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Fico says my UTL is 51%

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FixMyCredit1992
Established Contributor

Fico says my UTL is 51%

I pulled my Latest Experian Score...587.

 

Says my UTL is 51%.

 

Experian shows my total credit limit is $3,850. To have 51%, I would need close to $2k worth of balances.

 

However on my revolving accounts, my balance is only $446, or 11% UTL.

 

Does Fico not score UTL on AU accounts??

 

Farm and Fleet $3,000 (AU) Paypal Extras MC $1,500
Barclay's Apple Visa $1,200 QVC Qcard $800
Amazon Store Card $600 Discover $500
Walmart MC $400 Victoria's Secret $350
Credit One $300 Fingerhut $200
TU Fico 626



Message 1 of 13
12 REPLIES 12
bdhu2001
Valued Contributor

Re: Fico says my UTL is 51%


@FixMyCredit1992 wrote:

I pulled my Latest Experian Score...587.

 

Says my UTL is 51%.

 

Experian shows my total credit limit is $3,850. To have 51%, I would need close to $2k worth of balances.

 

However on my revolving accounts, my balance is only $446, or 11% UTL.

 

Does Fico not score UTL on AU accounts??

 


FICO 08 doesn't count AU accounts like previous FICO models allowed.  We haven't been able to determine exactly when they count them and don't count them.  

 

But so far the consensus is that it has to be close relationship (husband & wife; parent & child).  However, sometimes it's not even counting those close relationships. Also, it seems that in some instances it counts AAoA, but not the CL. Haven't been able to determine exact rhyme or reason.

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850


Take the myFICO Fitness Challenge
Message 2 of 13
FixMyCredit1992
Established Contributor

Re: Fico says my UTL is 51%

So the $3000 AU account with a $0 balance isn't helping?

 

Even if we remove that., it's still too high.

 

I DO have a $500/$500 secured installment loan (just got it to improve credit mix)

 

Does fico score UTL on them?

 

Farm and Fleet $3,000 (AU) Paypal Extras MC $1,500
Barclay's Apple Visa $1,200 QVC Qcard $800
Amazon Store Card $600 Discover $500
Walmart MC $400 Victoria's Secret $350
Credit One $300 Fingerhut $200
TU Fico 626



Message 3 of 13
FixMyCredit1992
Established Contributor

Re: Fico says my UTL is 51%

I did some math.

 

Fico does not score UTL on closed accounts, so I will leave those out.

 

So if we factor in just the revolvers..

 

Victoria's Secret: $0/$350

Discover $147/$300

Fingerhut $0/$200

 

Total Credit Limits: $950 Total Balances $147. Percentage: 15.4%

 

If we add the $500 secured installment loan.

 

Total Credit Limits $1450 Total Balances $647 Percentage: 44.6%

 

If we add the $3000 AU account, without the installment loan, I get 3.7%

 

If we add it with the installment loan, I get 14.5%

 

So no matter how you slice it, does not rise about 45%. So I have no clue where the heck Fico is getting FIFTY ONE percent.

 

Farm and Fleet $3,000 (AU) Paypal Extras MC $1,500
Barclay's Apple Visa $1,200 QVC Qcard $800
Amazon Store Card $600 Discover $500
Walmart MC $400 Victoria's Secret $350
Credit One $300 Fingerhut $200
TU Fico 626



Message 4 of 13
bdhu2001
Valued Contributor

Re: Fico says my UTL is 51%


@FixMyCredit1992 wrote:

I did some math.

 

Fico does not score UTL on closed accounts, so I will leave those out.

 

So if we factor in just the revolvers..

 

Victoria's Secret: $0/$350

Discover $147/$300

Fingerhut $0/$200

 

Total Credit Limits: $950 Total Balances $147. Percentage: 15.4%

 

If we add the $500 secured installment loan.

 

Total Credit Limits $1450 Total Balances $647 Percentage: 44.6%

 

If we add the $3000 AU account, without the installment loan, I get 3.7%

 

If we add it with the installment loan, I get 14.5%

 

So no matter how you slice it, does not rise about 45%. So I have no clue where the heck Fico is getting FIFTY ONE percent.

 


Are all your accounts listed on your credit report.  Someone else mentioned that they had credit that they hadn't used in 11 months that hadn't been counted.  They charged $12 on it and it started showing and counting again. Perhaps 08 also does something like drop inactive accounts.  

 

What do you get if you take out finger hut and victoria's secret?  Also you may be calculating your current balance and FICO is calculating the last reported balance from your credit card companies.  For instance, the balance counted from my accounts are my 7-2014 balances instead of my current balance.  For my accounts, most of my credit card companies report to CBAs close to the statement close date (most on the close date; a few w/in 2 days before or within 5 days after).

 

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850


Take the myFICO Fitness Challenge
Message 5 of 13
DrMac210
Regular Contributor

Re: Fico says my UTL is 51%


@FixMyCredit1992 wrote:

I pulled my Latest Experian Score...587.

 

Says my UTL is 51%.

 

Experian shows my total credit limit is $3,850. To have 51%, I would need close to $2k worth of balances.

 

However on my revolving accounts, my balance is only $446, or 11% UTL.

 

Does Fico not score UTL on AU accounts??

 


Do you have any charged off credit cards?    I believe these still count against UTL until they are paid off.


Starting Score: EQ 641, TU ???, EX ??? (myfico 6/7/13)
Current Score: EQ 760, TU 740, EX 750 (myfico July 2015)
Goal Score: 800 across the board


Take the myFICO Fitness Challenge
Message 6 of 13
techiegirl
Regular Contributor

Re: Fico says my UTL is 51%

I have an almost maxed out equity line on my house and some FICO models include that on my util ratio.

FICO: EQ - 809 TU- 808 EX - 797
Message 7 of 13
jeffeverde
New Contributor

Re: Fico says my UTL is 51%

Do you have any collection accounts?  Those get counted as a double whammy - they're added to the utilization, but not your limit.  If you had $1,000 in current credit limits with a combined balance of $100, your utilization would be 10% .  But if you also had $2,000 in collection accounts, your utilization would be 210%

 

 

Message 8 of 13
taxi818
Super Contributor

Re: Fico says my UTL is 51%

Well I only counted 850 in credit. 

 

300. 300. 250.   

 

50%.  425.    You said you owe. 446.   

 

26 more dollars. Hmmm

 

  I'm counting 53 percent util.  Forget loan. They don't count that n your util. Not like the revolvers.   

Message 9 of 13
FixMyCredit1992
Established Contributor

Re: Fico says my UTL is 51%

The VS card is $350, not 300.

Farm and Fleet $3,000 (AU) Paypal Extras MC $1,500
Barclay's Apple Visa $1,200 QVC Qcard $800
Amazon Store Card $600 Discover $500
Walmart MC $400 Victoria's Secret $350
Credit One $300 Fingerhut $200
TU Fico 626



Message 10 of 13
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