Help in understand
ing debt to credit ratio and the effects on scores
03-20-2009 06:36 PM
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 includes the high balance for accounts without a credit limit, such as mortgage or installment account.
Monthly Payment Amount includes the amount owed per month on all accounts due on a monthly basis.
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
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.
Average Account Age: 1 Years, 9 Months
Most Recent Account: