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New Member
Posts: 31
Registered: ‎09-26-2013
0

Re: Closed Revolving Account with large balances

[ Edited ]

I've already pulled my own CRs.  All balances and CLs are correct in the trimerge. 

 

The FAKO scores are much, much higher on my CRs but I guess that's not uncommon.

Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0

Re: Closed Revolving Account with large balances

To answer your question about what they should use:

They should use all outstanding debt -closed or open. To be sure, your LO or UW will be able to give you that figure now.
New Member
Posts: 31
Registered: ‎09-26-2013
0

Re: Closed Revolving Account with large balances

[ Edited ]

yes, but did FICO use the credit limits of the closed revolving accounts with outstanding balances in its calculation of my util?

Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0

Re: Closed Revolving Account with large balances

[ Edited ]
Yes, as long as there is a balance showing on a closed account.

Edit: and the original CL is showing
New Member
Posts: 31
Registered: ‎09-26-2013
0

Re: Closed Revolving Account with large balances

[ Edited ]

So then theoretically, when thes balances of these closed accounts update on my CRs as 0, the credit limits will no longer be used in the utilization calculation and my utilization won't change at all, hence, no score change.

 

This is my fear.

Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0

Re: Closed Revolving Account with large balances

If the closed accounts show anything other than a zero CL but a zero balance -it will not be used in utilization.
New Member
Posts: 31
Registered: ‎09-26-2013
0

Re: Closed Revolving Account with large balances

[ Edited ]

I understand that.

 

So from what you're telling me it was pointless to pay off these 3 accounts as it will have no effect on my credit score.

Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0

Re: Closed Revolving Account with large balances

I didn't say that at all. If they are closed with zero balances then the debt won't count against your util but keeping them with a balance could affect your dti ratio.

New Member
Posts: 31
Registered: ‎09-26-2013
0

Re: Closed Revolving Account with large balances

[ Edited ]

From my calculations, even though I paid off $25k worth of debt my utilization will not change and therefore the scoring (most important to me right now) will not change.  This is what I am taking away from this thread.  Is that safe to assume?

Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0

Re: Closed Revolving Account with large balances

I would hate to assume anything. If you do not wish to contact your LO and ask them if paying off the closed accounts was helpful then maybe a post in the mortgage section will give you some assistance.

Meanwhile, I will keep looking for answers for you.

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