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Utilization Reported is Wrong - any ideas why?


Poor Bastard
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I currently have 3 personal cards and made a large charge on Amex this month that puts utilization around 50% for all 3. The other 2 cards never have anything other than very low balances just to keep them active. However, MyFico reports total revolving credit utilization at 80%. Even if we account for the fact that MyFico is a snapshot in time/s for the 3 cards, since I only use amex for the heavy lifting, at no time has total utilization ever exceeded 50%.

 

When I pull a report it shows current all the credit limits correctly so that is correct in the system. Any idea why MyFico would be showing total utilization at 80% given the facts above?

 

Thanks

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Do you have any charged off accounts reporting a balance?  Those get factored in as well, and they do so with a zero limit. 

 

However, that being said, third party reports are nothing more than a shiny bauble to begin with and should not be relied on for anything where accuracy matters, even if the bauble comes from Fair Isaac.

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Centex, nope, clean credit, no charged off accounts.

 

cashnocredit, my point in mentioning the credit report is that all 3 bureaus have my credit lines correct, so if they are going off that data, I don't understand why utilization would be so far off? Is this common??

 

It's not a big deal because I usually PIF anyhow, so score drops will quickly rebound, but since the entire point of getting unneeded credit is to keep utilization low (not that 50% is low, I'm referring to most of the time), it pisses me off it's being based on bad data.

Edited by Poor Bastard
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Sorry guys, my bad, thanks for your help! CV's last question prompted me to look closer and I realized that even though the MyFico alert says "total revolving credit utilization is at 80%" that when I expanded the alert, that "total revolving credit" was about one low CL card that is indeed at 80%, as I put a charge on it last month to make sure it kept active. My amex has a CL of 30K and is by far the highest, and based on the wording I wrongly assumed that all 3 cards were included in the calculation, in which case it was way off.

Edited by Poor Bastard
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45 minutes ago, Poor blue shirt said:

Sorry guys, my bad, thanks for your help! CV's last question prompted me to look closer and I realized that even though the MyFico alert says "total revolving credit utilization is at 80%" that when I expanded the alert, that "total revolving credit" was about one low CL card that is indeed at 80%, as I put a charge on it last month to make sure it kept active. My amex has a CL of 30K and is by far the highest, and based on the wording I wrongly assumed that all 3 cards were included in the calculation, in which case it was way off.

It's well known that near maxing one card can tank FICO scores but I had a case where I maxed an $800 card (my other cards are all over 10k) while my overall util was around 10% and it made a small difference that was less than 10 points. So maxing a small card doesn't do much damage compared to maxing a card with a normal CL.  

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