Do installment accts count in util%? How much?

[Anonymous]

After blowing my financial life back in college, I went to a cash-only lifestyle for about 6 years, not the best move in retrospect. I currently only have two open, active accounts on my CR:

Ikea
Type: Revolving
Opened: 10/2006
CL: $300
High:$279
Current Balance: $0
Last pay: 3/2008
Status: Never late

Direct Loans (my deadly interest student loan)
Type: Installment
Opened: 3/2004
High: $29,510
Balance: $28,795
Last pay: 4/2008
Status: Never late

Although I took a beating from bad TL's (SL default, multiple collections, etc) and lack of adding more good TL's, these two have moved me from EQ 533 to EQ 698. However, I need to add a CC.

Keeping the util to 1-9% means no more than $27 on the Ikea at any time (ha!ha!), but is the student loan throwing off my util? As you can see, I've been paying it for over 3 years @ $226/mo, almost all interest (**bleep** that daily compounded interest! It's a 362 month federal loan). This balance isn't going down significantly any time soon unless I start throwing mortgage-sized payments at it, which I can't. How does it factor into my util?

Also, any point in applying for a CC if I have an open collection on my CRs? A car loan is needed far worse (denied last week), but I'm going to lose some good TL's in the next few months and I need to do something to offset (yes, pay the CA, but that won't move the score much).

Thanks

[Anonymous]

Installment utility is completely separate from revolving utility  -

The number of points for installment utility is nil compared to revolving-

Yep- sound like you need a new Major CC

[Anonymous]

Great! Thank you!

Again, would any CC approve an app with open CA on the CR? I was denied an auto loan, believed to be solely on that basis rather than my FICO. No point in a repeat performance. I'm taking care of the CA, but that may not post for a bit.

[PayYouNever]

You might have to get a partially secured BofA CC or even a secured card. I don't recommend getting a First Premier or even an Orchard Bank card, because you'll only get a CL of $500 max... and you need to keep the Utl below 10%, which might be hard with a $500 CL. And the worst thing about First Premier and Orchard is that you can only get successfully approved for a CLI every twelve months.

Whereas if you were with a major card,  you can increase you CL as you payment history and FICO score slowly inch up.

Do you know what you FICO is? A car loan place, like most places, only look at FICO, collateral and ability to repay... they rarely do manual reviews to see where you're hurting the most.

My suggestion is look on this board for CCs that except you with less than stellar scores, select three or four, then find your FICO and apply for all 4 at one time... so the inquiry hits happen within a single period.

Hopefully, you'll get a card. You could try for a Green AmEx, too, BTW.