Hello,
I’ve been researching credit cards as I’ve never had one before and am wondering about credit limits and utilisation ratios.
I’m thinking of taking out a 0% finance plan for some purchases using a credit card to build up my credit score. I will be able to pay the monthly amount in full every month. My question is, is the credit utilisation ratio determined by the total value of the products I’m buying, or the monthly amount I’m paying each month? I’m conscious that having a high credit utilisation ratio is harmful to my credit score.
Conversely, would it be better to do the 0% finance deals using a debit card instead, as I wouldn’t have a credit card and therefore wouldn’t have a credit limit? Or does it work differently?
Thanks!
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I purchased an item for $10,100, it had 0% Apr for 48 months. The credit limit was $10.2k, I dropped 30 points. After several months of paying it down I’m good again. I also requested a credit increase asap.
>I’m thinking of taking out a 0% finance plan for some purchases using a credit card to build up my credit score.
If you pay the card off in full every month, you won’t pay interest no matter what the APR is.
>My question is, is the credit utilisation ratio determined by the total value of the products I’m buying, or the monthly amount I’m paying each month?
Credit utilization is determined by dividing your statement balance by your credit limit. So, let’s say you spend $3000 during the statement period and your limit is $5000, your utilization rate is 60%, even if you pay it off in full by the end of the month.
Next month, you spend $1500, your utilization rate is now 30% because you paid off the prior balance in full last month.
Debit cards aren’t credit. No effect on credit rating.
Utilization is a small fraction of FICO.
Best practices: use a credit card for needs, minimize wants if you cannot self-regulate your spending. Automate payoff when due, full statement amount (unless 0% interest and no fees)
Be careful with this if you need your credit for something in the next six months or so. I didn’t realize how it worked and took one of these deals to replace all the windows in my house with a 0% APR for two years. It was implemented as a maxed out $23k “credit card”, and it brought my score down by like 50 points until I’d paid off a good portion of it.
Still a good deal, and probably improved my score in the long run, but be aware of the short term effects.
I am a firm believer in increasing your credit by **using a credit card to make everyday purchases and not doing anything else**. Don’t think too hard; don’t do things *just to increase your credit*. It’s never worth it. It doesn’t matter.
Anyways, to answer your question…
Utilization is simply how much of your credit limit is currently consumed in a given month. “Consumed” means you’ve made a purchase, you’ve spent the money, and you haven’t yet paid it off.
E.g.
If your credit limit is $10,000, and you buy $9000 worth of stuff up-front at 0%, and you’re making payments of $500 / month (all totally made up numbers)
First month you’re using $9000/$10,000, so that’s 90% utilization
Second month, you’ve made one payment, so you’re at $8500 / $10,000 or 85% utilization
Third month, another payment, and you’re at $8000 / $10,000 or 80% utilization
Note that **there is no memory to utilization** — that is, it has no long-term impact on your credit. If you have super high utilization in one month, your credit score will be lower in that month. If you pay it all off in the next month, the high utilization is completely 100% forgotten, and your score is back to “normal”.
In general the purchases at 0% still come out of your credit limit and so will count toward utilization.
As an example. When I was building credit for an Apple Card and iPad at their monthly installments at zero. The purchase maxes the card at the time which dropped my score. Paid every month on time and at the end of 12 months score was higher then I started due to lowering utilization and the year of on time paynenys and paid zero interest.
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