04-21-2010 09:38 PM
I pulled both my TU & EQ reports and have a 21 pt discrepancy (733 @ TU vs. 754 @ EQ). So, I decided to dig into my reports to figure out what's different. The only difference I found was that my very first student loan from 1995 seems to have fallen off my TU report, making it have a slightly shorter age of oldest account (14yrs 7mos vs. 15yrs 1mo). Plus my TU has this weird student loan account from 2000 that was supposedly open for a few months (definitely did not take out any student loans in 2000). Despite this, the TU ends up w/ AAoA of 9yrs and EQ w/ AAoA of 8yrs. So, I've decided not to dispute the student loan account. The only thing I can think of is that the 6 month difference in age of oldest account puts my EQ report into a "longer history" bucket than the TU report. Any insight would be appreciated.
Secondly, I found that my open Chase Freedom card was not reporting a CL and listed as "Account Type: Open Account" rather than "Revolving", which I figure is affecting my util ratio. So, I called Chase about it and they sent me a letter saying that my account is :
"a No Preset Spending Limit (NPSL) account. This means that there is no established credit limit for the account. Instead of a credit limit, the account is assigned a credit access line, which is the line of credit available for your use.
We do not include the amount of your credit access line in our report to the credit bureaus. Your account may appear as an open line of credit rather than a revolving credit card.
Since some credit bureaus may choose to display a line of credit, it may appear that you are exceeding your credit access line. That is why it is important to keep a copy of this letter so that any potential creditors can be made aware that this is a NPSL account."
When I went back to my reports, I realized that my Chase NPSL account is being lumped in with all the revolving accounts and FICO is using my "largest past balance" as the CL when calculating util ratio, rather than the true amount of my "credit access line". So, my util ratio appears higher than it truly is.
Do you think I should just have Chase change this account into one that shows a credit limit or just keep as is? I'm currently paying off balances on 2 cards (including this one) and should have them paid off in about a year. At that point my util will be zero. I don't want to mess around with the Chase card if I don't have to, but I also don't want it to be screwing up my FICO score, either.