Utilization Calculation Question

Anonymous · ‎04-11-2009

I'm trying to come back to the same util calculation % that myfico came up with and can't come up with the exact %age. I have some closed accounts that have a zero balance but are still showing a credit limit. Are these included?

Anonymous · ‎04-13-2009

@Anonymous wrote:
I'm trying to come back to the same util calculation % that myfico came up with and can't come up with the exact %age. I have some closed accounts that have a zero balance but are still showing a credit limit. Are these included?

Generally zero-balance closed accounts are not included.

Do you have any closed accounts that do have a balance? What is the highest CL among your open accounts? Also, is this MyFico report for EQ or TU or both?

RobertEG · ‎04-13-2009

Closed accounts do not count in CL, but their balance due will be included in % util until paid in full.

Add up your CL on open accounts. Be aware that all accounts you have open do not necessarily count into your CL, Many business CC accounts do not. For example, I have a Chase Pro Business card that does not count into my FICO CL,and thus does not factor into % util at all.