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FICO Simulator Says I Have Credit Card Balances - But I Don't Have Credit Cards?

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Established Member

FICO Simulator Says I Have Credit Card Balances - But I Don't Have Credit Cards?

Hi all -

 

Working hard (like everyone here) to get my score up after a nasty divorce. I have some charge-offs that I am going back and paying off (paying down just one caused a 25 point rise in TU score...so, perhaps I'm on the right track.) I've also removed myself from my ex's credit cards (two of them) as an "Authorized User" because (although they were in good standing) his utilization rate was affecting me. 

 

At least, I think it was.

 

I have no credit cards, no revolving credit at all right now. I have a mortgage and an auto loan in excellent shape. But - I have a question.

 

Why does the myFICO Score Simulator show a charge-off as "revolving credit" and indicates there will be a nice leap in score if it's paid off?

 

The amount it says I have in revolving credit is exactly the amount of one charge off. I made a $1,000 payment this week - my utilization dropped from 110% to 79%. So, even though this is charged off, somehow it's being counted in my utilization and my ultimate score. I don't understand why that would happen.

 

Any insight would be very appreciated.

 

Thanks.

 

 

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Regular Contributor

Re: FICO Simulator Says I Have Credit Card Balances - But I Don't Have Credit Cards?

If the charge off is a credit card, it counts as utilization, period.  I have 1 CO and it's a CC account and it too has been counted as utilization.

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