New Contributor
jbhenrietta
Posts: 72
Registered: ‎03-09-2009
Help in understanding debt to credit ratio and the effects on scores
Open
Accounts Total
Number Balance Available 

Okay, I need some help figuring this out. Below is from DH's Equifax CR. I copied and pasted it. The installment balance shown is incorrect. I pulled this CR last night from the annual free credit report and did call Equifax today to dispute the balances. I know the ratio is crazy, however it has come down. For instance the revolving was 106% 1 month ago, so it has dropped 20% in 30 days time. As far as the installment, it should read only 1 installment loan and the balance should read $1,854.00, not what is showing.  And I did not purchase a score, so I only have my score that we purchased a month ago, which is a fako through credit keepers.

So, my question is...when this updates to the correct total, will there be a score change? Now, the revolving is correct for the most part, should be a little less, but not that big of a difference to change the ration from 86% by much at all.

 

 

 

 

Available credit does not include accounts without a credit limit, such as mortgage or installment accounts.

Credit
Limit 

Credit Limit includes the high balance for accounts without a credit limit, such as mortgage or installment account.

Debt to
Credit
Ratio Monthly
Payment
Amount 

Monthly Payment Amount includes the amount owed per month on all accounts due on a monthly basis.

Accounts
with a
Balance Mortgage 0 $0 N/A N/A N/A $0 0 Installment 2 $2,026 N/A $958 211% $133 2 Revolving 5 $1,471 $244 $1,715 86% $120 5 Other 0 $0 N/A N/A N/A $0 0 Total 7 $3,497 $244 $2,673 131% $253 7
Account Age
Usually, it is a good idea to keep your oldest credit account open, as a high average account age generally demonstrates stability to lenders. Also, especially if you have been managing credit for a short time, opening many new accounts will lower your average account age and may have a negative impact.
Length of Credit History: 11 Years, 4 Months
Average Account Age: 1 Years, 9 Months

Oldest Account:
(Opened 11/1997)
Most Recent Account:
(Opened 02/2009)
I know this report does look bad, but we have really come a long way since August 08... Any help in what we should focus at would be greatly appreciated as we are really trying to take advantage of the housing market right now.