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How to Monitor Credit Utilisation Ratio

To monitor your credit utilization ratio, you can take the following steps:

  1. Obtain your credit report: You can request a free credit report once a year from the major credit bureaus.
  2. Calculate your credit utilization ratio: Divide the total amount of credit you’re currently using by your total credit limit. This will give you your credit utilization ratio, which is usually expressed as a percentage.
  3. Check for errors: Review your credit report for any errors or discrepancies that might affect your credit utilization ratio.
  4. Keep track of your spending: Regularly check your credit card statements and keep track of your spending to ensure you’re staying within your credit limit.
  5. Pay down debt: If your credit utilization ratio is high, consider paying down your debt to reduce your ratio and improve your credit score.

Remember, a lower credit utilization ratio is generally considered better for your credit score, so aim to keep it below 30%.

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