The 1-9% really only applies to revolving credit. In terms of scoring, your util on an installment account (like student loans) means little.
Thanks for the help, everyone. Tuscani, I did read that thread and a bunch of the other FAQ's threads...very helpful, thank you! I'm such a newbie to this. I didn't see my particular question answered (although I may have missed it, obviously) so that's why I posted. Hope I'm not asking an irritating question that gets asked every 2 days or something...sorry if it is!
We are paying down those high balances...I think *most* of the reason it says that is b/c of dh's student loans ($35000+). We pay about $100/mo. more than the minimum but it's still going to take us many years to pay off. We do have some cc debt we are paring down, and from what I can gather from here, paying that down as much as possible (to get into that 1-9% debt ration thingy...) is going to be the most helpful thing to do in the next couple years before we get a "real" mortgage/building loan/whatever it is. Thanks for your help...still waiting to hear if we're approved for the loan or not, but I feel much calmer.
Message Edited by canadiyank on 08-21-2007 01:37 PM
The comments are for your purposes only so you can determine how to improve your score. The comments do not appear on the reports that the lenders see. Presumably they can look at a report and understand what's going on.
There are, however, all these "comments" below them..."too many accts" "not long enough history" "revolving balances too hight" etc. All those "comments" make me feel very nervous. I read on one of the other posts that said those comments will appear b/c they have to have *something* on there since we don't have perfect scores. Is that what it's about? I'm feeling a little scared that we won't get approved for this loan b/c those comments make us sound so inept! Ugh! So, something to worry about? Good, bad, or indifferent? Thanks!