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Okay, I need some help figuring this out. Below is from DH's Equifax CR. I copied and pasted it. The installment balance shown is incorrect. I pulled this CR last night from the annual free credit report and did call Equifax today to dispute the balances. I know the ratio is crazy, however it has come down. For instance the revolving was 106% 1 month ago, so it has dropped 20% in 30 days time. As far as the installment, it should read only 1 installment loan and the balance should read $1,854.00, not what is showing. And I did not purchase a score, so I only have my score that we purchased a month ago, which is a fako through credit keepers.
So, my question is...when this updates to the correct total, will there be a score change? Now, the revolving is correct for the most part, should be a little less, but not that big of a difference to change the ration from 86% by much at all.
Available credit does not include accounts without a credit limit, such as mortgage or installment accounts.
Credit Limit includes the high balance for accounts without a credit limit, such as mortgage or installment account.
Monthly Payment Amount includes the amount owed per month on all accounts due on a monthly basis.
Hauling-Thank you so very much for replying to my message. I have so many questions. Here is the following that I copied and pasted and trying to get more info.
"A" balance is correct, and high credit should be the same, $1,854.00 (new loan, no payments reporting yet)
Account Number:
XXXX Current Status:
PAYS AS AGREED
Account Owner: Individual Account.
High Credit: $700
Type of Account : Installment
Credit Limit: $0
Term Duration: 24 Months
Terms Frequency: Monthly (due every month)
Date Opened: 06/2008
Balance: $1,854
Date Reported: 02/2009
Amount Past Due: $0
Date of Last Payment: 02/2009
Actual Payment Amount: $0
Scheduled Payment Amount: $90
Date of Last Activity: 02/2009
Date Major Delinquency First Reported:
Months Reviewed: 8
Creditor Classification:
Activity Description: N/A
Charge Off Amount: $0
Deferred Payment Start Date:
Balloon Payment Amount: $0 Balloon
Payment Date: Date Closed: Type of Loan: Unsecured Date of First Delinquency: N/A Comments:
"B" balance should be $0
Account Number: XXXX
Current Status: PAYS AS AGREED
Account Owner: Individual Account.
High Credit: $258
Type of Account : Installment
Credit Limit: $0 Term
Duration: 6 Months
Terms Frequency: Monthly (due every month)
Date Opened: 11/2008
Balance: $172
Date Reported: 01/2009
Amount Past Due: $0
Date of Last Payment: 01/2009
Actual Payment Amount: $0
Scheduled Payment Amount: $43
Date of Last Activity: 01/2009
Date Major Delinquency First Reported: Months Reviewed: 2 Creditor Classification: Activity Description: N/A Charge Off Amount: $0 Deferred Payment Start Date: Balloon Payment Amount: $0 Balloon Payment Date: Date Closed: Type of Loan: Note Loan Date of First Delinquency:
N/A
Open Total Bal Avail Credit Limit Ratio Monthly Pmt Accts w/ Bal
Mortgage 0 $0 N/A N/A N/A $0 0
Installment 2 $2,026 N/A $958 211% $133 2
Revolving 5 $1,471 $244 $1,715 86% $120 5
Other 0 $0 N/A N/A N/A $0 0
Total 7 $3,497 NaN $2,673 131% $253 7
Okay, This is how the original post should have read. I had to make some changes in the format and it took me a bit. The above is from equifax. The installment is not correct as stated in the original post.
Thanks for any help!
jbhenrietta wrote:
Open Total Number Available Limit Debt to Monthly Accounts with
Accounts Balance Credit Ratio Payment Balance
Mortgage 0 $0 N/A N/A N/A $0 0
Installment 2 $2,026 N/A $958 211% $133 2
Revolving 5 $1,471 $244 $1,715 86% $120 5
Other 0 $0 N/A N/A N/A $0 0
Total 7 $3,497 NaN $2,673 131% $253 7
Okay, This is how the original post should have read. I had to make some changes in the format and it took me a bit. The above is from equifax. The installment is not correct as stated in the original post.
Thanks for any help!
Haulingthescoreup-thank you very much for your help! Everything you said makes perfect sense to me. We found a home this morning that we would love to purchase. So, with that being said-we plan on making sacrifices for the next month or two if needed to get financed. I know that we can get the ratios down and the collections paid. I have been reading the forums and this site and have made so much progress already! Scores did not increase based on fakos this past month, but it is good to have that service for monitoring purposes. Not sure that I want to pull ficos just yet as a mortgage company pulled in Feb a few days before we signed up for the fako and the scores were actually exactly what they pulled for us. We were told to just get the judgment paid and we were good to get qualified, however we want to improve a bit more the get the scores as high as possible before getting financed and also before we obligate. In this economy no one knows what could happen from one day to the next. And we are keeping that in mind. Kudos to you for helping!