'll want to bring down your balance on Account B.If you have multiple credit cards or other revolving accounts, you can check each of the accounts' utilization ratios and combine the totals to find your overall utilization ratio. Some credit monitoring tools, such as Credit Karma and Experian's credit monitoring service — both free services listed on our guide for the best credit monitoring services — will also automatically calculate and show your utilization for each credit card and your overall utilization ratio. Build credit while building savings, starting at $25 a month.15.51% to 15.92%$25 to $150 monthlyN/A$600 to $3,600Self's credit builder loan is one of the few credit-builder loans available in all 50 states. Self offers four payment plans between $25 and $150 per month, all of which take 24 months to complete. Self doesn't perform a hard credit inquiry, and it reports to all three credit bureaus, but that's the bare minimum for a loan designed to build credit.To improve your credit utilization ratio, you can request a credit limit increase from your creditor every six months or so. If your request is approved and you're granted a higher limit, you'll be able to spend more freely without upsetting your credit utilization ratio. Opening an account can also increase your available credit, which can help lower your overall utilization ratio.However, opening a new credit account and sometimes even requesting a credit limit increase can lead to a hard inquiry on your credit reports, lowering your credit score. Opening a new credit account will also lower the average age of your accounts, further hurting your credit score. Both of these are temporary effects, overshadowed by potential future growth assuming you manage these accounts responsibly.On the other hand, \"closing an account can negatively impact your utilization as your total credit limits will go down,\" says Zigmont. As long as you're not paying annual fees, there's very little reason to cancel your credit cards. However, you don't have to do anything as drastic as opening a new credit card to lower your credit utilization ratio. As long as you keep your balances low, you should be fine. It's important to remember that the balances and credit limits come from one of your credit reports. These won't necessarily be the same as your current account balance or limit.Creditors will often report your account details, including the current balance and limit, to the credit bureaus around the end of each statement period. With credit cards, that's often about three weeks before your bill is due. As a result, you could have a high utilization ratio even if you pay your bill in full each month. If you're trying to improve your credit score while frequently using your cards, perhaps to earn credit card rewards, try to pay down the balance before the end of your statement period. You could even make several payments each month. Doing so can lower the balance that's reported and the resulting utilization ratio.A 10% ratio is better than a 30% credit utilization ratio. A 30% credit utilization ratio isn't bad, but people with the highest credit scores tend to have a 10% ratio or lower.Yes, your credit utilization ratio matters. It is the second most important factor in credit score calculations after payment history, followed by length of credit history.You should check your credit utilization at least monthly to ensure a positive impact on your credit. Yes, a high credit utilization ratio can hurt your credit score. This is because using too much of your available credit signals to creditors you might have trouble paying your bills or be overspending.","articleSection":"Personal Finance, Credit, Credit Score","isAccessibleForFree":true,"hasPart":[{"@type":"WebPageElement","isAccessibleForFree":true,"cssSelector":".content-lock-content"}]} </script> <script type="application/ld+json"> {"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Is 10% or 30% credit utilization better?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">A 10% ratio is better than a 30% credit utilization ratio. A 30% credit utilization ratio isn't bad, but people with the highest credit scores tend to have a 10% ratio or lower.</p>"}},{"@type":"Question","name":"Does my credit utilization ratio matter?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Yes, your credit utilization ratio matters. It is the second most important factor in credit score calculations after payment history, followed by length of credit history.</p>"}},{"@type":"Question","name":"How often should I check my credit utilization ratio?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">You should check your credit utilization at least monthly to ensure a positive impact on your credit. </p>"}},{"@type":"Question","name":"Can a high credit utilization ratio hurt my credit score?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\" data-pm-slice=\"1 1 ["table",{},"table_row",{},"table_cell",{"colspan":1,"rowspan":1,"colwidth":[120]}]\">Yes, a high credit utilization ratio can hurt your credit score. 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data-track-click="{"product_field":"Credit Score","element_name":"breadcrumbs","event":"navigation"}" > Credit Score </a> </span> </div> <h1 class="post-headline ">Best credit utilization ratio: How to optimize your credit score</h1> </section> <section class="byline-wrapper byline-wrapper-helpfulness "> <div class="byline " data-e2e-name="byline" > <div class="byline-content" data-e2e-name="byline-content" > <div class="byline-row"> <div class="byline-author-container"> <div class="byline-author headline-regular"> <span class="headline-regular">Written by</span> <span class="" data-e2e-name="Jennifer Streaks" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/jennifer-streaks" >Jennifer Streaks</a><span class="headline-regular">;</span></span> <span class="headline-regular">edited by</span> <a class="byline-link byline-author-name" href="https://www.businessinsider.com/author/libby-kane" >Libby Kane</a> </div> 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srcset="https://i.insider.com/6258831e6e3336001926b9ea?width=400&format=jpeg&auto=webp 400w, https://i.insider.com/6258831e6e3336001926b9ea?width=500&format=jpeg&auto=webp 500w, https://i.insider.com/6258831e6e3336001926b9ea?width=700&format=jpeg&auto=webp 700w, https://i.insider.com/6258831e6e3336001926b9ea?width=1000&format=jpeg&auto=webp 1000w" sizes="(min-width: 1280px) 900px" alt="A woman buys groceries using a credit card." decoding="async" /> </div> <span class="image-source-caption with-caption-drawer"> <input class="caption-drawer-input" type="checkbox" id="caption-drawer-checkbox"> <label class="caption-drawer-label" for="caption-drawer-btn"> <svg class="svg-icon arrow-up-icon caption-drawer-icon" xmlns="http://www.w3.org/2000/svg" width="12" height="8" viewBox="0 0 12 8" > <title>Angle down icon</title> <desc>An icon in the shape of an angle pointing down.