CLI vs New

[Anonymous]

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@Anonymous wrote:

Agreed, but it's not. lol 54%. Ill wait until the Nov 1 pull and see 

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In your original post you said that this account was "closed by them."  If an account is closed, it has no credit limit, so if there's a positive balance the account is viewed as at 100% utilization until it is paid off. 

[Anonymous]

I totally understand that. But, it is not reporting that way. I dont know, Im new at this

[Anonymous]

What do you mean it's not reporting that way?  Do you mean it was recently closed by them, but the account hasn't yet reported as closed?  If that is indeed the case and the account is still being shown as open on your CR, you can expect a score drop once it reports as closed, as that TL will be going from 54% utilization to 100% utilization.

The best thing you can do is pay that debt down/off ASAP.

[Anonymous]

Also...

I have 2 collections (2013 and 2015) only $562 and $435. These accounts are closed and paid off but on my CR as collections. Everytime I search for removing them I end up at "Pay for Delete" which is writing a letter to the collection agency. They tell me that I have to call the bureaus becasue they dont own it any more becasue it is closed. Is this true? is there a way to convince the 3 CBs to remove it?

Thanks,

Brew

...Yes, I brew my own beer. Mostly Lagers and Stouts. Cheers!

[Anonymous]

This is what Navy Federal Says on Experian...

Recent Balance $6851

Credit LImit or Origonal Amount $10,000

Monthly Payment $138

Date Opened 02/2012

First Reported03/2012

Date of Status 11/2016

Comment: Account Closed at credit grantor's request

Revolving Utilization 71%

Total Balance on Revolving Credit $9201 (combination of 3 accounts - $9201 out of $13,000) (10k, 1k, 2k)

These arent my numbers or my Math

The status of being closed is a year old.

[DollyLama]

It is closed and 100% utilization, what once was a 10k credit limit, is now a zero credit limit, with a balance. Can't charge on it, no available credit. The 71% utilization was probably the status in November 2016 at the time was closed by the creditor. As the balance on your report is $6800 and you state you owe $5400 currently. They have not updated since last year, is what I'm seeing. Difference of $1400 and each month declining, yet not reporting as such.

[Thomas_Thumb]

^ Correct - a closed card with a balance is viewed as a max out of available credit as far as Fico is concerned. Typically credit limit on a closed account is equal to balance so utilization would, for scoring purposes be 100% on that card.

Third party presentation summary reports may use their own calculations for reporting an aggregate utilization summary. However, that does not mean Fico uses the 3rd party calculation in their algorithm.Unfortunately, some summary reports don't follow Fico (or VantageScore) protocol and this can be a bit misleading.

P.S. With respect to aggregate utilization Fico looks at total balance divided by total of credit limits. My question is: for a closed account is the balance considered the credit limit? If so, I believe the Brewmeister's aggregate utilization would come to 93% [$9201/$9851]

[DollyLama]

And if you are wondering where the 40 point jump came from, it most likely you being added as an AU on a higher CL CC with great payment history and lower utilization.