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Registered: ‎04-30-2013
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AmEx charge card effect on credit report?

How are the No Pre-Set Limit charge cards from AmEx factored into your utilization and overall available credit? Since it has no pre-set limit but has an "internal" one that we don't really know about, what do they report to the credit bureaus? Anyone with an AmEx charge card can you please explain how it shows up on your credit report? Obviously it is paid in full each month so util would be 0% but I want to use it as my primary go-to card for charging just about everything so I can get the points. I don't want this to look bad on my credit report, though since I don't know how it is factored in. Is it more positive or negative? Any help would be appreciated. Thanks!

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Re: AmEx charge card effect on credit report?

Your highest balance reported will be your CL.

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Registered: ‎09-16-2011
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Re: AmEx charge card effect on credit report?


kmkotas wrote:

How are the No Pre-Set Limit charge cards from AmEx factored into your utilization and overall available credit? Since it has no pre-set limit but has an "internal" one that we don't really know about, what do they report to the credit bureaus? Anyone with an AmEx charge card can you please explain how it shows up on your credit report? Obviously it is paid in full each month so util would be 0% but I want to use it as my primary go-to card for charging just about everything so I can get the points. I don't want this to look bad on my credit report, though since I don't know how it is factored in. Is it more positive or negative? Any help would be appreciated. Thanks!


 

AMEX Charge Cards balance aren't considered to be part of your UTL and is thus ignored because its considered to be a 30 day loan. They report your highest balance but probably only useful for manual reviews if the analyst notices its a large number and thinks my company could of made the swipe fee's on it.

 

The important part of the card is having AMEX as a tradeline, that may make them jellous, and long term backdating rocks, and you get an interest free loan for 30 days with no negative impact on your credit, and if you get interest on your checking account it can earn you some pocket change for using it to float purchases.

 

 

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Posts: 1,551
Registered: ‎11-10-2012
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Re: AmEx charge card effect on credit report?


kmkotas wrote:

How are the No Pre-Set Limit charge cards from AmEx factored into your utilization and overall available credit? Since it has no pre-set limit but has an "internal" one that we don't really know about, what do they report to the credit bureaus? Anyone with an AmEx charge card can you please explain how it shows up on your credit report? Obviously it is paid in full each month so util would be 0% but I want to use it as my primary go-to card for charging just about everything so I can get the points. I don't want this to look bad on my credit report, though since I don't know how it is factored in. Is it more positive or negative? Any help would be appreciated. Thanks!


IMO, just having Amex for the backdating is more than worth it. It helped my AAoA immensely.

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Re: AmEx charge card effect on credit report?

I've had an Amex charge for a year and it hasn't ever affected my EQ FICO score whether the reported balance was zero or 50k or anything in between.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

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Registered: ‎04-09-2011
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Re: AmEx charge card effect on credit report?


kmkotas wrote:

How are the No Pre-Set Limit charge cards from AmEx factored into your utilization and overall available credit? Since it has no pre-set limit but has an "internal" one that we don't really know about, what do they report to the credit bureaus? Anyone with an AmEx charge card can you please explain how it shows up on your credit report? Obviously it is paid in full each month so util would be 0% but I want to use it as my primary go-to card for charging just about everything so I can get the points. I don't want this to look bad on my credit report, though since I don't know how it is factored in. Is it more positive or negative? Any help would be appreciated. Thanks!


It is not affected on your overall util on FICO scores except TU98 (score you get here). I would not worry as that score is more educational than anything.




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