Study Hall: Credit Cards & Credit Utilization: What You Need to Know | Shonda Martin

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. For this full class and more like it, sign up for EYL University at eyluniversity.com!Don't forget to like, comment, and subscribe for more financial tips and tricks. 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-offs00:00 Introduction00:12 What is Credit Utilization?00:35 Factors Affecting Credit Utilization01:00 Number of Accounts with Balances01:34 Impact of Charge-Offs02:17 Proportion of Loan Balances to Original Loan Amount03:14 Student Loans and Deferments04:03 Checking Your Student Loan Reporting05:14 Ideal Credit Utilization06:07 How to Calculate Your Utilization06:44 Why 1-3% Utilization is Best07:45 Preparing for Credit Applications08:14 Planning Ahead for ApplicationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy