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Maximize Your Credit Score: Using the Credit Utilization Calculator & Worksheet To Raise Your Credit Score

Credit Card utilization Excel, Google Sheets or Printable pdf

Are you looking for ways to boost your credit score? Do you feel overwhelmed by the amount of information available on the internet?

If so, you’re in the right place. In this article, we’ll discuss the importance of using a credit utilization calculator and worksheet to help you boost your credit score and improve your financial wellbeing.

We’ll provide you with a step-by-step guide to using these tools, as well as tips and tricks to help you make the most of them. So, if you’re ready to take control of your credit and your future, let’s get started!

Credit Utilization

Looking to increase your credit score and heard that credit card utilization rate is a big factor? A credit utilization calculator can help you determine how much of your additional credit you are using. This is important because your credit utilization ratio is one of the factors that potential lenders look at when considering you for a loan, as part of the credit scoring models.

To learn more about credit card utilization, read my recent in depth article here: What You Can Learn From Credit Utilization Ratio


Why Do I Need a Credit Utilization Calculator?

Your credit utilization rate is the amount of credit you are using divided by the amount of credit you have available.  Two simple ways for you to gather this information:

  • Pull up a copy of each of your credit issuers statements
  • Or pull up a copy of your free credit report to review all of your credit card debt, current and outstanding balance, and credit card limit of your credit accounts.

Source: Credit Card Utilization

For example

This is how you would calculate your credit card utilization ratio.  Whether you use a credit utilization excel template, credit utilization spreadsheet or a credit utilization calculator – you still need to calculate it.

Credit Utilization Worksheet

If you have a $10,000 line of credit available and $6,000 of that is used up on your card, then your credit utilization is 60%. 40% us unused credit.

($6,000 / $10,000 = 60%)

A second way to think about it is to multiply by 100. When you divide $6,000 into $10,000. You get .60, which you then multiply by 100 and get 60%


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Example of How to Calculate Credit Utilization Ratio

Credit balanceCredit limit
Card A$1,800$5,000
Card B$2,100$2,500
Card C$100$2,500
Example of credit utilization calculator

How do you determine your credit utilization levels without a credit utilization calculator??

Step 1 – Add up your current credit card account balances. In this case add up credit card A, B and C.

So $1,800 + $2,100 + $100 = $2,500 current account balances

Step 2 – Do the same thing for your credit limits of Card A, B and C.

So $5,000 = $2,500 + $2,500 = $10,000 current credit limits,

Step 3 – The formula for a credit utilization calculator is to take your current credit card balances ($2,500) and divide that by the total credit limit ($10,000), and that equals your credit utilization ratio.+

So $2,500 / $10,000 = 25% credit card utilization rate

Credit Utilization Rate: Credit Cards, Credit Score

Lenders consider a customer to be over utilized when they are using 100% of their available revolving credit balance. In this situation they will generally consider it risky and not go ahead with the loan. As a rule of thumb, potential lenders prefer to see customers being able to pay 20% or less on their credit balance each month and no more than 30%. This is combined with whether or not you have a good credit history.

Credit Utilization Worksheet

Credit card companies and lenders like to see low credit usage and good payment history because it shows that you are a responsible borrower who is not maxing out your credit cards. A high credit utilization rate can make it difficult to get approved for a loan.  So it is of utmost importance that you calculate your credit utilization and plan carefully.

If you are planning to apply for a loan, use a credit utilization calculator to see where you stand. You may need to lower your credit utilization ratio by paying down your credit card balances before you apply and it has a potential negative impact.

Other alternatives prior to seeking a loan is to ask for a credit limit increase or line of credit increase, which will lower your credit usage. Second, you could try to make debt payments prior to the end of your billing cycle – before the credit card issues your statement. Why? Because if you make your debt payment prior to the credit card issuer reporting it to the credit reporting agencies – your statement balance will be lower. And so will your credit ratio.

Source: Credit Card Usage and Ownership Statistics

How to Fix a Negative Balance on a Credit Card


2 credit utilization calculatorcredit utilization calculator

Here is an interactive credit utilization spreadsheet that will help you calculate everything.

If You Prefer to Download Your Free Copy Of The Credit Card Utilization Calculator – CLICK BELOW

Credit Card Payment Hack: How To

Raise Your Credit Score Fast? Use The 15/3 Credit Card Hack


  • Be sure to click FILE > MAKE A COPY > MAKE A COPY 
  • This will allow you to have your own version of the credit utilization calculator – and no one will see your information that you enter.

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As you can see in the screenshot – the credit utilization worksheet will allow you to:

  • Be able to list each of your credit cards
  • List each individual credit card balance and credit limit
  • Have each individual credit cards credit utilization percentage calculated for you
  • Have the dollar amount calculated for you to pay off to get below
    • The 30% threshold and
    • The 10% threshold


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  • You will also be able to keep track of your statement date for each credit card
  • The credit utilization worksheet and template will then calculate for you
    • The date 15 days prior to your credit card statement date
    • The date 3 days prior to your credit card statement date
    • This will come in handy if you are planning to do the 15/3 credit card payment hack 
  • In addition, at the end of the template the following will be calculated for you
    • Your total credit limit and total current credit balance
    • Your total current utilization rate
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Credit Utilization Ratio: What Is Considered Good vs Bad?

credit utilization rate percentage chart good excellent bad
Credit Utilization Calculator
Total credit limitExcellent credit utilization ratio (<10%)Good credit utilization ratio (<30%)Fair credit utilization ratio (<50%)

Credit Utilization Calculator

Use the Credit Utilization Calculator below to examine your credit utilization ratio.

Credit utilization is the second biggest factor in FICO credit scores. It accounts for 30% of your score, and is an accurate measure of how much of your available credit you are using. A high credit utilization ratio can signals to lenders that you’re a higher-risk borrower, which could lead to higher interest rates and decreased chances of approval for loans and credit cards.

A credit utilization ratio of 30% is considered to be good, but there is room for improvement. A lower credit utilization ratio would be ideal, and could help to improve credit scores.

Source: The Consumer Credit Card Market


Finally, the credit utilization calculator & worksheet can be a powerful tool for anyone looking to boost their credit score. It is easy to use, and can help you make informed decisions about your credit usage.

By understanding your credit utilization rate, you can make sure you are using credit responsibly and not over-extending yourself.

This will help you stay on top of your credit score and make sure you have the highest score possible.

So, if you’re aiming to raise your credit score, use the credit utilization calculator & worksheet to get started on the right track.


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Note: The content provided in this article is for informational purposes only and should not be considered as financial or legal advice. Consult with a professional advisor or accountant for personalized guidance.

Michael Ryan
Michael Ryanhttps://michaelryanmoney.com/
A former stockbroker, financial planner, and owner of my own financial planning practice and then a property & casualty agency. I have since retired and decided I want to help individuals and business owners by offering personal financial coaching. And now, I have started my blog - www.michaelryanmoney.com - to bring financial literacy to everyone. In a short time I have already been quoted and featured in US News & World Report, Business Insider, Yahoo Finance, and more (https://michaelryanmoney.com/home/press/) As a financial planner, I helped people from all walks of life. If you have questions about money, I will help you find the answers at www.MichaelRyanMoney.com
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