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I'm trying to determine what "High Credit" means in the Bank of America card section of my EQ report. I have 2 BoA cards, and each has 7 sections:
Most of these are reasonably intuitive, except for High Credit. One card has a ~4K limit, and the balance has never exceeded that limit, but each value in the High Credit section is ~$6K. (The second card has a similar limit, but the High Credit values are always below the limit).
Can anyone 'splain this?
EQ | 841 | 5 INQ (Auto, CC, HELOC, 2 mort) | 7y2m |
EX | 812 | 5 INQ (2 CC, 2 mort, HELoan) | 6y11m |
TU | 829 | 4 INQ (3 CC, 1 mort) | 6y6m |
5/24 | 3/12 | AoYA 0m | AoOA 23y6m | ~3% |
In the old days: http://creditengine.net/equifax_format.htm
"HICR" (High Credit) meant "The highest the balance has been"
Also from 2008: http://ficoforums.myfico.com/t5/General-Credit-Topics/quot-Amount-in-high-credit-column-is-credit-li...
Thanks. Yet the balance has never been that high. Guess it's time to call BoA.
EQ | 841 | 5 INQ (Auto, CC, HELOC, 2 mort) | 7y2m |
EX | 812 | 5 INQ (2 CC, 2 mort, HELoan) | 6y11m |
TU | 829 | 4 INQ (3 CC, 1 mort) | 6y6m |
5/24 | 3/12 | AoYA 0m | AoOA 23y6m | ~3% |
Is it a really old account? I wonder if at some point they included finance charges (or even defrayed finance on a promotion) in that field, I know Equifax has some really weird documents from 10+ years ago pointing to that.
I've had the card for over 15 years. But (ignoring the fake numbers that I've used above for illustrative purposes) the High Credit value is 1.6x the Credit Limit (over a $5K discrepancy). Neither my indebtedness nor my CL have ever been that high.
EQ | 841 | 5 INQ (Auto, CC, HELOC, 2 mort) | 7y2m |
EX | 812 | 5 INQ (2 CC, 2 mort, HELoan) | 6y11m |
TU | 829 | 4 INQ (3 CC, 1 mort) | 6y6m |
5/24 | 3/12 | AoYA 0m | AoOA 23y6m | ~3% |
Yeah that's very odd, I would contact B of A but don't expect them to know either.
It's been way too long since this topic came up in my memory banks. The only time I do remember there being an issue (and this is a weak memory) was a person who had a $5000 credit limit reporting $7000 high credit and the story ended up that they put $5000 on a 0% interest promotion for 18 months (I'm making up numbers here) and the accrued interest that never reported was almost $2000 so it reported $5000 real balance + $2000 hidden interest.
Again, the numbers are invented but that was how the story went and was confirmed. This is probably 10-15 years ago, though. Can't even remember what forum I was on back then!
Ahh, Google to the rescue! This is an old PDF from Sallie Mae.
Page 36 of this PDF: "Amount in high credit includes finance charges"
So basically, at least back in the day, any finance charges even if they didn't post may have been included in the high credit field. If you ever took advantage of a 0% balance transfer (for example) that would accrue interest if not paid in time, it's feasible you had $2000 in accruing hidden interest that never posted because you paid it off in time, but the bank tracks that number in their records.
Example: you balance transfered $5000 over 24 months at 0% interest but the bank interest rate was 28%. So even though you didn't post $2000 in interest, the bank was lending you that interest in fact and tracked it internally.
Thanks, kindly.
I did speak with BoA. They had no clue, and after about 30 minutes, asked me for my phone number and said that I'd hear from them in 30-60 days.
Impressive (NOT!).
EQ | 841 | 5 INQ (Auto, CC, HELOC, 2 mort) | 7y2m |
EX | 812 | 5 INQ (2 CC, 2 mort, HELoan) | 6y11m |
TU | 829 | 4 INQ (3 CC, 1 mort) | 6y6m |
5/24 | 3/12 | AoYA 0m | AoOA 23y6m | ~3% |
With a 15 year old credit card, it's possible that they really don't have a clue.
If in some miracle you have all your statements on this card, look to see if you ever did a balance transfer -- even if you paid it off super fast. If you did, post the amount of the transfer, plus the balance on the card before the transfer, plus the interest rate that would have accrued had you not paid the transfer off in time. Chances are, it'll add up to the high credit amount.
Not a chance. I shredded shoe boxes of old statements prior to my most recent move.
It'll be interesting to see what BoA comes back with.
In any event, here's the thing -- if neither BoA nor EQ can explain it (or if it's unintelligible or, worse still, misleading to an informed reviewer), I'd opine that it's within my FCRA rights to have the data removed.
EQ | 841 | 5 INQ (Auto, CC, HELOC, 2 mort) | 7y2m |
EX | 812 | 5 INQ (2 CC, 2 mort, HELoan) | 6y11m |
TU | 829 | 4 INQ (3 CC, 1 mort) | 6y6m |
5/24 | 3/12 | AoYA 0m | AoOA 23y6m | ~3% |