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Personal loan from CU affect utility?

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Regular Contributor

Personal loan from CU affect utility?

Updated my scores today my equifax went up a couple points but my TU went down like 30. I recently took at personal loan out. It is being reported on both reports but TU has my util at like 70 percent and EQ has it at 4% Which CA is correct. Can I dispute it with TU. any answers are appreciated. Thank you
Equifax 712 transunion 693experian 673
Chase freedom 500 Chase United explorer 5000 Discover IT 13000 AMEX PRG npsl AMEX BCE 6000 CSP 12000.AMEX ED 15000 Citi Simplicity 7000
Message 1 of 8
7 REPLIES
Moderator Emeritus

Re: Personal loan from CU affect utility?

I'm guessing you pulled this info off your FICO report? Look on the Accounts page. There is a symbol to the left of each account that indicates what type of account FICO sees it as. It should have the same icon as other loans, which should be a money bag, if I recall correctly. The only reason I can think of that would cause FICO to see it as a revolving is if this were a LOC.

Message 2 of 8
Regular Contributor

Re: Personal loan from CU affect utility?

Yes I pulled off of fico report. It does have a money bag next to it. TU is including it in my util while EQ is not. Anyone know which is correct?
Equifax 712 transunion 693experian 673
Chase freedom 500 Chase United explorer 5000 Discover IT 13000 AMEX PRG npsl AMEX BCE 6000 CSP 12000.AMEX ED 15000 Citi Simplicity 7000
Message 3 of 8
Valued Contributor

Re: Personal loan from CU affect utility?


rogersave wrote:
Yes I pulled off of fico report. It does have a money bag next to it. TU is including it in my util while EQ is not. Anyone know which is correct?

They are both correct.  TU chooses to report it one way, EQ chooses to report it differently. Does that make them accurate?  That's subject to debate!   That doesn't make one of them incorrect, just makes them different.  Also, keep in mind that the TU report here is the TU98 model, an older model that few lenders use, more frequently replaced by TU04 and to a lesser extent, TU08.  Do a search on TU04 here and you can find threads for sources of the TU04 model. 

EX = 849 EQ = 850 TU = 850 as of 07/2017
Retired and Retiring Cards!
Message 4 of 8
Moderator Emeritus

Re: Personal loan from CU affect utility?


rogersave wrote:
Yes I pulled off of fico report. It does have a money bag next to it. TU is including it in my util while EQ is not. Anyone know which is correct?

Good. What does it say under "Account Type" [within the TL]?

Message 5 of 8
Regular Contributor

Re: Personal loan from CU affect utility?

It says it is an "open" account
Equifax 712 transunion 693experian 673
Chase freedom 500 Chase United explorer 5000 Discover IT 13000 AMEX PRG npsl AMEX BCE 6000 CSP 12000.AMEX ED 15000 Citi Simplicity 7000
Message 6 of 8
Moderator Emeritus

Re: Personal loan from CU affect utility?

Does the util match exactly when you calculate it on your own? It would go off the balance and high balance if it is factored into util.

 

It's possible that it is included. I have an installment account that also lists as "open" (as in open-ended). EQ does not factor it into util but my TU does. In essence, when I first opened it it was viewed as being maxed out. I talked to my creditor a couple of times and they said that's how they report to TU and there's nothing I could do. Over time, I paid it down and it greatly helped my FICO whenever I carried a balance on my other CCs, but initially it hurt quite a bit.

 

You wouldn't dispute TU because it's the creditor that's reporting that way. It would be something to take up with the OC.

Message 7 of 8
Regular Contributor

Re: Personal loan from CU affect utility?

Thank you for the information. I plan on paying loan off pretty quickly (used it to pay for some of my wedding) I am in the garden so it's not that big a deal.thanks again!!!
Equifax 712 transunion 693experian 673
Chase freedom 500 Chase United explorer 5000 Discover IT 13000 AMEX PRG npsl AMEX BCE 6000 CSP 12000.AMEX ED 15000 Citi Simplicity 7000
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