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?
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According to the question,
Total credit card balance available with the person = 410 + 510 = $920
Total credit card limit of the two cards = 1000 + 1000 = $2000
Therefore, credit utilisation = total card balance/ total car limit x 100
= 920/2000 x 100 = 46 %.
Total credit card balance available with the person = 410 + 510 = $920
Total credit card limit of the two cards = 1000 + 1000 = $2000
Therefore, credit utilisation = total card balance/ total car limit x 100
= 920/2000 x 100 = 46 %.
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