@Brian_Earl_Spilner wrote:
@TheKid2 wrote:When I was trying to calculate Util with the CO, both @Revelate and @Anonymous corrected me that I can't assume the CO is counting traditional Util (Bal / CL). Your post here appears to support that since even with a 8% aggregate Util you shouldn't be seeing the "High Credit Usage" reason code. The algos have to be counting the CO heavier. That is what I am seeing on my scores, as well. I am getting a "Heavy use of revolving credit" with my open accounts at 3% aggregate Util.
Pretty sure heavy use would include going over the limit, which a chargeoff is, because the limit is 0.
Is "High Credit Usage" an individual account metric? When you calculated 8% aggregate Util did you calculate the CO as [Balance / 0], [Balance / CL], [CL / CL], or [Balance / Balance]?
@TheKid2 wrote:
@Brian_Earl_Spilner wrote:
@TheKid2 wrote:When I was trying to calculate Util with the CO, both @Revelate and @Anonymous corrected me that I can't assume the CO is counting traditional Util (Bal / CL). Your post here appears to support that since even with a 8% aggregate Util you shouldn't be seeing the "High Credit Usage" reason code. The algos have to be counting the CO heavier. That is what I am seeing on my scores, as well. I am getting a "Heavy use of revolving credit" with my open accounts at 3% aggregate Util.
Pretty sure heavy use would include going over the limit, which a chargeoff is, because the limit is 0.
Is "High Credit Usage" an individual account metric? When you calculated 8% aggregate Util did you calculate the CO as [Balance / 0], [Balance / CL], [CL / CL], or [Balance / Balance]?
You only need a single instance for a reason. Even if you have a single 30 day late that's 7 yrs 5 mos old, "Negative Item" can appear as a reason, especially if everything else on your report is clean. A chargeoff is figured at 100% utilization because the limit is 0. That's heavy revolving use.
You figure out utilization by adding up all credit being used and dividing it by your total credit limits.
@Brian_Earl_Spilner wrote:
@TheKid2 wrote:
@Brian_Earl_Spilner wrote:
@TheKid2 wrote:When I was trying to calculate Util with the CO, both @Revelate and @Anonymous corrected me that I can't assume the CO is counting traditional Util (Bal / CL). Your post here appears to support that since even with a 8% aggregate Util you shouldn't be seeing the "High Credit Usage" reason code. The algos have to be counting the CO heavier. That is what I am seeing on my scores, as well. I am getting a "Heavy use of revolving credit" with my open accounts at 3% aggregate Util.
Pretty sure heavy use would include going over the limit, which a chargeoff is, because the limit is 0.
Is "High Credit Usage" an individual account metric? When you calculated 8% aggregate Util did you calculate the CO as [Balance / 0], [Balance / CL], [CL / CL], or [Balance / Balance]?
You only need a single instance for a reason. Even if you have a single 30 day late that's 7 yrs 5 mos old, "Negative Item" can appear as a reason, especially if everything else on your report is clean. A chargeoff is figured at 100% utilization because the limit is 0. That's heavy revolving use.
You figure out utilization by adding up all credit being used and dividing it by your total credit limits.
I understand the derog as a negative item and just trying to understand the Util impact (your last Util reference from the 1st page I put below). I haven't seen that the limit for a CO is considered 0 documented anywhere as definitive. Most I've seen is people feel past due CO balances are considered "maxxed out cards". So, how are you sure the way you are calculating the aggregate Util manually is how the algorithms are actually seeing it when they score you? This is just an honest question as I try to calculate my current Util with COs.
5/26/20 - 17th revolver reporting paid.
Aggregate utilization with chargeoff: 15.49%
Aggregate utilization w/o chargeoff: 7%
@TheKid2 wrote:
@Brian_Earl_Spilner wrote:
@TheKid2 wrote:
@Brian_Earl_Spilner wrote:
@TheKid2 wrote:When I was trying to calculate Util with the CO, both @Revelate and @Anonymous corrected me that I can't assume the CO is counting traditional Util (Bal / CL). Your post here appears to support that since even with a 8% aggregate Util you shouldn't be seeing the "High Credit Usage" reason code. The algos have to be counting the CO heavier. That is what I am seeing on my scores, as well. I am getting a "Heavy use of revolving credit" with my open accounts at 3% aggregate Util.
Pretty sure heavy use would include going over the limit, which a chargeoff is, because the limit is 0.
Is "High Credit Usage" an individual account metric? When you calculated 8% aggregate Util did you calculate the CO as [Balance / 0], [Balance / CL], [CL / CL], or [Balance / Balance]?
You only need a single instance for a reason. Even if you have a single 30 day late that's 7 yrs 5 mos old, "Negative Item" can appear as a reason, especially if everything else on your report is clean. A chargeoff is figured at 100% utilization because the limit is 0. That's heavy revolving use.
You figure out utilization by adding up all credit being used and dividing it by your total credit limits.
I understand the derog as a negative item and just trying to understand the Util impact (your last Util reference from the 1st page I put below). I haven't seen that the limit for a CO is considered 0 documented anywhere as definitive. Most I've seen is people feel past due CO balances are considered "maxxed out cards". So, how are you sure the way you are calculating the aggregate Util manually is how the algorithms are actually seeing it when they score you? This is just an honest question as I try to calculate my current Util with COs.
5/26/20 - 17th revolver reporting paid.
Aggregate utilization with chargeoff: 15.49%
Aggregate utilization w/o chargeoff: 7%
There is no limit anymore once a chargeoff happens, only a negative balance. You can't factor something in that doesn't exist anymore. Charging off is an accounting measure. They don't sell the credit line to a collection agency, only the debt, because that credit line has been taken back and reallocated elsewhere.
Congrats on the payoff, and the score bumps! : )
Its been a while and I wanted to update. As I'm getting closer to AZEO, I have received no score updates. They have not changed since the last payoff updates. I think it's safe to say that what I've gained, is all I'm going to gain.