Your credit utilization rate makes up 30% of your credit score—here's how to calculate it. (via CNBCMakeIt)
— 740 to 799 is typically considered "very good" while 670 to 739 counts as "good" and 580 to 669 is "fair" — a 50-point knock can have a significant impact on the types of interest rates you are offered. The higher your credit score is, the more favorable rates you'll qualify for.
To calculate your credit utilization rate, go to your account page on your credit card issuer's website or app and find out what your credit limit is. If you have multiple cards, add up all your credit limits. Next, divide your monthly spending by that figure. Using the previous example, you would divide 1,000 by 5,000 to get 0.2, or 20%.
If you want to lower your utilization rate, there are a few strategies you can take. One is to pinpoint areas of your budget that you can streamline to reduce your overall monthly spend, such asIf you don't want to lower your spending, another option is to either ask your card issuer for an increase to your line of credit or open up another credit card.
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