I am out of ideas and have decided to look for help on the board. I received a permanent modification from then EMC in 2010. My original loan amount before modification was 220k and fee and late payments were added back it went up to 233k. My issue is that after the modification the tradeline was never changed so I have a balance of about 225k with a high loan amount of 220k which is wrecking my utilization and my scores will never go over 600 until this is fixed. I have contacted EMC several times and not the new servicer Chase to no avail. I recently sent a complaint to the CFPB and Chase still wont budge saying they have to report the original amount despite the term changing on my report to 400+ months and the payment changing. Does anybody have any ideas as to what I should do next. At this point I feel like I was better off letting the house go as I would be in much better shape today credit wise. Any help would be appreciated.
I wasn't aware the installment loan utilization was factored into fico.
Installment balances aren't included in the utilization that matters, only revolving credit. I'd be in heap big trouble if it were, thanks to my student loans. If they are reporting accurately, not much you can do about it.
ETA: there has to be something else dragging on your score. Late payments can certainly do that in a big way, especially if they are recent.
I also believe, if what I've heard is correct, that the fact that you went through a modification can affect your credit score as well. It seems like I've read somewhere that even if your payments are on time, and you go through a mod (it's possible, from what I've heard with the HAMP program) to get a more affordable payment, it still shows up on your reports and can affect your score.
You said your utilization is at 100%, Is that when you check your score on here, because it seems like my utilization on here is only calculated by my revolving credit. Are your credit cards maxed out by any chance?
+1 Check your util on revolving accounts.