cancel
Showing results for 
Search instead for 
Did you mean: 

Help understanding how FICO is calculating my amount of debt owed and how to dispute

tag
Anonymous
Not applicable

Help understanding how FICO is calculating my amount of debt owed and how to dispute

Hi everyone,

This is a cross post but I need help from this forum with how to dispute these items with the credit bureaus. According to my report, I'm using 81% of my revolving credit on 10 open accounts. However, I only have three open cards (plus two authorized user cards but I know those aren't counted). I have four credit cards that charged off in 2015 and were subsequenty included in a dismissed ch 13 bankruptcy. Is the algorithm including those balances even though those accounts are closed? Should the balances be $0 since they were charged off? I'm still unclear why the system shows I have 10 accounts. How do you dispute these types of inaccuracies with the credit bureaus? Or is this a FICO-only problem that I can't dispute?

Thanks.

Message 1 of 8
7 REPLIES 7
Jnbmom
Credit Mentor

Re: Help understanding how FICO is calculating my amount of debt owed and how to dispute

@Anonymous 

 

Please do not cross post. Your post will get replies you just have to wait for others to respond.

EXP 780 EQ 796 TU 810
Message 2 of 8
Anonymous
Not applicable

Re: Help understanding how FICO is calculating my amount of debt owed and how to dispute

Will do. My apologies. 

Message 3 of 8
Jnbmom
Credit Mentor

Re: Help understanding how FICO is calculating my amount of debt owed and how to dispute

No problem it just gets confusing when you post more than once with same topic because some will reply to one post while others will reply to other and it can be hard to follow .

EXP 780 EQ 796 TU 810
Message 4 of 8
Anonymous
Not applicable

Re: Help understanding how FICO is calculating my amount of debt owed and how to dispute


@Anonymous wrote:

Hi everyone,

This is a cross post but I need help from this forum with how to dispute these items with the credit bureaus. According to my report, I'm using 81% of my revolving credit on 10 open accounts. However, I only have three open cards (plus two authorized user cards but I know those aren't counted). I have four credit cards that charged off in 2015 and were subsequenty included in a dismissed ch 13 bankruptcy. Is the algorithm including those balances even though those accounts are closed? Should the balances be $0 since they were charged off? I'm still unclear why the system shows I have 10 accounts. How do you dispute these types of inaccuracies with the credit bureaus? Or is this a FICO-only problem that I can't dispute?

Thanks.


AU accounts do count.

 

My SO is an AU on my CC and my bal is calculated into his Util. That is why if you are an AU on an account with high balance, it hurts you much more than it helps you.

Message 5 of 8
Anonymous
Not applicable

Re: Help understanding how FICO is calculating my amount of debt owed and how to dispute

Thanks. Luckily, the person who owns the accounts (my daughter) pays as she goes throughout the month. Usually a small balance will post so the cards show use, but it's usually less than 10% of her available credit. 

Message 6 of 8
Anonymous
Not applicable

Re: Help understanding how FICO is calculating my amount of debt owed and how to dispute

Was your Ch. 13 dismissed or discharged?  It might make a difference in how the accounts are listed.

Message 7 of 8
bass_playr
Established Contributor

Re: Help understanding how FICO is calculating my amount of debt owed and how to dispute

That's part of the issue there.  If the BK had been discharged, then those accounts would be uncollectible, and should not count against you any longer.  But since it was dismissed, they can still count against you.  Also, "open" does not necessarily mean that the account is still open as though ready for use today.  The term also can refer to a type of account--credit cards, for example, are open accounts in that the debt is not a one-time fixed amount of money, but the balance goes up and down with use and payment.  Compare that to a car loan, which starts off at a high balance and constantly decreases as payments are made, but it does not permit you additional credit to use at a later time.  

Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.