Utilization

[Anonymous]

Hello everyone,

I would like to know does utilization include closed and open accounts or just open accounts? 

[gdale6]

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@Anonymous wrote:

Hello everyone,

I would like to know does utilization include closed and open accounts or just open accounts? 

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If an OC is reporting a CO with a balance it can be included in utilization.

[Anonymous]

I can tell you my situation.  I have an account that was an overdraft LOC from Chase until they changed strategy in 2016 (ish) and closed it.  EX includes it in my utilization where EQ and TU to not.  Needless to say, my EX utilization is better than the other two.

[Anonymous]

Thank you both! 

[RobertEG]

Creditors are permitted to report a revolving account as "Closed" as a means to therafter limit their risk by preventing the consumer from adding new charges/purchases.

It does not prevent continued reporting of new delinquencies or of the current balance or additional amounts, such as interest or late charges.

FICO scoring continues to include both open and closed revolving accounts in % util scoring.

Removal of a revolving account from your % util scoring occurs when the balance reaches $0, and not when the account becomes closed to additional charges or purchases.

[Anonymous]

This is the information that is needed. Basically, I need to pay down my debt that is closed. My open debt is little to none. 

[vV35Hszm]

...or if you get a bunch of new credit wouldn't that ALSO make your utilization go down?  Like it a family member added you as an authorized user to an account with a lot of available credit?  That's what I am trying to do.

Also can a creditor continue to report a balance on a debt they wrot off and issued me a 1099 for?