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Super Contributor
CS800
Posts: 6,548
Registered: ‎04-07-2008

Charge off and revolving account

Can a credit card 'Closed at the creditor's request' be counting towards my revolving amount?

 

The credit card account was closed and is still with the OC and i'm paying on it every month. The limit is being reported. The same thing with my BOA (nearly paid off)

 

When I add the total amount revolving, it doesnt add up. I'm confused as to what EQ is using to determin that my volving account is $X

 

I have 3 credit cards still open with a combined balance of $10 on a CL of $1900. So shouldn't my revolving balance be $10?




Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Charge off and revolving account

If the limit and the balance are being reported it is counting in utilization.

 

If the limit is reported but not the balance it is not calculated.

Super Contributor
CS800
Posts: 6,548
Registered: ‎04-07-2008

Re: Charge off and revolving account

The weird part is that the limits are being reported and the balance also on all the cards that were either:

 

- Closed at customers request or (3 cards)

- Closed at creditors request (1 card)

 

So when I look at my credit report 4 times a year, i notice that they are all reporting the actual balance and the limits.

 

If I add all these cards limits, it's $15,500 (closed cards reporting balance and limits)

 

Balance combined on these cards $ 9,623

 

Adding my other cards still opened with $0 balance it becomes $17,400 ($1900 opened cards combined CL)

 

Combined util (closed plus not closed) : 55%

 

From myfico EQ report, it tells me my revolving account amount is too high and is $10.480. Is 55% too high?




Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Charge off and revolving account

Super Contributor
CS800
Posts: 6,548
Registered: ‎04-07-2008

Re: Charge off and revolving account

I just find it funny that the limits still counts since they are closed with payment plans. I intend to bring the utilization down to 30% in the next month.

 

I wish they didnt count towards my utilization since they are closed.





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