Understanding FICO® Scoring

[Bullcrappy]

Well got a rude awaking.  i have had TrueCredit (transunion) service and it has me with scores between 670-698 for all three reporting agency's

Decode to pull my scores from MyFico.com and i have 630/623 (no score from Experian?)

In any case a large ding per My Fico is that i am utilizing 107% and 98% of available credit which is not true.
i have 3 credit cards which i keep under 30% (in fact all three are under 10% right now)
A mortgage that i have not been late on in 2 years.

From what i see i have an old Capital One act. that had been charged off and gone to collection. it says avail. credit limit 1000.00 but Balance 2718.00.  so mi believe this is what is throwing my ratio off???

See below and please tell me what i can do.




thanks for any help!
Bull

[john398]

That should fall off 7 years from the last activity so in July 2013, its odd though the closed account is affecting your score, is it showing just on true credit or also on myfico as hight util?

[Bullcrappy]

thats on MyFico.com

should those amounts be used to figure my credit utilization?  i am not use 107% of my available credit. more like 5-10&

[omskillet]

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Bullcrappy wrote:

Well got a rude awaking.  i have had TrueCredit (transunion) service and it has me with scores between 670-698 for all three reporting agency's

Decode to pull my scores from MyFico.com and i have 630/623 (no score from Experian?)

In any case a large ding per My Fico is that i am utilizing 107% and 98% of available credit which is not true.
i have 3 credit cards which i keep under 30% (in fact all three are under 10% right now)
A mortgage that i have not been late on in 2 years.

From what i see i have an old Capital One act. that had been charged off and gone to collection. it says avail. credit limit 1000.00 but Balance 2718.00.  so mi believe this is what is throwing my ratio off???

See below and please tell me what i can do.




thanks for any help!
Bull

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Charged off accounts that are still reporting a balance are factored into your utilization. The charged off balance is counted against your open available credit. So the $1000 limit you have for this card is not factored into your utilization. I believe there is info in one of the stickies about this.

[Bullcrappy]

That is the case.  That charged off Cap. One IS being used to calculate my utilization.

This is from MyFico.com

[kjm79]

Closed, including charged off accounts, that report BOTH a balance and a credit limit will be included in your utilization.  You can either wait it out and let it fall off, or try and pay it.  Visit the rebuilding forum for tips and suggestions on working with Cap 1. 

[Bullcrappy]

that really stings.  my largest balance was 1295.00 and they have continued to charge interest and fees to get it upto 2718.00

and if an account is classified as "Charged off" it seems it should not be counted in my available credit and utilization.

thanks will research more.

bull

[Bullcrappy]

Charge-Offs are no longer available to be utilized so it really makes no sense to factor them in.

[kjm79]

There's a whole lot about FICO that doesn't make sense.    Right now it sounds like they are the only one reporting, and not a collection account as well??  That's good.  Maybe you can work something out with them and get it paid to at least help your util.  Then maybe GW??

[injustifiiable]

Yeah, it sure does suck. I have a charged-off FPB card that is doing the same.

The balance will go to $0 once they sell the debt to a CA, so it's definitely best if you can just get them paid now. The CA will put another baddie on your file dropping the score even more. Cap1 may have you go through a debt "servicer", though.

Good luck!

Edit: EX doesn't sell FICOs to consumers anymore, in case you were wondering. You can get their PLUS score for 8 bucks. Not a true FICO but it's better than nothing.