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Don't understand credit report
weebubbles
Posts: 80 Forumite
Hi, my question is regarding the percentage of available credit I am using.
Currently this is what is in my report:
You have £1,903 of available credit (excluding mortgages)
You have £17,562 of outstanding debt (excluding mortgages and defaults)
You are using 80% of your available credit
I do not understand where the 80% figure is from as if I owe £17,562 and I
have £1,903 available then the total credit companies are giving me is
£19465 ( £17,562 and £1,903 added together).
Owing £17,562 of £19465 means I am using 90% of my available credit. Can
anyone explain how the 80% is calculated?
Currently this is what is in my report:
You have £1,903 of available credit (excluding mortgages)
You have £17,562 of outstanding debt (excluding mortgages and defaults)
You are using 80% of your available credit
I do not understand where the 80% figure is from as if I owe £17,562 and I
have £1,903 available then the total credit companies are giving me is
£19465 ( £17,562 and £1,903 added together).
Owing £17,562 of £19465 means I am using 90% of my available credit. Can
anyone explain how the 80% is calculated?
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