1st post - read for a couple of days now and just want to say this is a great board - tons of great members and good info. I've pulled my report from all 3 bureaus and they all report my ratio of balance used vs credit limit as 75% - obviously quite high. Good news is I have some cash to pay down the balances and I'm trying to devise a plan on which goes 1st, etc. For the life of me, I can't figure out how they arrive at 75% and need help - from what I've read it only includes revolving accounts - but I have some questions.. 1. I have accounts with MBNA and 1st USA which were closed by them a while back that still have balances - so it reports as closed by credit grantor and the balance owed = the credit limit. How do these accounts factor into the ratio? 100%? 2. I am an authorized signor on a revolving account - does that factor into the ratio? thanks in advance!
1- It's not included in the ratio if it's closed. 2- Yes, If it's listed as an open revolving account in your Credit report.
Re: Re: Utilization Questions.. Thanks for the quick reply - just to verify it isn't included in the ratio even if it has a balance? If that is the case - then is it fair to say (just for score sake) then it is best to pay down my open revolving accounts BEFORE closed revolving accounts (which have balances)?
Re: Re: Utilization Questions.. MBNA and 1st USA Do you still owe money? Are they trying to collect this money? It should say charge off, account sold etc... I would read FAQ first if I were you. Good luck
