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I need an exact answer.


The last post in this topic was posted 2654 days ago. 

 

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No he doesnt.

 

You do know that there is a Lag between bureaus and real time Data right?

 

Since you are "building" you should HAVE NO BALANCES. None at all, ZERO, NADA, ZIP.

 

Dont use the dam cards for anything but a pack of gum.. and let that dollar report on ONE CARD.

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Do you know how to calculate utilization?

 

Not really, conflicting answers with that as well. I don't know if installment loans are counted, if AU accounts are counted, if closed accounts are counted, etc.

 

I tried about 5 different variations, the highest percentage I got (from Ex's report), is 46%.

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Because every one I read online is conflicting.

 

EX Fico is reporting my UTL at 51%. It's 14% according to CK.

 

But I'm reading Fico no longer counts AU's, I have a $3000 credit card on my report with $0 balance.

 

Is that true?

 

Reports you get re "utilization" from credit report third parties sometimes have errors and are not necessarily what is used to calculate FICO scores. This includes utilization reported by MyFico reports.

 

As an example I have a report from 4 years ago showing 68% utilization with a couple of CAs and a PR yet it produced a 680 FICO. Had the FICO score been calculated based on a 68% util. the score would have been low 600s at best and likely in the 500s. What MyFICO or any other aggregator reports as utilization may or may not be what is used to calculate FICO scores.

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I'm fairly new, so I may be wrong. And, I agree, the search function could be better, BUT, from what I gathered from Marv's link:

 

1. Are closed accounts included in fico's utilization?

 

No. Revolving accounts only. Closed means they aren't revolving I presume.

 

 

2. What about AU's?

 

They would count. They are revolving, and they are open.

 

 

 

.and finally..

 

 

 

3. Installment loans?

 

Doesn't sound like it has anything to do with your available credit.

 

 

Sounds like all you need to do is add up all open balances on all open CREDIT CARDS, and divide that by the total maximum credit allowed.

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Tim you have bigger fish to fry. This is the LEAST of your worries..

 

No? Utilization is THIRTY PERCENT of my score. I need to figure out why it's so high.

 

I tried calculating it 5 different ways, with AU, without AU, with closed accounts, without, with installment loan, with, etc. Highest I got with the data from the Experian Report (which the score came from). Was 46%.

Edited by fixmycredit1992
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Just don't carry a balance and it won't be a issue and next time your check is late you won't have to worry about paying any credit card bills. I just killed two birds with one stone for you! 💡

Edited by BRBiz
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