According to Equifax, my score isn't higher because: The total amount owed on your non-mortgage related credit obligations is $14822. Comparatively, the national average of total amount owed on non-mortgage related credit obligations by U.S. consumers is around $11,000. This includes 2 car loans and credit cards. Most anyone with a car loan is gonna owe at least $11,000. And they're mixing secured and non-secured. So it seems to me that anyone who finances a new car for more than $11,000 loses points.. and throw in credit cards and your really losing the points. Just sort of venting...... Ozzy.
That's strange that your car loan showed up in your Equifax total. I thought it was just for revolving accounts....my car loans weren't added in.. jmart
Trying to understand Equifax... Ozzyburger | 438 posts since Dec 2001 152.163.195.211 | 05.11.2002 @ 11:51 According to Equifax, my score isn't higher because: The total amount owed on your non-mortgage related credit obligations is $14822. Comparatively, the national average of total amount owed on non-mortgage related credit obligations by U.S. consumers is around $11,000. This includes 2 car loans and credit cards. Most anyone with a car loan is gonna owe at least $11,000. And they're mixing secured and non-secured. So it seems to me that anyone who finances a new car for more than $11,000 loses points.. and throw in credit cards and your really losing the points. Just sort of venting...... ```````````````````````````````````````````````````````````````````````````` Vent you should This is just an example of how scoring is used to trash your credit worth!