</desc> <path d="M11.3281 0.792709C11.1874 0.796035 11.0537 0.854817 10.9562 0.95625L5.99996 5.9125L1.04371 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data-e2e-name="image-source" itemprop="creditText" > Dean Drobot/Shutterstock </span> </span> </figcaption> </span> </figure> <div class="typography sticky-toc-post-wrapper"> <nav class="sticky-toc js-sticky-toc-dropdown hide-menu headline-semibold helpfulness-mobile-toc" data-component-type="sticky-toc" > <div class="sticky-toc-title-wrapper helpfulness-mobile-toc" > <div class="helpfulness-mobile-toc-title"> <span class="helpfulness-mobile-toc-jump-to">JUMP TO</span> <span class="headline-regular helpfulness-mobile-toc-section">Section</span> </div> <div class="sticky-toc-dropdown-button js-sticky-toc-dropdown-button"> <span class="sticky-toc-arrow"><svg class="svg-icon chevron-icon " data-chevron-icon role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon" > <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" 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However, our opinions are our own. See <a href="https://www.businessinsider.com/personal-finance/credit-score/methodology" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">how we rate credit score services</a> to help you make smart decisions with your money.</p><p></p> <div class="table-of-contents table-of-contents-sticky" data-analytics-module="jump-to" data-type="custom"></div><ul class="summary-list"> <li>Your credit utilization ratio is the percentage of your credit limits that you're using.</li> <li>Your credit utilization ratio is part of the "amounts owed" category, which determines about 30% of your FICO Score.</li> <li>Maintaining a lower utilization ratio is best for your credit scores.</li> </ul><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-yourmoney-desktop_in_post_ad-desktop-fluid-1" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/pfi-post/in-content-1/banking-pfi" data-secvert="pfi-credit,pfi-credit-score" data-tag="credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code" data-authors="jennifer-streaks" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[300,250],[600,480],"fluid"]}]" data-tile-order="tile-1" data-url="/personal-finance/credit-score/credit-utilization-ratio" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/pfi-post/in-content-1/banking-pfi","region":"Desktop In Post Ad","tag":"credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code","template":"default","dvp_spos":"in-content-1","rawvert":""}" data-amazontamsizes="[[300,250]]" data-not-lazy="" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><div class="inline-newsletter-signup headline-regular loading insider-today" id="formContainer" data-component-type="inline-newsletter-module" data-event-label="insider_today" data-newsletter-id="1" data-newsletter-title="Insider Today" data-acq-source="personalfinanceverticalinline" data-track-view="{"product_field":"bi_value_unassigned","element_name":"inline_newsletter"}"> <section class="inline-newsletter-content"> <div class="inline-newsletter-insider-today-header"> <div> <div class="inline-newsletter-logo-tag"> <div class="inline-newsletter-logo"> <div class="lazy-holder lazy-holder has-transparency" style="padding-top: calc(100% * 16 / 195)"> <img class="lazy-image has-transparency" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="/public/assets/BI/US/logos/newsletters/insider-today-logo.png" alt="Insider Today"> <noscript> <img src="/public/assets/BI/US/logos/newsletters/insider-today-logo.png" /> </noscript> </div> </div> </div> <div class="newsletter-signup-header" id="signUpHeader"> Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. <a href="https://l.businessinsider.com/e/evib?_t=c8e10479a20f45bba5aad6c5f6fbb009&_m=bee0b92dd7f64311b232730abc2d57af&_e=U5JhMPKexkqXQC0IbC5jAv93qEg9l9wpQfDa9HFV0yVMQv3svoC1aboxnptAyVwou2R68cPyvF-aWiSH-hyRWg%3D%3D" target="_blank" class="inline-newsletter-preview-link headline-semibold" rel="">Read preview</a> </div> </div> <div class="inline-newsletter-img-wrapper-mobile"> <div class="lazy-holder lazy-holder has-transparency" style="padding-top: calc(100% * 124 / 111)"> <img class="lazy-image has-transparency" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="/public/assets/rebrand/newsletter-bull.png" alt="Bull"> <noscript> <img src="/public/assets/rebrand/newsletter-bull.png" /> </noscript> </div> </div> </div> <div class="js-loader hidden"><svg class="svg-icon " version="1.1" xmlns="http://www.w3.org/2000/svg" role="img" width="50" height="50" viewBox="0 0 50 50" style="enable-background:new 0 0 50 50;" xml:space="preserve"> <path fill="#0a0a0a" d="M43.935,25.145c0-10.318-8.364-18.683-18.683-18.683c-10.318,0-18.683,8.365-18.683,18.683h4.068c0-8.071,6.543-14.615,14.615-14.615c8.072,0,14.615,6.543,14.615,14.615H43.935z"> <animateTransform attributeType="xml" attributeName="transform" type="rotate" from="0 25 25" to="360 25 25" dur="0.6s" repeatCount="indefinite"></animateTransform> </path> </svg></div> <div class="error-request-message headline-regular hidden"></div> <div class="success-container__desktop"> <div class="success-image-container hidden"></div> <div class="success-message-container"> <div class="success-message headline-semibold hidden"> Thanks for signing up! <a class="npc-anchor not-content-link headline-semibold" href="https://www.businessinsider.com/subscription/newsletter" rel="">Go to newsletter preferences</a> </div> <div class="success-sub-message headline-semibold hidden"></div> </div> </div> <div class="success-container__mobile d-none"> <div class="success-message headline-semibold">Thanks for signing up!