11-16-2012 02:05 PM - edited 11-16-2012 02:11 PM
Here's my situation. I appreciate any insights on the issue.
I have a credit card from my credit union with $10,000 limit. That is the only card with a balance and has 95% utilization ratio (due to balance transfers and low interest rate). I am trying to improve the score for my home purchase and requested for a CLI (even took an hard inquiry for that). They approved for 20K CL. I was happy since this would bring my ratio to approx 50%.
Here's the issue, through the CLI process they realized that my original card should have been platinum brand and they could not increase the limit on my current card. They had to reissue a new one. I was OK with that. The new account's open date was reported as October 2012 instead on the orginial August 2008 and with a balance of 10K. If someone was to look at it, they would assume that I spent 10K in less than a month. For some wierd reason the credit union has no way to fix it. Any manual update they make to correct the date will be overwritten by the monthly auto update.
I have requested them to manually update it until my home settlement (they agreed, but it is only temporary).
I wanted some help to see if I have any other options that I have not pursued to fix the issue. They report to only equifax and transunion and I have opened disputes with them both. The credit union says that the dispute will not do any good.
Once the manual update stops will the 50% util ratio help or the newer date hurt my score (i mean is it as bad as I am making it to be)