Ratio of revolving debt question

[Anonymous]

I just checked my credit and found out that my revolving credit usage is negatively effecting my fico score. The problem is that the percentage reported is incorrect. How can I fix this?

Here are the details. I have 3 credit cards with a total balance amongst them of $16300. According to my credit reports, when they last recieved my banks reported balances I had a total balance of $2719. My fico report is claiming that I have a 41% ratio of revolving debt to my limits.

Now, I understand that my reported balance is going to be whatever it is on the day the banks report them to the credit bureaus even though I pay my balances in total every month. What I don't understand is how my ratio of revolving debt percentage is 41%. My calculations show that it should be about 16.5%.

What am I missing? How can I fix this as it appears to be having a significant effect on my scores.

Thanks!

Greg

[Anonymous]

Do you have any negative accounts which may be included in the revolving, such as a CO from an OC?

Welcome to the forums.

[Anonymous]

Thanks for the response.

I looked and yes there is an account from Verizon Wireless that is listed as "Payment after charge off/collection". It was a collection on a cable internet account that I had long since closed and was unaware still had a balance on until contacted by the collection agency. How would that play into revolving credit?

Thanks again.

Greg

[Anonymous]

If it was a CA reporting, it would not count.

Only OC accounts with a balance would be included.

I am not sure what is going on.  If no one else responds, bump the post to keep it at the top.  Someone will answer it.

I do know that on my CR it shows I only have 1 year of history, yet my oldest CC is from 1997 and is still open, in good standing.

How they come up with stuff is beyond me.

[Anonymous]

It is listed as "National Recovery D" so I imagine that it is a CA. Thanks for your help, hopefully I can figure this out. Is there anyone that I can speak to professionally that is not some scam operation like those "credit recovery" places?

[Anonymous]

Not to my knowledge.  I would wait and have someone here answer your question.  There are many, many knowledgable people on these forums.

It is still early, well, where I am anyway.  I am sure some one else will respond soon.

Just keep bumping so it doesn't get lost in all the threads.

Sorry I could not offer more information.

[llecs]

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@Anonymous wrote:

I just checked my credit and found out that my revolving credit usage is negatively effecting my fico score. The problem is that the percentage reported is incorrect. How can I fix this?

Here are the details. I have 3 credit cards with a total balance amongst them of $16300. According to my credit reports, when they last recieved my banks reported balances I had a total balance of $2719. My fico report is claiming that I have a 41% ratio of revolving debt to my limits.

Now, I understand that my reported balance is going to be whatever it is on the day the banks report them to the credit bureaus even though I pay my balances in total every month. What I don't understand is how my ratio of revolving debt percentage is 41%. My calculations show that it should be about 16.5%.

What am I missing? How can I fix this as it appears to be having a significant effect on my scores.

Thanks!

Greg

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Greg, would you mind listing out your CCs? If you do, list the reported balance and the reported CL. Also be sure to include any LOCs or HELOCs in that as well. If you have any special cards that impact util, like signature cards or charge cards (like Amex), mention that too. Finally, be sure to include any CC COs, if any.

Also, where did you get your score from? If from myFICO, is it TU or EQ?

[marty56]

Check your CR to make sure the 3 credit limits are are correct.  I assume all 3 accounts are stilllisted as  open.

[RobertEG]

Do you have a pending dispute with any CRA?  That can result in a temp reduction of all account scoring until the dispute is resolved.

Did any exiting OC close their account?

Did any creditor reduce their CL?

Did a HELOC drop from a point where it was not previously scored in revolving credit util to a balance that now is?

Otherwise, undisputed accounts in good standing that are not under any dispute should be easy to determine.

Your balance/CL  = % util.