topic Re: This CC affecting my utilization and score? in Credit Cards

This CC affecting my utilization and score?

DollyLama — Fri, 24 Jun 2011 16:43:23 GMT

I have only one revolving CC open on my CR. I had file BK in 2000 which is dropped. Around 2002-3? I obtained a CC from First Premiere (I think can't remember 100%) to start rebuilding my credit. I paid promptly by bank draft, then a couple years later this company sells it to Tribute-my first statement showed the correct balance but wham! it's a closed account by credit grantor now. So it is still being reported as good pay, with small balance just over $300 for 3+ years, but 0 credit limit. So I interpet this as I'm 300% OVER my utilization on this one revolving credit?

Can some more experienced FICO'ers confirm that this is what is affecting it?

Pull June 2011 TU 648, EQ 612

If this is in fact what is dragging down my score, my plan of action is to find a decent CC with a credit line and good monthly credit reporting, and pay off the Tribute. Which any suggestions? I tried the suggestions in myfico. but it asks for FICO score, I'm in a decent not horrible with TU score, but in bad credit risk with the EQ score. I don't know really which category I would fall under to best suit me and my FICO score and help my credit worthiness. I prefer to keep the inquiries to a bare minimum. Suggested *secured* cards with money down would indicate I am a risk. Where as neither of my current and previous creditor on this revolving credit CC was secured.

Thank you in advance.

Re: This CC affecting my utilization and score?

MarineVietVet — Fri, 24 Jun 2011 16:57:15 GMT

@DollyLama wrote:
I have only one revolving CC open on my CR. I had file BK in 2000 which is dropped. Around 2002-3? I obtained a CC from First Premiere (I think can't remember 100%) to start rebuilding my credit. I paid promptly by bank draft, then a couple years later this company sells it to Tribute-my first statement showed the correct balance but wham! it's a closed account by credit grantor now. So it is still being reported as good pay, with small balance just over $300 for 3+ years, but 0 credit limit. So I interpet this as I'm 300% OVER my utilization on this one revolving credit?
Can some more experienced FICO'ers confirm that this is what is affecting it?

Pull June 2011 TU 648, EQ 612

If this is in fact what is dragging down my score, my plan of action is to find a decent CC with a credit line and good monthly credit reporting, and pay off the Tribute. Which any suggestions? I tried the suggestions in myfico. but it asks for FICO score, I'm in a decent not horrible with TU score, but in bad credit risk with the EQ score. I don't know really which category I would fall under to best suit me and my FICO score and help my credit worthiness. I prefer to keep the inquiries to a bare minimum. Suggested *secured* cards with money down would indicate I am a risk. Where as neither of my current and previous creditor on this revolving credit CC was secured.
Thank you in advance.

Hi there and welcome to the Forums.

Since you say the credit limit is not being reported then neither that nor the balance is supposed to be used to calculate utilization. But when you bought your scores/reports (from here I assume?) it should have told you your overall utilization. Unless you got your scores somewhere else?

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: This CC affecting my utilization and score?

Anonymous — Fri, 24 Jun 2011 17:04:25 GMT

@DollyLama wrote:
I have only one revolving CC open on my CR. I had file BK in 2000 which is dropped. Around 2002-3? I obtained a CC from First Premiere (I think can't remember 100%) to start rebuilding my credit. I paid promptly by bank draft, then a couple years later this company sells it to Tribute-my first statement showed the correct balance but wham! it's a closed account by credit grantor now. So it is still being reported as good pay, with small balance just over $300 for 3+ years, but 0 credit limit. So I interpet this as I'm 300% OVER my utilization on this one revolving credit?
Can some more experienced FICO'ers confirm that this is what is affecting it?

Welcome to forums!

Do you remember when it sold to Tribute, did you receive any letter from them about your cc?

How much was balance and how much you were paying from your bank?

Can you see what year they closed your acct?

Re: This CC affecting my utilization and score?

DollyLama — Fri, 24 Jun 2011 17:35:37 GMT

Yes I purchased both FICO's from here just within last week. I'm new to this, excuse me please as I'm learning to navigate. I just brought up the score simulator for both on best plan of action which showed my current two FICO's and both listed to pay down revolving credit 90-100% in the next 24 months.

Imagine was the inital creditor showed closed 10/2006 paid as agreed no deliquencies.And Tribute opening with same original high inital balance I carried, with my balance then in the 700 range on 10/2006. That if I pay it (from simulator my score would be low to mid 700's) . Sorry, I guess I answered my own question.

Which would leave me on my pie chart of credit factors with no revolving credit, so I guess I best pay off Tribute and open a new CC and only maintain about 8% of original credit line.

I best get on a zero balance now, as a nice 50 plus points on both FICO's would be great. I had only been paying the minimum monthly due to keep a credit record on file with my other accounts.

If you have any other advice on this part of revolving credit, it would be much appreciated. Thank you for your responses.

Re: This CC affecting my utilization and score?

MarineVietVet — Fri, 24 Jun 2011 17:50:07 GMT

Have you looked at the Credit Card Center here onsite? That might be useful.

Re: This CC affecting my utilization and score?

DollyLama — Fri, 24 Jun 2011 18:06:39 GMT

Yes I have, it makes suggestions based on your FICO score-since I have both, I fall into two categorys, for those above 640 (my TU being 648) and those falling below which my EQ is 612. I don't know if creditors use one particular score, which one is used the most. I'd prefer to try for the offers of 640 and above rewards one, but since I'm on the cusp, it might risk a denial, and another credit seeking inquiry into one of the lower categories (which are secured with $ upfront). Thus more inquiries = lower FICO score for at least 1 year?

Re: This CC affecting my utilization and score?

MarineVietVet — Fri, 24 Jun 2011 18:13:33 GMT

@DollyLama wrote:
Yes I have, it makes suggestions based on your FICO score-since I have both, I fall into two categorys, for those above 640 (my TU being 648) and those falling below which my EQ is 612. I don't know if creditors use one particular score, which one is used the most. I'd prefer to try for the offers of 640 and above rewards one, but since I'm on the cusp, it might risk a denial, and another credit seeking inquiry into one of the lower categories (which are secured with $ upfront). Thus more inquiries = lower FICO score for at least 1 year?

I agree it's very hard to know what to do sometimes. IMO (In My Opinion) getting another revolving account opened would help you in the long run but that means an application, new inquiry and all that might entail.

But I won't make any particular recommendations because my youngest card is almost 7 years old and I don't keep up on the latest CC news as others do. Hopefully you'll get some good advice and suggestions about this.

Good luck to you!