</div> <div class="success-image-container"></div> <div class="success-sub-message headline-regular"> Access your favorite topics in a personalized feed while you're on the go. <button class="rounded-button headline-semibold white-button download" type="white"> download the app </button> </div> </div> <div id="account-creation-component" data-element-name="inline_newsletter" data-load-markup="inline-newsletter-module/account-creation/template"> </div> <form id="emailCapture" action="javascript:void(0);" method="POST" novalidate=""> <div class="flex-parent"> <div class="user-input-container"> <label id="focusedLabel" class="headline-regular" for="newsletter-module-email">Email address</label> <input class="headline-regular" type="email" autocapitalize="off" name="newsletter-module-email" id="newsletter-module-input" placeholder="Enter your email" autocomplete="email" required="required"> </div> <div class="mobile-error-msg error-msg headline-regular"></div> <div class="submit-container headline-semibold"> <button class="rounded-button headline-semibold dark-button inline-newsletter-submit" type="dark"> Sign up </button> </div> </div> <div class="desktop-error-msg error-msg headline-regular"></div> <div class="sign-up-tos headline-regular" id="nlTos"> By clicking “Sign Up”, you accept our <a class="tos-anchor" href="https://www.insider-inc.com/terms" target="_blank" rel="">Terms of Service</a> and <a class="tos-anchor" href="https://www.insider-inc.com/privacy-policy" target="_blank" rel="">Privacy Policy</a>. You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. </div> </form> </section> <div class="inline-newsletter-img-wrapper-desktop"> <div class="lazy-holder lazy-holder has-transparency" style="padding-top: calc(100% * 124 / 111)"> <img class="lazy-image has-transparency" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="/public/assets/rebrand/newsletter-bull.png" alt="Bull"> <noscript> <img src="/public/assets/rebrand/newsletter-bull.png" /> </noscript> </div> </div> <style> .inline-newsletter-signup.loading { width: 100%; max-width: 640px; margin: 0 auto; visibility: hidden; } </style> </div><p>Credit bureaus consider a variety of information in your credit report to <a href="https://www.businessinsider.com/personal-finance/how-is-credit-score-calculated" data-analytics-product-module="body_link" rel="">calculate your credit score</a>. One major scoring factor is your credit utilization ratio.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-yourmoney-desktop_in_post_ad-desktop-fluid-2" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/pfi-post/in-content-2/banking-pfi" data-secvert="pfi-credit,pfi-credit-score" data-tag="credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code" data-authors="jennifer-streaks" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[300,250],[600,480],"fluid"]}]" data-tile-order="tile-2" data-url="/personal-finance/credit-score/credit-utilization-ratio" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/pfi-post/in-content-2/banking-pfi","region":"Desktop In Post Ad","tag":"credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code","template":"default","dvp_spos":"in-content-2","rawvert":""}" data-amazontamsizes="[[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>Having a lot of debt can lead to a high utilization ratio, which may hurt your scores. But your utilization ratio is also one of the few important scoring factors that you may be able to quickly change to <a href="https://www.businessinsider.com/personal-finance/how-to-improve-credit-score" data-analytics-product-module="body_link" rel="">improve your credit score</a>. </p><h2 data-toc-label="What is credit utilization ratio?" id="what-is-credit-utilization-ratio?" class="toc-anchor"><strong>Understanding Credit Utilization</strong></h2><p>Your credit utilization ratio is the amount of credit you're using divided by the credit limit on your revolving credit accounts, usually your credit cards. Credit scoring algorithms consider utilization ratios an important factor because high utilization has been shown to correlate with an increased risk that someone will miss a payment in the future. </p><p>That may not be surprising. After all, someone who maxed out their credit cards might be struggling financially or prone to overspending. As a result, they might not be able to afford all their monthly payments or handle a new loan or <a href="https://www.businessinsider.com/personal-finance/what-is-line-of-credit" data-analytics-product-module="body_link" rel="">line of credit</a>. </p><iframe data-load-strategy="lazy" data-src="https://products.gobankingrates.com/pub/4a1ed106-7289-11ed-9a44-0a919b37cd73" scrolling="no" frameborder="0" width="100%" height="139px" style="max-width:595px;max-height:150px;"></iframe><h2 data-toc-label="How does credit utilization ratio affect credit scores? " id="how-does-credit-utilization-ratio-affect-credit-scores?-" class="toc-anchor"><strong>Importance of credit utilization ratio</strong></h2><p>Credit utilization ratio can often have a major impact on credit scores, but the exact effect will depend on the type of credit score — there are many different scoring models — and your overall credit file. </p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-yourmoney-desktop_in_post_ad-desktop-fluid-3" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/pfi-post/in-content-3/banking-pfi" data-secvert="pfi-credit,pfi-credit-score" data-tag="credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code" data-authors="jennifer-streaks" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[300,250],[600,480],"fluid"]}]" data-tile-order="tile-3" data-url="/personal-finance/credit-score/credit-utilization-ratio" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/pfi-post/in-content-3/banking-pfi","region":"Desktop In Post Ad","tag":"credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code","template":"default","dvp_spos":"in-content-3","rawvert":""}" data-amazontamsizes="[[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>"Each model has its way of calculating your credit score, including more or less focus on your credit utilization," says Jay Zigmont, Ph.D., a CFP® professional and founder of Childfree Wealth, an investment advisory firm. Still, utilization is often a major scoring factor.