Understanding FICO utilization calculation - My utilization seems incorrect

[mistereman]

I am having a hard time understanding how my FICO utilization is calculated. I was able to determine a few things:

My said revolving account balance is $19,527 

 Creditor                           Balance         CL                    Utilization

Fortiva	$3,480	$6,000	58.00%
Synchrony (CLOSED)	$4,097	$0
Cerulean (3291)	$1,000	$1,000	100.00%
Fingerhut	$0	$600	0.00%
Credit One	$0	$500	0.00%
Jared	$2,161	$2,850	75.82%
OneMain	$0	$3,000	0.00%
Marcus	$29	$3,000	0.97%
Destiny	$0	$300	0.00%
AMEX - Delta	$817	$1,000	81.70%
AMEX - Platinum	$8,013	$0	0.00%
Total (56%??)	$19,597	$44,760	43.78%

The total $19,597 is accurate when I check myFICO however the utilization rate on myFICO shows 56% when it appears it should be 43%. I have messed around with these numbers to see if there is something else that could factor into it but I can't get to the bottom of it. Is there anything else besides revolving accounts that goes into that rate. All of my charge offs have been paid, I have one item in collections ($14k) but that wouldn't make sense because that would put me way above 56%. Additionally, I'm an authorized user on two other cards with high balances ($30k each) but they are both at their limit which would also put me above 56%. I'm super confused here, HELP!!

[FicoMike0]

My first question is, are all of these revolving accounts? I don't recognize some of the names. Any that are installment loans have to be evaluated separately. I'll then point out that amex plat is not a revolving account, it's a charge card. I'm not sure how it's handled, but someone will tell us.

Now, your numbers don't add up. Your column headings don't either. The third column, which appears to be credit limit, adds to $18250, not $44760. The second column is correct, but is reduced to $11584 with amex removed. Your utilization is then 107% including the plat. Or 63%, without the plat.

I'm guessing one of the accounts is an installment loan and also not included.

I'm sure you understand it's the closed sync account that's killing you. Whatever Cerulean is, besides a color, is also killing you at 100%.

[mistereman]

Lol @ Besides a color 😂... That's the thing tho, it's all accurate regarding the individual reporting tradelines, my aggregate percentage is around 56% and I can't account for what it is. I keep detailed track of everything on a spreadsheet and can't seem to pinpoint what it is. I'm thinking an installment loan may be getting reported wrong as a revolving tradeline. Still trying to figure it out. The individual cards like Synchrony and Cerulean will be paid down but I'm just trying to figure out where the discrepancy is.

[FicoMike0]

It always helps to laugh. I guess I wouldn't worry too much exactly what the number is,  try to bring it down. If you can get those two eliminated, it should help. Good luck.

[SouthJamaica]

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@mistereman wrote:

I am having a hard time understanding how my FICO utilization is calculated. I was able to determine a few things:

My said revolving account balance is $19,527 

 Creditor                           Balance         CL                    Utilization

Fortiva	$3,480	$6,000	58.00%
Synchrony (CLOSED)	$4,097	$0
Cerulean (3291)	$1,000	$1,000	100.00%
Fingerhut	$0	$600	0.00%
Credit One	$0	$500	0.00%
Jared	$2,161	$2,850	75.82%
OneMain	$0	$3,000	0.00%
Marcus	$29	$3,000	0.97%
Destiny	$0	$300	0.00%
AMEX - Delta	$817	$1,000	81.70%
AMEX - Platinum	$8,013	$0	0.00%
Total (56%??)	$19,597	$44,760	43.78%

The total $19,597 is accurate when I check myFICO however the utilization rate on myFICO shows 56% when it appears it should be 43%. I have messed around with these numbers to see if there is something else that could factor into it but I can't get to the bottom of it. Is there anything else besides revolving accounts that goes into that rate. All of my charge offs have been paid, I have one item in collections ($14k) but that wouldn't make sense because that would put me way above 56%. Additionally, I'm an authorized user on two other cards with high balances ($30k each) but they are both at their limit which would also put me above 56%. I'm super confused here, HELP!!

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Your total credit limits are 18,250.

Your total balances are 11,584

Utilization is 63.47%

The Amex Platinum is not included in utilization.

[mistereman]

I thought so too but myFICO says my revolving utilization is 49% for Transunion and 56% for Equifax. All accounts report same balances, only difference is my line of credit on Transunion which isn't revolving, that only reports to TU

[SouthJamaica]

If your reported balances are what you say they are, your total credit limits are 18,250, your total balances are 11,584, and your utilization is 63.47%

[Thomas_Thumb]

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@mistereman wrote:

I thought so too but myFICO says my revolving utilization is 49% for Transunion and 56% for Equifax. All accounts report same balances, only difference is my line of credit on Transunion which isn't revolving, that only reports to TU

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The AMEX platinum does not count. In addition, AU accounts are not considered in the calculation although they are part of your available credit. How much is your PLOC and how much of it are you using?

[FicoMike0]

Pay attention now, having @Thomas_Thumb  comment is like when my dad checked my math homework. I don't recall either of them being wrong.

[NoHardLimits]

What does myFICO say is the "number of revolving accounts with balances"?  I suspect that some of the listed accounts are not considered to be standard revolving credit cards.  Look at the detailed description for each account in your credit report.  As suggested earlier, some might be considered to be installment loans.  Some could also be viewed as consumer finance accounts.