My utilization is pulling my credit score down because I have an AMEX Plat card that I have been using for business that reports high balances every month.  My other cards show little or no balances.  I am aware of how to solve this by paying before statement date, but don't want to since I would essentially be giving my company a loan until the expense check comes in (btw, AMEX was willing to do a mid-month report back to credit bureau).  I am looking for an auto lease in the very near future and this high utilization is pulling my credit score down (according to myfico).

Recently, my Wells Fargo banker offered me a 400k Line of Credit at low interest rate (3%) secured by non real estate assets.  I thought LOC would add to my revolving credit and therefore solve my utilization problem as well as giving me some credit flexibility at low interest rate so I took it.  I pulled my credit reports in March with the LOC reporting.  On my TU report and score, it is still showing me at high utilization.  With my 35k AMEX Plat bill, it is showing me at 54% utilization and obviously not taking the 400k LOC into account.  On my Experian report, it shows my score is being helped by my low utilization and therefore obviously taking the LOC into account.  Wells is not reporting into Equifax.

In any case, I have listed how the Wells Fargo LOC is reported into TU via myfico below.  I noticed some weird things such as the account type (it doesn't even show the listed account type under the question mark) and loan type.  I called myfico and the rep seemed to imply because it is so new that it hasn't impacted my fico score yet regarding utilization (I think she is wrong).  So what is going on?  How can I get this to help my utilization.  Do I need to contact TU or Wells to have it reclassified and what do I ask for?  Do I just wait (assuming myfico rep was wrong)?  Or does this type of LOC not help your revolving account utilization?

Here is the info from TU report

Date Opened: Feb 2012

Loan Type: Credit Line Secured

Credit Limit: 400,000

Largested Past Balance: 0

Account Type: Overdraft/Reserve Checking Account

Account Holder: Individual

Industry: Banks