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So hubs and I applied for an apt - We got a response back as "conditional", which surprised us because we haven't been "conditional" in 5+ years.
The letter states "excessive outstanding revolving debt" and "too few bank revolving accounts" ... Soooo there's too much revolving debt but they want us to have more revolving debt?! Grr!
Of course, they pulled TU - Which we have 2 things in dispute on hubs report now, but he does have a credit card with a small line on there.
Any advice? Should I call the credit place they use and discuss this with them?
+1
Having high % util on other credit is being viewed as raising the risk of timely payment of rent to them should times get tough.
As for having other revolving accounts, creditors as well as the FICO scorers view the handling of discretionary, revolving credit as a strong indicator of your payment risk.
They want to see successful management of current credit, not more debt.
As for calling them, yes, it might be very beneficial. Use of a credit report alone to make business decisions does not take into account a consumer's full credit standing.
It's a quick and easy way to make an evaluation, but often does not paint an adequate picture.
It does not account for income, other debt, etc. If you have other factors that weigh positively on your credit standing, you may wish to bring those facts to their attention.
He only has 1 credit card though - That has a $300 limit. That's definitely manageable. That's the only revolving account I'm showing on his TU. Then he has 2 things in collections that total around $400.... His current credit card has been paid on time for the last 4-5 months and is reporting OK.