util

[sailon]

I'm confused

CC                                      Avail.credit                            Balance

Lowes HI                                 400.00                                    0

Rooms to Go                          3000.00                                  0

Best Buy                                 2000.00                                  0

HSBC                                     5000.00                                  3069.00

BofA                                       Acct. closed                           1175.00   paid in full 5/08

Cap1                                      1500.00                                     564.00  paid in full 5/08

Available credit                      11,900                                   3069.00  =   26% Util

Also have Wachovia EQ line                                                14,741.00  Paid as agreed(30 day once)

Citi unsecured personal loan                                                 6603.00   Paid as agreed

Wells Fargo auto loan                                                           13,413.00 Paid as agreed

Are the Wachovia, Wells Fargo, and Citi accounts included in util? Will paying off BofA this month and Cap1 this month lower utility and improve FICO   Currently 631 with EQ

Any help in understanding is appreciated 

[Anonymous]

You count the BofA in UTL until the balance is zero-

The installment is NOT included-

The HELOC might be depending on how it is coded-

Message Edited by Timothy on 05-30-2008 06:17 PM

[marty56]

HSBC util is too high.  Try to get it to 9%

[RobertEG]

Clearly, as has been stated, your best FICO strategy as to revolv %util is to get the HSBC util down.

Your CL, once the accounts you specified are closed in good standing, will be 9900, and your revolving debt will be 3069.  That is aprox. 30%util, which aint bad.

And why, oh why, did you close the BOA account, if it is paid?

But I am very curious.  What is the "Wachovia EQ line?"  Is it revolving, installment, HELOC?

That is a major factor in your CR.  How is the CRA coding it?

I would be curious to hear.

Message Edited by RobertEG on 06-01-2008 05:53 PM