📊 Credit Utilization Calculator
Calculate your credit utilization ratio and see how it impacts your credit score. Aim for under 30%, ideally under 10%.
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Frequently Asked Questions
What is credit utilization?
Credit utilization is the percentage of your available credit that you're using. It's calculated by dividing your total credit card balances by your total credit limits. This is the second most important factor in your credit score (30% weight).
What is a good credit utilization rate?
Ideally, keep your utilization below 30%. However, the best scores come from utilization under 10%. Even lower (1-9%) is optimal, but you should use your cards occasionally to keep them active.
Is utilization per card or overall?
Both matter! Credit bureaus look at both your overall utilization (across all cards) and per-card utilization. Try to keep each individual card below 30% as well as your overall utilization.
Does utilization have memory?
No! Unlike payment history, utilization has no memory. If you have high utilization one month, it only affects your score until the next reporting date. Pay it down and your score recovers quickly.
Should I close unused credit cards?
Generally no - closing cards reduces your available credit and increases your utilization ratio, which can hurt your score. Keep old cards open (but use occasionally) to maintain a low utilization ratio.