</p><p>Your credit utilization ratio is part of the "amounts owed" category, which determines about 30% of your <a href="https://www.businessinsider.com/personal-finance/what-is-fico-score" data-analytics-product-module="body_link" rel="">FICO score</a>, the most widely used credit scoring model among creditors. <a href="https://www.businessinsider.com/personal-finance/what-is-vantagescore" data-analytics-product-module="body_link" rel="">VantageScore</a> 3.0, the second most popular scoring model, incorporates your credit score into 20% of its calculation. </p><h3>Impact of credit utilization on your credit scores</h3><p>Credit scoring models consider the utilization ratio of each individual credit account as well as your overall utilization ratio (the sum of your revolving accounts' balances compared to their total <a href="https://www.businessinsider.com/personal-finance/credit-card-limit-reduced-no-account-activity" data-analytics-product-module="body_link" rel="">credit limits</a>). As a result, even if you have a low overall utilization ratio, maxing out one of your credit cards might hurt your credit score. </p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-yourmoney-desktop_in_post_ad-desktop-fluid-4" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/pfi-post/in-content-4-plus/banking-pfi" data-secvert="pfi-credit,pfi-credit-score" data-tag="credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code" data-authors="jennifer-streaks" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[300,250],[600,480],"fluid"]}]" data-tile-order="tile-4" data-url="/personal-finance/credit-score/credit-utilization-ratio" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/pfi-post/in-content-4-plus/banking-pfi","region":"Desktop In Post Ad","tag":"credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>One silver lining is that many credit scoring models only consider your current utilization ratio. "Most of your credit [score] is based upon things that take time, like your average length of credit and how many months you have paid on time," says Zigmont. But if your utilization drops from one month to the next, that could have an immediate impact on your scores.</p><p>While many creditors still use older models to evaluate applicants, that's changing with newer models. FICO 10T and VantageScore 4.0, new credit scoring algorithms from <a href="https://www.businessinsider.com/personal-finance/vantagescore-versus-fico-score" data-analytics-product-module="body_link" rel="">FICO and VantageScore</a>, use trended data, which consider your credit utilization ratios over the past 24 months. If they detect an overall trend of increasing credit utilization ratios, that will hurt your credit score.</p><aside class="breakout-box headline-regular ignore-typography"><h2 data-toc-label="What is a good credit utilization ratio? " id="what-is-a-good-credit-utilization-ratio?-" class="toc-anchor"><strong>What is the best credit utilization ratio?</strong></h2><p>A high utilization ratio will have a negative impact on your credit scores, but having no utilization ratio may be worse. Lack of utilization could make it seem like you're not using your credit accounts. There's a Goldilocks Zone where you should keep your ratio to maximize your credit score. </p><p>As a rule of thumb, some experts suggest trying to keep your overall utilization rate below 30%. However, people with the highest credit scores tend to have a utilization ratio in the single digits. </p><p>Maintaining a low utilization ratio can be difficult if you have a large balance that you're working to pay off, your card has a low limit, or you regularly use your cards to earn rewards. However, once you understand how utilization gets calculated, you may be able to time your payments to lower your utilization ratio.</p></aside><h2 data-toc-label="How to calculate credit utilization ratio" id="how-to-calculate-credit-utilization-ratio" class="toc-anchor"><strong>How to calculate your credit utilization ratio</strong></h2><p>You can calculate your credit utilization ratio by dividing a revolving account's balance by its credit limit. </p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-yourmoney-desktop_in_post_ad-desktop-fluid-5" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/pfi-post/in-content-4-plus/banking-pfi" data-secvert="pfi-credit,pfi-credit-score" data-tag="credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code" data-authors="jennifer-streaks" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[300,250],[600,480],"fluid"]}]" data-tile-order="tile-5" data-url="/personal-finance/credit-score/credit-utilization-ratio" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/pfi-post/in-content-4-plus/banking-pfi","region":"Desktop In Post Ad","tag":"credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>"Only your revolving credit is used in utilization calculations," Zigmont says. "Credit cards are a common form of revolving credit." However, other revolving credit lines, such as a personal line of credit or home equity line of credit, could also impact your credit utilization ratio. </p><h3>A step-by-step guide to calculating your credit utilization ratio</h3><p>To do the calculation, <a href="https://www.businessinsider.com/personal-finance/how-to-get-free-credit-report" data-analytics-product-module="body_link" rel="">check your credit report</a> to find an account's balance and limit. Say you have two revolving credit accounts on your credit report. Account A has a $4,000 limit, of which you're using $500. You have a $6,000 limit on Account B, and you're using $2,000. Your credit ratios are 12.5% for Account A, 33.3% for Account B, and 25% overall. This spread won't necessarily hurt your credit score, but spend any more, and you'll start seeing a negative effect. You'll want to bring down your balance on Account B.</p><p>If you have multiple <a href="https://www.businessinsider.com/personal-finance/best-credit-cards" data-analytics-product-module="body_link" rel="">credit cards</a> or other revolving accounts, you can check each of the accounts' utilization ratios and combine the totals to find your overall utilization ratio. </p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-yourmoney-desktop_in_post_ad-desktop-fluid-6" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/pfi-post/in-content-4-plus/banking-pfi" data-secvert="pfi-credit,pfi-credit-score" data-tag="credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code" data-authors="jennifer-streaks" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[300,250],[600,480],"fluid"]}]" data-tile-order="tile-6" data-url="/personal-finance/credit-score/credit-utilization-ratio" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/pfi-post/in-content-4-plus/banking-pfi","region":"Desktop In Post Ad","tag":"credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>Some credit monitoring tools, such as Credit Karma and Experian's credit monitoring service —  both free services listed on our guide for the <a href="https://www.businessinsider.com/personal-finance/best-credit-monitoring-services" data-analytics-product-module="body_link" rel="">best credit monitoring services</a> — will also automatically calculate and show your utilization for each credit card and your overall utilization ratio. </p> <div id="self-credit-builder-account" class="financial-product-card ignore-typography" data-component-type="financial-product-card"> <div class="product-label-container"> <div class="product-label__container"> <span class="product-label headline-regular "> Featured Offer </span> </div> </div> <div class="financial-product-card__grid-container"> <div class="financial-product-card__product-title headline-semibold ">Self Credit Builder Account</div> <div class="financial-product-card__cta-container"> <a target="_blank" href="https://offers.moneylion.com/channelTrackingOfferRedirect/b03fc797-0629-40ed-9a8b-50bde18d0c38/8b54bdaf-d0e2-4be3-b003-73ea1d97be7d?feature=FEATURED_6335a6041262460018d12976" rel="nofollow sponsored noindex" data-analytics-product-id="6335a6041262460018d12976" data-analytics-product-brand="Self" data-analytics-product-name="Self Credit Builder Account" data-analytics-product-index="1" data-analytics-product-module="financial_product_card" data-analytics-product-area="button" class="financial-product-card__accent-button not-content-link headline-semibold"> Learn more </a> <div class="financial-product-card__terms-container"> <span class="financial-product-card__issuer headline-regular">On Self's website</span> <div class="financial-product-card__footer headline-regular"> </div> </div> </div> <div> <div class="financial-product-card__card-image"> <a target="_blank" href="https://offers.moneylion.com/channelTrackingOfferRedirect/b03fc797-0629-40ed-9a8b-50bde18d0c38/8b54bdaf-d0e2-4be3-b003-73ea1d97be7d?feature=FEATURED_6335a6041262460018d12976" rel="nofollow sponsored noindex" data-analytics-product-id="6335a6041262460018d12976" data-analytics-product-brand="Self" data-analytics-product-name="Self Credit Builder Account" data-analytics-product-index="1" data-analytics-product-module="financial_product_card" data-analytics-product-area="image"> <div class="lazy-holder lazy-holder financial-product-card__card-image__bg" style="padding-top: calc(100% * 181 / 289)"> <img class="lazy-image financial-product-card__card-image__bg" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/6335a24225c9a90018a60dd0?width=400" alt="Self Self Credit Builder Account"> <noscript> <img src="https://i.insider.com/6335a24225c9a90018a60dd0?width=400" /> </noscript> </div> </a> </div> </div> <div class="financial-product-card__perks-banner"> <div class="financial-product-card__perks-banner__perks-icon"> <svg xmlns="http://www.w3.org/2000/svg" width="24" height="29" fill="none"> <title>Icon of check mark inside a promo stamp</title> <desc>It indicates a confirmed selection.</desc> <path fill-rule="evenodd" clip-rule="evenodd" d="M15.12 6.755 12 3.885l-3.12 2.87-4.296-.578-.75 4.065L0 12.177l1.906 3.708L0 19.593l3.834 1.934.75 4.066 4.297-.578L12 27.885l3.12-2.87 4.296.578.75-4.066L24 19.593l-1.906-3.708L24 12.177l-3.834-1.935-.75-4.065-4.297.578Zm1.408 4.13 1.334 1.366-8.144 7.78-4.027-3.81 1.342-1.366 2.685 2.59 6.81-6.56Z" fill="#002aff"></path> </svg> </div> <div> <strong class="financial-product-card__perks-banner__title headline-semibold"> Perks </strong> <p class="financial-product-card__perks-banner__text headline-regular">Build credit while building savings, starting at $25 a month.</p> </div> </div> <div class="financial-product-card__specs"> <div> <div> <strong class="financial-product-card__specs__title headline-semibold"> Regular Annual Percentage Rate (APR) </strong> </div> <p class="financial-product-card__specs__text headline-regular">15.51% to 15.92%</p> </div> <div> <div> <strong class="financial-product-card__specs__title headline-semibold"> Fees </strong> </div> <p class="financial-product-card__specs__text headline-regular">$25 to $150 monthly</p> </div> <div> <div> <strong class="financial-product-card__specs__title headline-semibold"> Recommended Credit </strong> </div> <p class="financial-product-card__specs__text headline-regular">N/A</p> </div> <div> <div> <strong class="financial-product-card__specs__title headline-semibold"> Loan Amount Range </strong> <div class="component rich-tooltip financial-product-card-rich-tooltip" role="tooltip" data-tooltip-position="middle"> <svg xmlns="http://www.w3.org/2000/svg" width="16" height="17" fill="none"> <title></title> <desc>Info icon</desc> <path d="M8 2.218c-3.673 0-6.666 2.992-6.666 6.666 0 3.674 2.993 6.667 6.667 6.667s6.666-2.993 6.666-6.667-2.992-6.666-6.666-6.666ZM8 3.55a5.323 5.323 0 0 1 5.334 5.333 5.323 5.323 0 0 1-5.333 5.334 5.323 5.323 0 0 1-5.334-5.334 5.323 5.323 0 0 1 5.334-5.333Zm-.166 2a.5.5 0 0 0-.5.5v.333a.5.5 0 0 0 .5.5h.333a.5.5 0 0 0 .5-.5v-.333a.5.5 0 0 0-.5-.5h-.333Zm0 2.667a.5.5 0 0 0-.5.5v3a.5.5 0 0 0 .5.5h.333a.5.5 0 0 0 .5-.5v-3a.5.5 0 0 0-.5-.5h-.333Z" fill="#76767a"></path> </svg> <div class="rich-tooltip-wrapper headline-regular"> <div class="rich-tooltip-message headline-regular">Sample loans: $25/mo, 24 mos, 15.92% APR; $35/mo, 24 mos, 15.69% APR; $48/mo, 24 mos, 15.51% APR; $150/mo, 24 mos, 15.82% APR. See self.inc/pricing. 3 Results are not guaranteed. Improvement in your credit score is dependent on your specific situation and financial behavior. Failure to make monthly minimum payments by the payment due date each month may result in delinquent payment reporting to credit bureaus which may negatively impact your credit score. This product will not remove negative credit history from your credit report.</div> </div> </div> <style>.rich-tooltip-wrapper { display: none; }</style> </div> <p class="financial-product-card__specs__text headline-regular">$600 to $3,600</p> </div> </div> </div> <div class="financial-product-card__collapsable-area d-none"> <div class="pros-and-cons pros-and-cons__financial"> <div class="pros-and-cons__subgrid-container" style="grid-row: span 5" data-analytics-product-id="6335a6041262460018d12976" data-analytics-product-brand="Self" data-analytics-product-name="Self Credit Builder Account" data-analytics-product-index="1" data-analytics-product-module="financial_product_card" data-analytics-product-area="pros_cons"> <strong class="headline-semibold">Pros</strong> <ul class="pros-and-cons__list"> <li class="pros-and-cons__list-item headline-regular"><svg xmlns="http://www.w3.org/2000/svg" width="12" height="13" fill="none"> <title>Check mark icon</title> <desc>A check mark. It indicates a confirmation of your intended interaction.