Utilization is calculated overall and by individual card. It is generally a good idea to not have over 50% on one card and under 10% overall. Your score fluctuates all of the time, you may lose a couple of points or things may remain the same. Overall utilization is considered the more important factor by FICO scoring models. Ideally I would wait to apply until your balance is back down on your credit reports. Just watch for when the statement cuts on that specific card and time your next applications accordingly.