New Bucket?

[Anonymous]

Hi Guys, I recently purchased a FICO for TU and received a new factor affecting my score. It states my balances are too high. However, $1686 belongs to two credit cards and the $15664 is an auto lease (down from 19000 in March 07) and $886 is a gym installment with a 3-year contract. My score (THANK GOD) went from 516 to 549. Does this mean I went to a new pool or bucket? I have never seen this message before. It reads as such: Please chime in. The balances on your non-mortgage credit accounts are too high. Total amount you owe on all non-mortgage accounts $18232 Most FICO High Achievers [?] carry a total balance of less than $1200 on non-mortgage accounts. Your FICO score considers how much you owe on your credit accounts, such as revolving credit accounts [?] and non-mortgage installment loans [?]. Generally, the more you owe on these accounts, the greater risk you pose to lenders. What to do about this: You should try to pay off your current debts and maintain low balances. However, consolidating or moving your debt from one account to another will usually not help your FICO score since the same total amount is owed.

[fused]

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cfstr1 wrote:
Hi Guys, I recently purchased a FICO for TU and received a new factor affecting my score. It states my balances are too high. However, $1686 belongs to two credit cards and the $15664 is an auto lease (down from 19000 in March 07) and $886 is a gym installment with a 3-year contract. My score (THANK GOD) went from 516 to 549. Does this mean I went to a new pool or bucket? I have never seen this message before. It reads as such: Please chime in. The balances on your non-mortgage credit accounts are too high. Total amount you owe on all non-mortgage accounts $18232 Most FICO High Achievers [?] carry a total balance of less than $1200 on non-mortgage accounts. Your FICO score considers how much you owe on your credit accounts, such as revolving credit accounts [?] and non-mortgage installment loans [?]. Generally, the more you owe on these accounts, the greater risk you pose to lenders. What to do about this: You should try to pay off your current debts and maintain low balances. However, consolidating or moving your debt from one account to another will usually not help your FICO score since the same total amount is owed.

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I seriously doubt you changed buckets but these messages are odd. Did your CC util increase since you pulled your last report? What are the CLs and balances on each of your CCs? FICO weighs revolving util (CCs and some HELCOs) considerably more than installment util.

[Anonymous]

Chase $1400 limit and $1200 Balance Geico $500 limit and $385 Balance Bally's Fitness Gym Membership $1300 originally now $868 Balance Chrysler Jeep Lease $19000 originally now $15200 Balance These are my only revolving accounts

[fused]

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cfstr1 wrote:
Chase $1400 limit and $1200 Balance Geico $500 limit and $385 Balance Bally's Fitness Gym Membership $1300 originally now $868 Balance Chrysler Jeep Lease $19000 originally now $15200 Balance These are my only revolving accounts

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Your util is way too high! Paying down your CC balances should help a lot! Util below 50% a little improvement, below 30% a bit better and between 1-9% on both cards, ideal. Balance fitness, not sure what this is? If it's revolving do the same with this one.  If it's and installment like your auto lease just make sure you pay on time, NEVER be late. Installment balances do not tank scores, late payments will. What other derogs are on your reports? Any collections or charge-offs (paid or unpaid and dates), lates, etc.?

Message Edited by fused111 on 07-07-2007 03:42 PM

[Anonymous]

I just paid down 50% of the credit card accounts this week. My TU report has 6 collection accounts - working of PFD's. Occured due to expensive surgeries. (2) chargeoff accounts that are due to come off in 2010. They have been sold a few years ago and are at zero balances. My EQ report is clean of collections =. It has the same (2) chargeoff as TU and is scheduled to come off in 2010 and my EX report is clean of collections.

[Anonymous]

Earlier than on-time all the time with the auto lease. I pay as soon as the statement is e-mailed.

[smallfry]

FICO high achievers carry a $1200 balance on non mortgage installments? I gotta see that ride.

[Anonymous]

I know, I think that is a joke.

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@smallfry wrote:
FICO high achievers carry a $1200 balance on non mortgage installments? I gotta see that ride.

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[Anonymous]

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cfstr1 wrote:
... Most FICO High Achievers carry a total balance of less than $1200 on non-mortgage accounts ...

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I don't see the word "installment" in there.

[Anonymous]

i dont see it either....