</desc> <path d="m11.7867 3.1745-1.2679-1.366-6.4774 6.5606L1.4879 5.779.2119 7.1456l3.8302 3.8098 7.7446-7.7808Z" fill="#098941"></path> </svg> <span>Four different plans</span></li> <li class="pros-and-cons__list-item headline-regular"><svg xmlns="http://www.w3.org/2000/svg" width="12" height="13" fill="none"> <title>Check mark icon</title> <desc>A check mark. It indicates a confirmation of your intended interaction.</desc> <path d="m11.7867 3.1745-1.2679-1.366-6.4774 6.5606L1.4879 5.779.2119 7.1456l3.8302 3.8098 7.7446-7.7808Z" fill="#098941"></path> </svg> <span>Customers eligible for Visa secured credit card</span></li> <li class="pros-and-cons__list-item headline-regular"><svg xmlns="http://www.w3.org/2000/svg" width="12" height="13" fill="none"> <title>Check mark icon</title> <desc>A check mark. It indicates a confirmation of your intended interaction.</desc> <path d="m11.7867 3.1745-1.2679-1.366-6.4774 6.5606L1.4879 5.779.2119 7.1456l3.8302 3.8098 7.7446-7.7808Z" fill="#098941"></path> </svg> <span>No hard credit check</span></li> <li class="pros-and-cons__list-item headline-regular"><svg xmlns="http://www.w3.org/2000/svg" width="12" height="13" fill="none"> <title>Check mark icon</title> <desc>A check mark. It indicates a confirmation of your intended interaction.</desc> <path d="m11.7867 3.1745-1.2679-1.366-6.4774 6.5606L1.4879 5.779.2119 7.1456l3.8302 3.8098 7.7446-7.7808Z" fill="#098941"></path> </svg> <span>Available in all 50 states</span></li> </ul> </div> <div class="pros-and-cons__subgrid-container" style="grid-row: span 3"> <strong class="headline-semibold">Cons</strong> <ul class="pros-and-cons__list"> <li class="pros-and-cons__list-item headline-regular"> <svg xmlns="http://www.w3.org/2000/svg" width="13" height="13" fill="none"> <title>con icon</title> <desc>Two crossed lines that form an 'X'.</desc> <path d="m11.3536 2.5486-1.0173-1.0173L6.5 5.3674 2.6638 1.5313 1.6465 2.5484l3.8362 3.8363-3.8362 3.8363 1.0173 1.0173L6.5 7.4021l3.8363 3.8363 1.0173-1.0173-3.8363-3.8363 3.8363-3.8363Z" fill="#EA0201"></path> </svg> <span>Relatively high APRs for credit builder loan</span></li> <li class="pros-and-cons__list-item headline-regular"> <svg xmlns="http://www.w3.org/2000/svg" width="13" height="13" fill="none"> <title>con icon</title> <desc>Two crossed lines that form an 'X'.</desc> <path d="m11.3536 2.5486-1.0173-1.0173L6.5 5.3674 2.6638 1.5313 1.6465 2.5484l3.8362 3.8363-3.8362 3.8363 1.0173 1.0173L6.5 7.4021l3.8363 3.8363 1.0173-1.0173-3.8363-3.8363 3.8363-3.8363Z" fill="#EA0201"></path> </svg> <span>Only 24-month payment periods available</span></li> </ul> </div> </div> <div class="financial-product-card__editorial-opinion"> <strong class="financial-product-card__editorial-opinion__title headline-semibold"> Insider’s Take </strong> <p class="financial-product-card__editorial-opinion__text headline-regular">Self's credit builder loan is one of the few credit-builder loans available in all 50 states. Self offers four payment plans between $25 and $150 per month, all of which take 24 months to complete. Self doesn't perform a hard credit inquiry, and it reports to all three credit bureaus, but that's the bare minimum for a loan designed to build credit.</p> <a class="not-content-link financial-product-card__editorial-opinion__link headline-semibold" target="_blank" href="https://www.businessinsider.com/personal-finance/credit-score/self-credit-builder-loan-review" data-analytics-product-id="6335a6041262460018d12976" data-analytics-product-brand="Self" data-analytics-product-name="Self Credit Builder Account" data-analytics-product-index="1" data-analytics-product-module="financial_product_card" data-analytics-product-area="read_our_review" rel=""> Self Credit Builder Account <span class="not-content-link financial-product-card__editorial-opinion__link-icon"> review<svg xmlns="http://www.w3.org/2000/svg" width="16" height="17" fill="none"> <title>External link Arrow</title> <desc>An arrow icon, indicating this redirects the user."</desc> <g clip-path="url(#a)"> <path d="M6.0003 4.2178V5.551h4.3934L2.667 13.2778l.94.94 7.7267-7.7267v4.3933h1.3333V4.2178H6.0003Z"></path> </g> <defs> <clipPath id="a"> <path transform="translate(0 .8848)" d="M0 0h16v16H0z"></path> </clipPath> </defs> </svg></span> </a></div> <div class="financial-product-card__product-details"> <strong class="financial-product-card__product-details__title headline-semibold"> Product Details </strong> <ul class="financial-product-card__product-details__list headline-regular"> <li class="financial-product-card__product-details__list-item">No hard credit report pull</li> <li class="financial-product-card__product-details__list-item">Reports to all 3 bureaus</li> <li class="financial-product-card__product-details__list-item">Build credit AND savings</li> <li class="financial-product-card__product-details__list-item">Join over 1 million credit builders</li> <li class="financial-product-card__product-details__list-item">Unlock a Secured Credit Card after meeting eligibility criteria</li> <li class="financial-product-card__product-details__list-item">24 months loan duration</li> </ul> </div> </div> <div class="financial-product-card__collapse-button-container"> <a class="financial-product-card__collapse-button not-content-link headline-semibold" data-analytics-product-id="6335a6041262460018d12976" data-analytics-product-brand="Self" data-analytics-product-name="Self Credit Builder Account" data-analytics-product-index="1" data-analytics-product-module="financial_product_card" data-analytics-product-area="pros_cons_and_more" rel=""> <span class="financial-product-card__expander-label">Show Pros, Cons, and More</span> <svg xmlns="http://www.w3.org/2000/svg" width="16" height="17" fill="none"> <title>chevron down icon</title> <desc>An icon in the shape of an angle pointing down.