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Credit Utilization? - Another Question

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Anonymous
Not applicable

Re: Credit Utilization?


@Junejer wrote:
If we changed every post where there is an error, that would be all that we did around here.

I agree that the TL is being reported correctly. Account is closed and the CL has been reduced to what they wanted it to be reduced to. OP is at 14000% util, and that's being reported correctly. 

 

Then perhaps you should post a sticky somewhere here explaining that all previous posts on how closed accounts credit limits don't figure into utilization should be ignored as they are incorrect.

 

 People tend to believe what they read here especially when it is a moderator doing the posting.

 I'll end this with your own signature line below as I find it appropriate here.


"Do what is true in spite of the consequences--your future is only as true as you are."

Message 31 of 37
Junejer
Moderator Emeritus

Re: Credit Utilization?

The way I see it is if I dig up a post from 2007 and it says one thing and the 2009 post says another, I go with the 2009 information.

As mods, we make changes where we can, yet we can't possibly change every post or 1% of every errant post for that matter. This thread serves as a good example. I don't see a need to take it any further.

Is quoting my siggy supposed to be some sort of arm twisting?






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Message 32 of 37
Anonymous
Not applicable

Re: Credit Utilization?


VEEnVEGAS wrote:

 

and delete Fused's sticky on closed cards and their effect on our credit.

 


One thing to remember is Fused's sticky is about the consumer closing a CC, not the CCC. Most consumers don't choose to close cards with balances. Fused's sticky mentions several times, "with a $0 balance". His sticky is not about CCC closing cards with balances remaining. I admit that I gave incorrect information several times before, because I believed the CL on a closed account with balance didn't count, but the balance did. I corrected myself on this thread if you read back towards the beginning.

 

In fact one part of Fused's sticky states:

 

One more tidbit! Closed CC accounts (in good standing) with balances do factor in utilizations percentage calculations whereas closed CC accounts with $0 balances do not.

 

Message 33 of 37
Anonymous
Not applicable

Re: Credit Utilization?


@Junejer wrote:
The way I see it is if I dig up a post from 2007 and it says one thing and the 2009 post says another, I go with the 2009 information.

As mods, we make changes where we can, yet we can't possibly change every post or 1% of every errant post for that matter. This thread serves as a good example. I don't see a need to take it any further.

Is quoting my siggy supposed to be some sort of arm twisting?

You don't have to go back to 2007 to see this talked about incorrectly...only a week ago.

 

Arm twisting? No, just pointing out that many people take as gospel what they hear from a moderator here, believing, incorrectly it seems. that you guys have more knowledge generally than the rest of us. A forum such as this is only as good as the information exchanged here.

 

Do you think that I decided all on my own that credit limits would not count in utilization on a closed account? No, I believed it to be true only because I've read it over and over here, spoken as definite truth. So, suddenly when I say it, it's no longer true??? I would think you would understand my confusion and concern. This only makes me wonder if what I've read here about anything is true.

 

I know that no one here, moderators included, are privy to inside information on just how FICO really works. We're all going by what we have seen, experienced, or heard others say. So, if this were something I'd only read here a couple of times I wouldn't be bothered by it at all. Do a search here on the subject...this may be the most misquoted "truth" I've ever seen on any board.   

 

I don't mean to sound harsh, and I do appreciate the work you moderators do here. I am simply dismayed to find out that what I've read here for 2 years is wrong information.

 

Myself, I'm very happy to have been engaged in this particular thread. I'll be sure to point it out to anyone I see questioning on this subject from now on.

 

Thanks!

Message 34 of 37
Junejer
Moderator Emeritus

Re: Credit Utilization?

To err is human, Vee. Sidewinder pointed out the error and fixed it. What more is a person supposed to do? It wasn't wrong just because you pointed it out. It was wrong, because it was always wrong. Members, including Mods, extrapolated that because CLs don't count when we close accounts, with a $0, that it's the same when the CCC closed the account, with a balance.

You're right, Mods don't necessarily know any more than any other member about a certain subject. I WILL SHOUT IT FROM THE MOUNTAINS...SOME MEMBERS MAY KNOW JUST AS MUCH, IF NOT MORE, ABOUT A SUBJECT THAN WE MODS.

Vee, one mistake shouldn't cause you to question everything you read here. That's a bit cynical, IMO. As we learn things, we pass them on. If we get confirmation of the same from an Administrator, then we pass it on double time.

All we can really do is apologize for any misinformation that has been disseminated. It's an online forum, it's going to happen. Smiley Happy
Message Edited by ByrdMan on 04-22-2009 12:16 PM






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Message 35 of 37
Anonymous
Not applicable

Re: Credit Utilization?

Myself, I'm happy to have this cleared up and happy to let you have the final word on the subject (until it pops up in another thread!).

 

Ya'll have a good day...I'm going out to enjoy  the beautiful weather we're having here in Vegas.

 

Vee

Message 36 of 37
Junejer
Moderator Emeritus

Re: Credit Utilization?

Good, I like having the last word. Smiley Very Happy

Enjoy the beautiful weather. Smiley Happy






Starting Score: 469
Current Score: 846
Goal Score: 850

Take the myFICO Fitness Challenge
Message 37 of 37
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