topic Re: Question about UTI in Credit Cards

Question about UTI

Anonymous — Wed, 24 Oct 2007 15:55:03 GMT

Does UTI only include bank cards?

For instance, I just transfered $4,800 from 2 credit cards to one installment loan. Will this help UTI? I understand I still have the same amount of debt. I am just curious if the type of debt is influential on UTI and/or FICO score.

Thanks,
gp

Re: Question about UTI

Anonymous — Wed, 24 Oct 2007 16:40:07 GMT

UTL is calculated on revolving

Installment loans have separate ULT and has much less influence on scores.

Re: Question about UTI

Anonymous — Wed, 24 Oct 2007 16:49:41 GMT

Timothy,

I feel like you're my personal adviser! Thank you so much for all of your help!

So, in theory my scores should go up. That's great.

From what I have read the loan (which is with prosper) will only show up on my EX report. So, the TU and EQ scores should go up with the lower Revolving UTI. Any estimates on how many points?

Is there a possibility that the EX will go down because of the new loan and inquiry?

I'm not planning on getting new credit (other than a renewed direct student loan) within the next year. So, I don't need my scores up immediately, but I just like to know what's going on.

Re: Question about UTI

ficonovice — Wed, 24 Oct 2007 20:42:57 GMT

For clarification, I have a line of credit, but that is still included in my revolving balances with my credit cards. I guess it depends on the specifics, but revolving balances aren't just credit cards.

You may have known that, but just my two cents..

Re: Question about UTI

ficonovice — Wed, 24 Oct 2007 20:49:31 GMT

FAKO scores list my credit line as an installment, FICO classifies it as revolving...

Re: Question about UTI

fused — Thu, 25 Oct 2007 00:29:16 GMT

ficonovice wrote:

FAKO scores list my credit line as an installment, FICO classifies it as revolving...

To bad it's not the other way around. Credit lines, if reporting as revolving with high util,

can and will tank FICO scores.

Re: Question about UTI

haulingthescoreup — Thu, 25 Oct 2007 00:42:22 GMT

@fused wrote:
@ficonovice wrote:
FAKO scores list my credit line as an installment, FICO classifies it as revolving...
Too bad it's not the other way around. Credit lines, if reporting as revolving with high util, can and will tank FICO scores.

...moan...

Re: Question about UTI

ficonovice — Thu, 25 Oct 2007 13:44:47 GMT

And of course that's my highest utilization, basically maxed out at $6,500, but I'm now starting to pay down aggressively. My overall util has come down from 85-88% to 65-68%. Still terrible, but progress. In the old days, I thought anything under 80% was decent..

I should have everything paid down in 4-6 months and will be under 20%.

Re: Question about UTI

Anonymous — Thu, 25 Oct 2007 15:19:40 GMT

My new installment loan is from Prosper. I don't see how they could list that as revolving.

Re: Question about UTI

ficonovice — Thu, 25 Oct 2007 15:31:02 GMT

I'm sure you'll be fine as long as it's a fixed monthly payment and you don't have access to additional credit via the loan.