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cfaith12

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Does my utilization percentage "reset" immediately after I pay a balance?
My utilization percentage was 84% at the beginning of this month. (I know, I know, way too much.) After realizing my mistake I immediately paid the balance in full; this was in the middle of the month. So now I'm approaching the end of the month & I'm wondering: if I make a purchase (gas or groceries) will that add to my utilization for the month; or has the percentage "reset" since the previous balance was paid.

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Your utilization will be your current balance divided by your overall credit limit. For example if you have a $5000 limit with a $500 balance on it then your credit card utilization is 10%   (500 ÷ 5000 = .10 <-- move the decimal point over 2 places and that is your percentage), so yes if you paid the balance in full, then your credit card utilization would "reset" to 0%

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Depends on billing cycle.

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Look over the credit card statement an find the "Closing Date."  This is the date of the month the credit card company totals all the charges you have made to that point, and prepares the bill.  Any charges made after this date will show on the next bill and will reflect the usage for that particular billing cycle.  

Any time the total balance due is paid in full, the usage is reset to 0% and subsequent charges made in the cycle reflect new usage rates.  It's an ongoing game that really gets to be fun to play with when you understand it. 

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Credit card percentage

I have 31000 total in credit cards but I owe 18500. By my calculations it is not 61 percent. I've paid off a few of my cards and it never shows.

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