</desc> <path d="M3.679 6.474a.05.05 0 0 1-.01-.014s-.002-.004-.002-.012V6.44l.001-.001s.002-.005.011-.014l.961-.962c.008-.008.014-.01.014-.01s.004-.002.012-.002h.008l.001.001.004.002a.078.078 0 0 1 .01.01L8 8.771l3.311-3.311c.008-.008.014-.01.014-.01s.004-.002.01-.002h.007l.003.001s.007.003.018.013l.959.96c.009.009.01.013.01.013l.001.002V6.456s-.004.007-.014.018L8.026 10.77a.049.049 0 0 1-.014.01s-.004.002-.012.002h-.008l-.002-.001s-.007-.003-.018-.013L3.68 6.474Z" fill="#002aff"></path> </svg> </a> </div> </div><h2 data-toc-label="A trick to lower your credit utilization ratio" id="a-trick-to-lower-your-credit-utilization-ratio" class="toc-anchor"><strong>Strategies to improve your credit utilization ratio</strong></h2><h3>Increasing credit limits</h3><p>To improve your credit utilization ratio, you can request a <a href="https://www.businessinsider.com/personal-finance/how-to-increase-credit-limit" data-analytics-product-module="body_link" rel="">credit limit increase</a> from your creditor every six months or so. If your request is approved and you're granted a higher limit, you'll be able to spend more freely without upsetting your credit utilization ratio. Opening an account can also increase your available credit, which can help lower your overall utilization ratio.</p><p>However, opening a new credit account and sometimes even requesting a credit limit increase can lead to a <a href="https://www.businessinsider.com/personal-finance/what-is-hard-inquiry-how-affect-credit-score" data-analytics-product-module="body_link" rel="">hard inquiry</a> on your credit reports, lowering your credit score. Opening a new credit account will also lower the average age of your accounts, further hurting your credit score. Both of these are temporary effects, overshadowed by potential future growth assuming you manage these accounts responsibly.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-yourmoney-desktop_in_post_ad-desktop-fluid-7" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/pfi-post/in-content-4-plus/banking-pfi" data-secvert="pfi-credit,pfi-credit-score" data-tag="credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code" data-authors="jennifer-streaks" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[300,250],[600,480],"fluid"]}]" data-tile-order="tile-7" data-url="/personal-finance/credit-score/credit-utilization-ratio" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/pfi-post/in-content-4-plus/banking-pfi","region":"Desktop In Post Ad","tag":"credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>On the other hand, "closing an account can negatively impact your utilization as your total credit limits will go down," says Zigmont. As long as you're not paying annual fees, there's very little reason to cancel your credit cards. </p><p>However, you don't have to do anything as drastic as opening a new credit card to lower your credit utilization ratio. As long as you keep your balances low, you should be fine. It's important to remember that the balances and credit limits come from one of your credit reports. These won't necessarily be the same as your current account balance or limit.</p><p>Creditors will often report your account details, including the current balance and limit, to the <a href="https://www.businessinsider.com/personal-finance/credit-bureau-experian-equifax-transunion" data-analytics-product-module="body_link" rel="">credit bureaus</a> around the end of each statement period. With credit cards, that's often about three weeks before your bill is due. As a result, you could have a high utilization ratio even if you pay your bill in full each month. </p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-yourmoney-desktop_in_post_ad-desktop-fluid-8" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/pfi-post/in-content-4-plus/banking-pfi" data-secvert="pfi-credit,pfi-credit-score" data-tag="credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code" data-authors="jennifer-streaks" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[300,250],[600,480],"fluid"]}]" data-tile-order="tile-8" data-url="/personal-finance/credit-score/credit-utilization-ratio" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/pfi-post/in-content-4-plus/banking-pfi","region":"Desktop In Post Ad","tag":"credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><h3>Paying down balances</h3><p>If you're trying to improve your credit score while frequently using your cards, perhaps to earn <a href="https://www.businessinsider.com/personal-finance/best-rewards-credit-cards" data-analytics-product-module="body_link" rel="">credit card rewards</a>, try to pay down the balance before the end of your statement period. You could even make several payments each month. Doing so can lower the balance that's reported and the resulting utilization ratio.</p><h2 data-pm-slice="1 1 ["table",{},"table_row",{},"table_cell",{"colspan":1,"rowspan":1,"colwidth":[120]}]">Frequently Asked Questions About Credit Utilization Ratio</h2> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Is 10% or 30% credit utilization better? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">A 10% ratio is better than a 30% credit utilization ratio. A 30% credit utilization ratio isn't bad, but people with the highest credit scores tend to have a 10% ratio or lower.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Does my credit utilization ratio matter? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Yes, your credit utilization ratio matters. It is the second most important factor in credit score calculations after payment history, followed by length of credit history.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> How often should I check my credit utilization ratio? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">You should check your credit utilization at least monthly to ensure a positive impact on your credit. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown collapsable-faq-dropdown-last" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Can a high credit utilization ratio hurt my credit score? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer" data-pm-slice="1 1 ["table",{},"table_row",{},"table_cell",{"colspan":1,"rowspan":1,"colwidth":[120]}]">Yes, a high credit utilization ratio can hurt your credit score. This is because using too much of your available credit signals to creditors you might have trouble paying your bills or be overspending.</p> </div> </div> </div><iframe data-src="https://products.gobankingrates.com/pub/63fc102c-ec11-4275-8058-84bf3767dcc9?targeting[subcategory]=credit&resize=1&ident=99&pub_inventory=credit-score/credit-utilization-ratio-pfi-credit" data-indent="99" scrolling="no" frameborder="0" width="100%" style="min-width:300px;max-height:475px;"></iframe> <script async="" type="text/javascript" id="go-banking-resize"> window.addEventListener('message', onGoBankingResize, false); function onGoBankingResize(e) { { if (e.origin === 'https://products.gobankingrates.com' && e.data) { if (e.data.source && e.data.id && undefined !