Credit score question

[pantherlj]

When determining credit score, do they look at total debt compared to total credit line or debt to credit line on each account?

For example - if I have a department store card with a $500 limit and the balance is $450 owed and I have a visa with a $10K limit and $1K on it, do they look at the $10,500 limit with $1450 out on it or do they look at $450 out on the $500 meaning I am basically maxed out?

 

[katrinao82]

The totals of all. My FICO is a great resource too.

 

[TheRustyScupper]

1) FICO is a really misunderstood calculation.
2) Rather, unable-to-be-understood.
3) The actual calcs are a closely held secret.
4) But, to address your particular questions
. . . credit cards carry more weight than store cards
. . . the more "max'd out" a card is the lower the score
. . . however, both cards can be mitigated by how long you have the card
5) Some examples:
. . . good: $1,000 balance with $10,000 credit limit
. . . worse: $9,500 balance with $10,000 credit limit
. . . good: had the card 10-years
. . . worse: had the card 8-months
. . . good: lots of credit cards with low balances
. . . worse: few cards with high balances
. . . bad: being more than 30-days late on card(s)
6) Confusion - all three agencies use a hybrid credit score.
7) ONLY FICO IS FICO.

NOTE: The above is valid, except when buying autos, Auto loan
companies use a different scoring system. It is "FICO Auto Industry
Option Score". It uses FICO, but puts more weight on car loan/lease
histories, even if your FICO is terrible. It heavily counts car purchase
past histories, number of past car loans, missed payments, repo's, etc.
So, you could have a mid-500 FICO and still get a decent auto loan,
even with a bankruptcy. That is why your neighbor with ugly credit
can drive the brand new car, while you rumble along with a clunker.

 

[pantherlj]

thanks for the help. sorry for a similar question after someone else posted with same title!