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njohn85

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Why is my credit utilization of 58% on one card ruining my credit score (very poor score).
I have nothing on my report besides a late payment in 2009 and a utilization of 58%. My score is really low and I use/pay my cc every month. I plan to be at 25% in the next two weeks. Will this get me back into the 700s with one credit card and no other credit being used? I'd like to get one more card and keep it used/paid off to get my credit up. RIght now I cant apply for anything.

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Hi njohn85,

A credit card utilization rate of 58% is considered very high, and may indicate to banks that you are relying heavily on credit. The good news is that credit card utilization rates have no "memory", and reducing your utilization rate will help your score. 

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