== e.data.height) { var id = 'iframe[data-indent="' + e.data.id + '"]'; var chosenFrame = document.querySelector(id); if (chosenFrame) { var height = e.data.height + 'px'; chosenFrame.style.height = height; } } } } } </script><section class="post-authors" data-component-type="post-author"> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/jennifer-streaks" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="jennifer-streaks"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/62f3e3cecc15bf00182fc9c4?crop=1:1&width=256&format=jpeg&auto=webp" alt="Jennifer Streaks"> <noscript> <img src="https://i.insider.com/62f3e3cecc15bf00182fc9c4?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/jennifer-streaks" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Jennifer Streaks</div> </a> <div class="post-author_title headline-regular">Senior Personal Finance Reporter and Spokesperson</div> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded0"> <div class="post-author_bio_content"> <span>Jennifer Streaks is a Personal Finance Expert and Journalist who writes about credit and all things money for Business Insider. Committed to financial literacy and economic empowerment, she has covered financial topics for over a decade, writing about her own experiences and sharing her expertise to give consumers actionable financial advice.</span><span>Along with exploring credit scores, credit reports, and how to build credit, Jennifer analyzes how current economic trends impact everyday people and offers her expert advice on budgeting, saving, and growing wealth in today’s economy. She regularly appears as an on-air financial commentator on programs like Good Morning America, Yahoo! Finance, CBS, and MSNBC.</span><span><span class="headline-semibold">Experience</span></span><span>Before joining Business Insider, Jennifer was a financial contributor for CNBC and covered personal finance, entrepreneurship, tech, and the economy for Forbes. Her work has appeared in TheGrio, Black Enterprise, and USA Today. </span><span>Jennifer is also the author of "<a href="https://www.amazon.com/Thrive-Affordably-month-month-breaking/dp/0692625941" rel=" nofollow">Thrive! ... Affordably: Your Month-to-Month Guide to Living Your Best Life Without Breaking the Bank</a>." The book offers advice, tips, and financial management lessons geared toward helping the reader highlight strengths, identify missteps, and take control of their finances.</span><span>Jennifer’s most important financial advice to her friends is to <em>always</em> have an emergency fund.</span><span><span class="headline-semibold">Expertise</span></span><span>Jennifer’s expertise includes:</span><ul><li><span>Credit scores</span></li><li><span>Credit history</span></li><li><span>Credit reports</span></li><li><span>Budgeting</span></li><li><span>Saving </span></li><li><span>Housing </span></li><li><span>Retirement</span></li><li><span>The economy</span></li><li><span>Financial trends</span></li></ul><span><span class="headline-semibold">Education</span></span><span>Jennifer earned an MBA from The Johns Hopkins University Carey School of Business and completed the Wharton Seminar for Business Journalists.</span><span>Jennifer is based in New York City.</span> </div> <label for="expanded0" role="button" class="post-author_bio_more">Read more</label> <label for="expanded0" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> </section> </div> </div> </div> </section> </div> </div> <section class="post-content-more"> </section> <section class="category-wrapper headline-regular" data-track-click-shared="{"product_field":"bi_value_unassigned","event":"navigation","element_name":"category_link"}" > </section> <div class="ad-callout-wrapper only-mobile"> <div class="ad-label headline-regular only-mobile">Advertisement</div> <div data-bi-ad id="gpt-post-yourmoney-mobile_article-mobile-fluid-1" class="ad ad-wrapper fluid only-mobile" data-force="" data-type="ad" data-adunit="businessinsider.mobile/pfi-post/after-content/banking-pfi" data-secvert="pfi-credit,pfi-credit-score" data-tag="credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code" data-authors="jennifer-streaks" data-region="Mobile Article" data-responsive="[{"browserLimit":[0,0],"slotSize":[[320,50],[320,100],[300,250],[300,50]]}]" data-tile-order="tile-0" data-url="/personal-finance/credit-score/credit-utilization-ratio" data-template="default" data-targeting="{"adunit":"businessinsider.mobile/pfi-post/after-content/banking-pfi","region":"Mobile Article","tag":"credit,credit-score,credit-utilization-ratio,pfi-featured-products,pfi-reference-report,personal-finance-insider,pfi-reference,toc-jump-to,pfi-freelance,pfi-short-code","template":"default","dvp_spos":"after-content","rawvert":""}" data-amazontamsizes="[[320,50],[320,100],[300,250],[300,50]]" data-enable-ad-refresher="true" data-refresh-count="0" ></div> </div> <section class="post-content-bottom taboola-feed" data-track-page-area="Post Bottom" >  <vendor-taboola class="component taboola js-only-desktop" data-component-type="vendor-taboola" data-root-margin="0px 0px 100% 0px" data-consent="MARKETING" config="{"providerName":"taboola","providerPageType":{"article":"auto"},"providerUrl":"//cdn.taboola.com/libtrc/businessinsider/loader.js","providerFlushValue":{"flush":true},"providerData":{"mode":"thumbs-1r","container":"taboola-below-article-thumbnails---reference-page","placement":"Below Article Thumbnails - Reference Page","onlyOn":"desktop","target_type":"mix"}}" data-load-strategy= "lazy" > <section class="taboola-container targeted-recommended only-desktop taboola-below-article-thumbnails---reference-page" id="taboola-below-article-thumbnails---reference-page" data-e2e-name="taboola-below-article-thumbnails---reference-page" data-track-event-label="rec-taboola-taboola-below-article-thumbnails---reference-page" > </section> </vendor-taboola>  </section> <sticky-footer-ad class="component sticky-footer-ad" data-offset-scroll-value="1" data-region="Mobile Sticky Lower" data-component-type="sticky-footer-ad" data-load-strategy="exclude" data-refresh-interval="" data-hide-when=".taboola-feed,footer,[data-is-interscroller]" > <div class="ad-close-icon" data-action="close" aria-label="Close this ad" ><svg class="svg-icon close-icon " role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 17.2 17.1"> <title>Close icon</title> <desc>Two crossed lines that form an 'X'. 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