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. For this full class and more like it, sign up for EYL University at eyluniversity.com! Don't forget to like, comment, and subscribe for more financial tips and tricks. 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 Our Sponsors: * Check out Acorns: acorns.com/EYL * Check out Fundrise: fundrise.com/EARN * Check out Kajabi and use my code kajabi..com/EARN for a great deal: kajabi.com * Check out Kajabi and use my code kajabi..com/EARN for a great deal: kajabi.com Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy