Calculating UTL?

[Anonymous]

When caculating UTL, do you include installment debt such as student loans and car payments?

If so, what is the CL?

[Anonymous]

Installment loan util is VERY different than revolving debt (CC) util. Installment loan util, AFAIK, has VERY little impact on your FICOs.

Whereas CC util has a VERY high impact on your FICOs.

[Anonymous]

Oops! Forgot to say: you can calculate installment util the same way you do CCs.

For example: hubby has a student loan with the high balance of $52K, and only owes $22K on it now. Hubby also has a car loan with a high balance of $7750 and only owes $1200 on it now.

So you add $52K + $7750 = $59,750

He owes NOW: $23K + $1200 = $23200

Divide $23200 by $59750 and the util is 38%

But still, it's not a big factor, AFAIK, in FICO scoring.

[fused]

No credit repair question, so I'm moving this thread to the Understaning FICO scoring forum.

[fused]

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Laurenlou wrote:

When caculating UTL, do you include installment debt such as student loans and car payments?

If so, what is the CL?

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Also, with revolving util calculations, there are two types: individual (each CC) and overall (all cards together). So here's an illustration:

Card A: CL 5,000 balance 2,000 = individual util = 40%

Card B: CL 3,000 balance 1,000 = "               "    = 33%

CArd C: CL 2,000 balance 200   =  "               "    = 10%

Overall util = Total CL 10,000/ 3,200 balance = 3,200 total overall util = 32%

[Anonymous]

Ok I'm totally confused!  myFICO has DH listed at 84% but we have NO revolving until CJ starts reporting within a couple of weeks.  We have a couple of installments and a bunch of CAs. 

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Wonderin wrote:
Installment loan util is VERY different than revolving debt (CC) util. Installment loan util, AFAIK, has VERY little impact on your FICOs.

Whereas CC util has a VERY high impact on your FICOs.

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[marty56]

I thought that CC acconts in collection count as util.  So if you have CC accounts in collection, that may be your util.

Message Edited by marty56 on 07-28-2008 02:53 AM

[fused]

COs being reported by the OC do factor in util calculations while collections being reported by a

third-party collector do not.

[fused]

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WhatzUrPlan wrote:

Ok I'm totally confused!  myFICO has DH listed at 84% but we have NO revolving until CJ starts reporting within a couple of weeks.  We have a couple of installments and a bunch of CAs. 

Are you 100% sure these are collections and not charge-offs? Or are they COs being reported by CAs (this would be odd).

[Anonymous]

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fused wrote:

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WhatzUrPlan wrote:

Ok I'm totally confused!  myFICO has DH listed at 84% but we have NO revolving until CJ starts reporting within a couple of weeks.  We have a couple of installments and a bunch of CAs. 

Are you 100% sure these are collections and not charge-offs? Or are they COs being reported by CAs (this would be odd).

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No, I guess I'm not 100% sure, as we've got both CAs & COs, all reported by CAs.  The one thing I am 100% sure of is that none of them is a CC, but some are revolving COs which are now being reported by CAs, if that makes sense.