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.

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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-offs

00:00 Introduction

00:12 What is Credit Utilization?

00:35 Factors Affecting Credit Utilization

01:00 Number of Accounts with Balances

01:34 Impact of Charge-Offs

02:17 Proportion of Loan Balances to Original Loan Amount

03:14 Student Loans and Deferments

04:03 Checking Your Student Loan Reporting

05:14 Ideal Credit Utilization

06:07 How to Calculate Your Utilization

06:44 Why 1-3% Utilization is Best

07:45 Preparing for Credit Applications

08:14 Planning Ahead for Applications

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