All my credit card accounts are at a $0 balance except for an Amex Charge(reported as OPEN so it is not taken into account in FICO) and a Schwab Invest First Signature Card. It is my understanding that the Schwab reports also in such a way so that it is not taken into account in the utilization (appears that way on a regular credit report) but on MyFICO equifax score report it shows a 19% util.
On MYFICO the Schwab says: Account Type [?] Revolving (NOT "OPEN" like the Amex reports as)
On CreditSercure the Schwab Says: (nothing)
On the report directly from Equifax the Schwab Says: Flex Spending
I am aware that the FICO score available on myfico.com for Transunion is using an older version that does take into account signature cards. However, Equifax is not supposed to do that.
I know for a fact that FICO Equifax does not take into account my Amex card in the util, that 19% was caused solely by the Schwab card.
How can FICO take into account the Schwab card, and use the high balance as no credit limit is reported? Does that not cause a BIG problem?
Some people I've spoken to claim they have no such issue because they think they are in another score card....
So confused...
You've made heavy use of your available revolving credit.th
Ratio of your revolving balances to your credit limits
19%
For FICO High Achievers [?], this ratio is 7%, on average.
Your FICO score evaluates your total revolving credit [?] balances in relation to your total credit limits on those accounts. In your case, this ratio of balances to credit limits is too high.
Message Edited by mrdrum18 on 10-30-2009 10:12 AM
