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Suppose you have two credit cards. The first has a balance of $410 and a credit limit of $1,000. The second has a balance of $510 and a credit limit of $1,000. What is your overall credit utilization?

Respuesta :

Thagie
You are using $410 + $510 = $920 out of a possible $1000 + $1000 = $2000

Therefore your credit utilization is [tex] \frac{920}{2000} =.46[/tex]

That is, 46%
fatimakincsem

From first credit card which has a credit limit of $1000, you have utilized $410. It means you have consumed

410/1000 =0.41*100= 41% of first card

From second card which has a limit of $1000, you have consumed $510. It means you have utilized

510/1000= 0.51*100= 51% of second card

Overall utilization can be calculated as following:

(46% + 51% )/2= 46%

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