Sunday, December 20th, 2009
How do I improve the debt to credit ratio on my credit report?
cnoel912 asked:
The only available credit that is listed on my credit report is my student loan. The current balance of the student loan is $23,500 and it started at $25,000, so my debt to credit ratio is 92%! I keep getting denied by credit card companies because of this high ratio (they state this reason on their “you have been denied” notices. How can I improve my debt to credit ratio so that I can, in turn, improve my credit score?
The only available credit that is listed on my credit report is my student loan. The current balance of the student loan is $23,500 and it started at $25,000, so my debt to credit ratio is 92%! I keep getting denied by credit card companies because of this high ratio (they state this reason on their “you have been denied” notices. How can I improve my debt to credit ratio so that I can, in turn, improve my credit score?
December 23rd, 2009 at 1:39 pm
Have you tried store cards and gas cards they are generally easier to get. Also, walk into a credit union and explain to them that you would like a credit card but have a student loan. They tend to work with people – you are really not just a number.
I heard that using more than 70% of your available balance is detremental to your rating. I guess it applies to student loans (you learn something new every day).
Once you start working pay it down. Sorry I could not help. /