07-03-2013 03:37 AM
I keep getting this (3 months now) message on my equifax fico report and I don't understand what I'm doing wrong.
You've made heavy use of your available revolving credit.
|For FICO High Achievers, this ratio is 7%, on average.|
Your FICO score evaluates your revolving credit balances in relation to your credit limits on those accounts. In your case, this ratio of balances to credit limits is too high.
Keep this in mind: This credit usage ratio is one of the most important factors to your FICO score, so you should work on paying down your balances. Your FICO score looks at your total ratio of revolving debt, and also your ratio of revolving debt on your individual credit accounts. Therefore, consolidating or moving your debt from one account to another will usually not help your FICO score since the same total amount is owed.
I only use 3% of available credit and I'm not above 10% on any card. What am I doing wrong? Is it because I have an Amex Gold charge card? I know it doesn't show a CL so maybe anytime it has a balance it shows up as maxed out? I can't think of anything else. Does anybody else get this?
07-03-2013 04:08 AM
Looks like a blip in the Matrix to me! (error)
This was with Credit Karma ? (Or similar)
I wouldn't worry about it if your util is really that low. Lender's don't see those recommendations.
07-03-2013 07:14 AM
I agree, that's just a blip and not something you need to worry about at all.
It's not actually on your credit report (that any lender would see). It's just Equifax, MyFico, and SW trying to "helpfully" analyze your report for your guidance. This is one of several such weird errors that frequently crop up on MyFico reports. Sounds like you're doing great.
07-03-2013 08:37 AM
that looks like the wording that used when you pull from this site. i pretty much ignore it because i had one that said something about my loan balances being too high and high achievers have typically repaid some odd % so i did just that and brought my loan balances down past that % because i was close to what ever % they said, the next pull it just switched the neg factor to balances on non mortage accounts too high and right now i have the same message about ult, my ult was 11% back in may and it says high achievers use 7% or less, i swear at somepoint it used to say 10% so my 11% was listed as You've made heavy use of your available revolving credit. pay on time and you should be good, in my opnion you really only need to worry about ult, if you plan on apping for something then by all means pay down before statement cuts, other wise you will drive yourself crazy playing the fico shell game, and keep in mind the score sold here even though they claim its what is used by lenders, i find it rarely is because most cc's pull other versions or use custom models. i do believe though the equifax one is the exception though at least when it comes to mortage apps the score on here and mortage lender pull typically match or are very close