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"Available credit" - how is this worked out?
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
in Loans
Quick question.
On Credit Expert it says I am using 79% of my 'total credit being used'.
It also says I have £338 of 'available credit'.
If £338 is what I have left (21%) then it suggests my total credit is £1,609, which is totally incorrect - my total debt is around £15k (most of which shows on my Experian Report).
With that in mind, what is Experian referring to by the terms 'total credit being used' and 'available credit'?
On Credit Expert it says I am using 79% of my 'total credit being used'.
It also says I have £338 of 'available credit'.
If £338 is what I have left (21%) then it suggests my total credit is £1,609, which is totally incorrect - my total debt is around £15k (most of which shows on my Experian Report).
With that in mind, what is Experian referring to by the terms 'total credit being used' and 'available credit'?
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Comments
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It is based on the credit cards, catalogue accounts and overdrafts (etc) they currently have on file for you, and their most recent balances they have reported. Loans etc won't show on here.Vanquis- Limit £1250, balance £0
Capital One Classic- Limit £800, balance £0
Natwest Current Account- £800 OD limit, approx £600 OD
Loan- £3300, will be paid off by Dec 09
Student Loan- paid off Dec 09 (That's £150 a month extra! Woohoo)
Empire Catalogue Account- £750 limit, balance £300 -
By the way, just so you don't think I'm an ignoramus - I have checked with Experian and this is what their site says:
Available credit is what you have left after your total borrowing has been deducted from your total credit limit
But again, under this definition the figures aren't correct at all. I have around £2k of available credit on cards if I wanted to use it (which, of course, I don't!)
I'm just curious how they are doing their sums...0 -
Deleted_User wrote: »Quick question.
On Credit Expert it says I am using 79% of my 'total credit being used'.
It also says I have £338 of 'available credit'.
If £338 is what I have left (21%) then it suggests my total credit is £1,609, which is totally incorrect - my total debt is around £15k (most of which shows on my Experian Report).
With that in mind, what is Experian referring to by the terms 'total credit being used' and 'available credit'?
Its a total guess on there part, they have no idea what they are doing.
They are showing that I am using 85% of credit (14k of that is a balloon payment on a car that's getting handed back!) and consequently they offer me credit cards at 35% apr, the amount of credit i have left according to them equates to about 6 weeks salary after covering all my outgoings :rotfl:0 -
Amount of available credit (excluding mortgages)............£2000
% of your total credit being used (excluding mortgages).......0%
Long may it last
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