Thread: AT LAST. I made my first 8 MILLION!

OK, check this out:

I finally ordered all three of my credit reports for the first time in years so that I can now ride the credit repair rollercoaster, hands in the air, shrieking all the way. On reviewing them, I discovered a very interesting account entry on EX, but it was not listed on TU or EQ. Under the name of my credit union, there is an account entry with a truncated account number that I do not recognize. It is glaringly & obviously not mine. Here is what it says:

XYZ Credit Union
5232...

Date Opened: 9/1994
Reported Since: 9/1994
Date of Status: 9/1997
Last Reported: 9/1997

Type / Terms / Monthly Payment:
Revolving / NA / $0

Responsibility: Individual

Credit Limit or Original Amount / High balance: $7,975,767 / $1,351

Status: Paid / Never Late.
This account is scheduled to continue on record until 9/2007.

Now, obviously, I would remember if I ever applied for--let alone received--a credit line for almost $8 MILLION. And if you saw the rest of my credit report, you would know that not only is this a huge joke, but I would have tapped that line just a little bit before I developed so many fulfilling and sweet relationships with a whole army of collection agents. (They need so much time and attention; it is sooooo exhausting to be a good, attentive friend to each of them... ;) ha.

So, here is what I want to know: what is the significance of this entry, and how might it have been affecting my whole credit report all this time? What should be done about it? Although I don't have my EX score, I can list my scores for the other two CRAs (that do not list this account) to give you an idea of where it *should* be, more or less...

EQ: 491
TU: 505

As I am a complete newbie who has only recently received all 3 of these, I have done nothing yet with my reports. What do you think of this entry?!?! I've been laughing maniacally about this ever since I opened the envelope this morning...

jeez louise...

Sorry, this post was accidentally duplicated when I was trying to submit, so it is entered twice. There is an active thread on this topic above...

Originally posted by soren
So, here is what I want to know: what is the significance of this entry, and how might it have been affecting my whole credit report all this time? What should be done about it?

It is a positive entry and would affect your SCORE in a positive manner...I am not sure how someone (a human) would consider or ignore the information. I would leave it alone.

Wish I had an entry like that on my Experian report :))

-Peace, Dave

If you ever applied for a card and they said you had too much available credit?

Would they say you have a high debt to income ratio?

By the way, this is funny.

Originally posted by Manequinne
If you ever applied for a card and they said you had too much available credit?

Would they say you have a high debt to income ratio?

By the way, this is funny.

Hey, Manequinne,

Yeah, situation A would definitely happen.

But as for the high debt to income ratio, I don't know. Is debt to income considered 'potential debt' to income? In that case, I would be so sunk, it's not even funny. Although I must say, my current credit available now dwarfs the amount I actually owe (which I considered astronomical, BTW).

It's more than funny; I don't know what this is. ;)

Originally posted by Manequinne
If you ever applied for a card and they said you had too much available credit?

Would they say you have a high debt to income ratio?

They are 2 different things. Too much revolving credit has nothing to do with income, nor debt balance. So that message would simply mean that you have alot of revolving credit already...adding more could be risky. (Just ask GEORGE how risky).

High debt to income ratio means your current debt levels (not available credit levels) are high with respect to your income...adding more credit to the debt you hold could be risky.

-Peace, Dave

Originally posted by Nave
They are 2 different things. Too much revolving credit has nothing to do with income, nor debt balance. So that message would simply mean that you have alot of revolving credit already...adding more could be risky. (Just ask GEORGE how risky).

High debt to income ratio means your current debt levels (not available credit levels) are high with respect to your income...adding more credit to the debt you hold could be risky.

-Peace, Dave

Thanks for clearing this up. I thought they were similar.