Help Me Understand MyFico

[Anonymous]

Can anyone please explain it to me, why is in my MyFico account the following difference:

If I go: Monitor Finances, the total balances owed is $202.000

My Total Account Balance is: $142.000

I used to be on my wife's CC accounts, that balance is about $60.000, but I am not an authorized user on those anymore. How long before that will be removed from my report? Do I have to initiate it to be removed?

Thank you for your help.

[haulingthescoreup]

That sounds like the difference ($202 - 142 = $60.)

Call the CC on which you used to be AU and ask them to update your status with the 3 credit bureaus. If it doesn't change by the next statement date, you can dispute with the CRA's as "not mine", but I hesitate advising that, in case they decide to slap a fraud alert on your reports, or something equally absurd.

I know that it doesn't make sense that the credit bureaus would do this, but they've done stranger, that's for sure.

[Anonymous]

Thank you! Also My score is 714, and there is a percentage number: 46% what does that mean? Thank you in advance

[llecs]

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ulti wrote:
Thank you! Also My score is 714, and there is a percentage number: 46% what does that mean? Thank you in advance

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Is this on page two or three of your report (things helping and hurting your score)? If so, then that it utilization. It is calculated by adding up all of your reported balances on all open CC accts (and closed if reporting a balance) and dividing it into the total CLs of all CCs (open, and again closed, if reporting a balance).

Edit to add....if you brought that figure to under 10%, I'd bet you'd see a 35-40 point jump in your score.

Message Edited by llecs on 01-03-2009 05:11 PM