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pfaircloth

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what percentage of my credit limit of my revolving credit am i using

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Credit Utilization Percentage

YOU are going to have to do a bit of math to figure this out, because it depends on how much credit you have available and how much you are using.

First, gather up all the information on all your revolving charge accounts.  First, total up all of the credit limits on the accounts.  That is the mixximum your creditors will allow you to charge on those accounts.

Second, total up the balances due (the total amount owed) on these accounts.  That's the total debt.

Now, get out your calculator (what would we do without them?) and divide the total debt by the total of allowed credit.  That will give you the percentage of credit utilization.

Your goal should be to keep the credit utilization percentage below 20 and pay off all accounts quickly so you don't end up spending a lot on interest for these accounts.  

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