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re: Paid off student loan, credit score dropped 28 points
Posted on 10/19/14 at 9:34 am to tigeralum06
Posted on 10/19/14 at 9:34 am to tigeralum06
Mind a brief explanation of debt utilization?
I was getting ready to buy a house soon :banghead;
I was getting ready to buy a house soon :banghead;
Posted on 10/21/14 at 3:38 pm to DownshiftAndFloorIt
quote:
Mind a brief explanation of debt utilization?
Not an expert, but my interpretation is that if you owe $5K on a $15K loan, and say you owe an additional $20K in other debts on original credit lines of $40K:
Previous debt: $25K of $55K credit (45.5%)
Current debt: $20K of $40K credit (50%)
You reduced your denominator by proportionally more than what you owed. Someone tell me if that's wrong.
This post was edited on 10/21/14 at 3:39 pm
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