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Ratio of your revolving balances 350% ?????

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Anonymous
Not applicable

Ratio of your revolving balances 350% ?????

My dh's cr says:

Ratio of your revolving balances to your credit limits
350%

 

how is that even possible, there are no open acts???

 

 

Message 1 of 19
18 REPLIES 18
AndySoCal
Valued Contributor

Re: Ratio of your revolving balances 350% ?????

Closed  revolving acocunts are included in the Util ratio as well.

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Message 2 of 19
Lel
Moderator Emeritus

Re: Ratio of your revolving balances 350% ?????

Where did he get his credit reports?
Message 3 of 19
Anonymous
Not applicable

Re: Ratio of your revolving balances 350% ?????

I signed him up (tu report) here, we pulled it last night. he has no open acts - this is the infi:

 

history 10 yrs (all closed)

 

negs - 3

 

 

here are the closed acts

Capital One Bank Usa Na  12/2007$1,050Charged off as bad debtThis account has late payments in the pastDetails
Vehicle LoanNational Auto Finance Co XXXXXXX383512/2005$0Payment after charge off/collectionThis account has late payments in the pastDetails
Charge AccountFunancing/Gemb  9/2000$0Paid or paying as agreedNoDetails
Vehicle LoanCitizens Automobile Fina XXXXXX23836/2001$0Paid or paying as agreedNoDetails
Credit CardChase Na  6/2000$0Paid or paying as agreedThis account has late payments in the pastDetails
Vehicle LoanCharter One Auto  6/2001$0Paid or paying as agreedNoDetails
Charge AccountConseco Financial  9/2000$0Paid or paying as agreedNo

:

 

is that $1050 the problem?

 

 

 

 

Message 4 of 19
llecs
Moderator Emeritus

Re: Ratio of your revolving balances 350% ?????


@Anonymous wrote:

is that $1050 the problem?


 

If you take $1050 and divide it by 350% you get $300. Was $300 the CL of CapOne? If so, then that's the culprit. Are there any other CCs?

 

ETA....I just saw where you posted there are no other CCs. Yes, closed CCs that report a balance and a CL continue to factor into util. As you add CCs (recommend secured), and after they report, then you may want to PIF the CapOne and you'd see a decent score boost. I can't say that now though since there are no other CCs. Being maxed certainly hurts.

 

Message 5 of 19
Anonymous
Not applicable

Re: Ratio of your revolving balances 350% ?????

yes it was a $300 limit card... crap how do i help that? i cant do anything about it as it closed right? do he have to open new card with a c/l higher than the 1050? then it would still be 100%???

Message 6 of 19
Anonymous
Not applicable

Re: Ratio of your revolving balances 350% ?????

how can i pif a closed/charged off act?

 

some of the other ones are joint or au acts from before we met, so i can get a few off those off but if they are reporting 0 bal's it would help right?

Message 7 of 19
Anonymous
Not applicable

Re: Ratio of your revolving balances 350% ?????

Its funny that his credit problems are the exact opposite of mine - he has payment history and amount of debt issues and a great history and amt of new credit.

where as i have great payment history and amt of debt but crappy length of history (2yrs) and amt of new credit (its all new!) LOL

 

to bad we cant merge - wed be awsome then Smiley Embarassed

 

 

should i post in rebuilding?

Message 8 of 19
MarineVietVet
Moderator Emeritus

Re: Ratio of your revolving balances 350% ?????


@Anonymous wrote:

yes it was a $300 limit card... crap how do i help that? i cant do anything about it as it closed right? do he have to open new card with a c/l higher than the 1050? then it would still be 100%???


All you have to do is pay is off as fast as possible. As the balance goes down so will your utilization and that of course will help your score. The faster you can get the balance down the faster the score will go up.

 

I'm sure Cap 1 will be more than happy to accept payments. 

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 9 of 19
Anonymous
Not applicable

Re: Ratio of your revolving balances 350% ?????

Its charged offf

shouldnt that be a zero balance if it a charge off?

 

can i pay a charged off cc????

Message 10 of 19
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