Reply
Regular Contributor
Posts: 104
Registered: ‎07-18-2011
0

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
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

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.

Regular Contributor
Posts: 104
Registered: ‎07-18-2011
0

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
Valued Contributor
Posts: 1,485
Registered: ‎08-30-2011
0

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. 

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10.5K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 818 EQ = 822 TU = 830 - 01/2015
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Personal loan from CU affect utility?

[ Edited ]

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]?

Regular Contributor
Posts: 104
Registered: ‎07-18-2011
0

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
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

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.

Highlighted
Regular Contributor
Posts: 104
Registered: ‎07-18-2011
0

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
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.