Anyone else have this issue, or possible solution

[Anonymous]

MyFico avg about 620 with the 3 combined One of the biggest issues, it looks like the reports show "heavy debt" I only have visa 2,000 bal Dell 1,000 bal Sears 500 bal 2 of the above are only at about 20% of my max line. The only other thing i can think of is my Sallie Mae student loan which has a balance of about 13k. but for a student loan thats not even that high. Also, my student loans look like 4 separate loans on paper but with only 1 amt due each month. Any idea why i would have "heavy debt" bringing me down? Any feedback here would be much appreciated Thx

[Anonymous]

It's probably not the installment loan...you said 2 of the above are at 20%...what is the other at???...maybe that's it???...I think FICO wants to see UTL around 9%...just a guess...

[Anonymous]

What exactly does the score factor say? When you say "2 of the above are at 20% of your max line" what about the 3rd?

[Anonymous]

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sjcal wrote:
MyFico avg about 620 with the 3 combined One of the biggest issues, it looks like the reports show "heavy debt" I only have visa 2,000 bal Dell 1,000 bal Sears 500 bal 2 of the above are only at about 20% of my max line. The only other thing i can think of is my Sallie Mae student loan which has a balance of about 13k. but for a student loan thats not even that high. Also, my student loans look like 4 separate loans on paper but with only 1 amt due each month. Any idea why i would have "heavy debt" bringing me down? Any feedback here would be much appreciated Thx

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Figure your overall util. Total balances divided by total credit lines.

What was the high balance on the SL?

As already mentioned, FICO likes overall util below 9%.

[Anonymous]

Hello SlyHouse Thx for the response, the other card is at about 85% of max. wow, that would be crazy if that 1 card is bringing me down because of heavy debt.

[Anonymous]

Hello The Rich The 3rd is at about 85%, i cant believe that 1 card at close to max would have such a big impact on my whole score, wow thats something

[Anonymous]

Hello Sidewinder I dont think my SL shows a highest bal or line attached to it, but just from me remembering the highest was prob about 2k more that the current

[Anonymous]

Overall UTL is counted...as well as individual UTL....so I think the 85% matters...now I don't know how much.....

[Anonymous]

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@Anonymous wrote:
"MyFico avg about 620 with the 3 combined One of the biggest issues, it looks like the reports show "heavy debt" I only have visa 2,000 bal Dell 1,000 bal Sears 500 bal 2 of the above are only at about 20% of my max line. The only other thing i can think of is my Sallie Mae student loan which has a balance of about 13k. but for a student loan thats not even that high. Also, my student loans look like 4 separate loans on paper but with only 1 amt due each month. Any idea why i would have "heavy debt" bringing me down? Any feedback here would be much appreciated Thx"

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I'm no expert but Maybe if your income is not very high they could see the debt you have as being "too much" for your income.

Otherwise, if you have all good payment records and no "Potentially Negatives" on your credit reports, then I don't see why your scores are so low. Also it depends on how old your credit history is so could that be a factor?

If you've looked at all 3 actual reports (not just the summaries from some service) and you see no negs, then aside from the above possibilities, I see no reason why they should be that low. Maybe you could go through the menu hell and wait hell of calling one of the services or credit bureaus and ask them?

Message Edited by pdsnickles on 07-21-2008 01:35 PM

Message Edited by pdsnickles on 07-21-2008 01:36 PM