How Do I Improve The Debt To Credit Ratio On My Credit Report?
By admin - Last updated: Sunday, July 26, 2009 - Save & Share - 2 Comments
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?Accurate Psychic Readings by Phone or Email
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2 Responses to “How Do I Improve The Debt To Credit Ratio On My Credit Report?”
Comment from bdancer2
Time July 26, 2009 at 5:02 am
Debt to limit ratio pertains to revolving credit. Your student loan is not revolving credit.
Perhaps you mean your debt to income ratio. That includes all debt. Or, more likely you are being denied due to limited credit history.
Comment from Judy
Time July 26, 2009 at 3:43 am
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. /