This is my first post, and I made sure that I read the rules and looked for this in the past 20 pages of posts and didn't find what I was looking for. So here goes.....


Sallie Mae is saying that I have a loan from them for 22k (which is correct) but they are reporting that I have a credit line of 17k( not sure where this came from) As a result of this, my credit utilization rate is being killed!! it is around 125% b/c of this. I don't have much in the way of revolving credit, 2 cards with a total credit line of $500. I know my score is being shot to hell as a result of this. I am not sure how to go about fixing this with Sallie Mae or, more importantly, the credit bureaus. Any advice of how to fix this is greatly appreciated.

I am trying to fix this stuff now b/c i am getting married in the next year and we want to get another house in the next 3-5 years. My lady has a house already, but I need to get my credit right.

Thanks.

Hi dbx....

Funny how everything can be found on the internet (or creditboards).....

I was also thinking about this same thing today. In fact, I was searching for it.....My utilization on my loans is crazy! I wanted someone to explain this to me too.

I'm wondering if it has something to do with the original balance, compared to the balance with interest. How long have you had your student loan?

If you are still around, I will try to help you get an answer

Erin

Hi....Before everyone thinks that I'm confused on utilization, I'm wondering about something I saw on the Equifax site (yes, I know it's not Fico ).

They had a section regarding the things that are hurting my score. According to Equifax...

I have Installment-totaling - $46,529 with a credit limit of - $34,670 ????

They say my utilization is - 134% ???


Huh? I know that this is not gospel, but where are they coming up with this info?

http://ficoforums.myfico.com/fico/board/me...ding&page=1

Yes the bastards got my equifax report for 25 points......grrrr

Just called the Consumer Adovocate line listed in one of the posts above and spoke with Mike. He told me that SM is well aware of the issue and that they are working with the CBs to correct the "tape" and they expect the issue to resolved by close of business on Friday. He said that most of the accounts affected are those that are in a graduated repayment status.