Does Zync help with util?

[pizzadude]

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@tinuviel wrote:

My understanding is that it does not count on the newer scoring models. The EQ that you get from here does not factor it in for util. But, the TU from here does; however, it's not the latest model.

If I'm wrong, then I hope that someone will correct me. But, this seems to hold true for the way usage on my Green affects my util.

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You are correct, the TU98 FICO sold here at MyFICO does include charge card balances towards your revolving utilization.   

All other FICO scoring models, from EQ, TU, or EX do not count it.

[bichonmom]

Fortunately most lenders don't use TU98, so I won't worry abou it.

[pizzadude]

Yep, you are right, it's the "old" TU FICO ~ can't recall hearing of any creditors that use it, they've moved on to TU 04 or 08

[MarineVietVet]

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@pizzadude wrote:
Yep, you are right, it's the "old" TU FICO ~ can't recall hearing of any creditors that use it, they've moved on to TU 04 or 08

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Actually there are still millions of TU98 pulls done each year but the move is definitely towards the newer versions.

[pizzadude]

Ok ~ thanks for the clarification !! So some companies still use it, but likely fewer will as they upgrade to the newer models...

[MarineVietVet]

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@pizzadude wrote:
Ok ~ thanks for the clarification !! So some companies still use it, but likely fewer will as they upgrade to the newer models...

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Ther's no doubt about that. But the credit world can move awfully slowly when it comes to change. (In case you haven't noticed)  

[Open123]

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@bichonmom wrote:

Wow! That's cool! Thank you.

Fortunately, my util isn't an issue, but that's because I pre-pay before the stmt cuts. It would be nice to not have to do that. Definite perk to having  a charge card.

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One of the best attributes about using a charge card is not having to micro-manage it.  Just charge, and pay whatever amount is due.  There's no need to pay in frequent increments or before the due date.  AmEx prefers single payments in full rather than prepay or a bunch of little ones.

In my reports, my charge card balances are never reflected in utility.

[ccb2115]

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@MarineVietVet wrote:

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@pizzadude wrote:
Yep, you are right, it's the "old" TU FICO ~ can't recall hearing of any creditors that use it, they've moved on to TU 04 or 08

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Actually there are still millions of TU98 pulls done each year but the move is definitely towards the newer versions.

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Yeah, Barlcays pulled my TU98 score. 

[spengbab]

I read that AMEX reports its charge balances as open lines of credit so it does not report in credit card balances and won't help or hurt util rates. Some charge cards by companies are reported in the FICO score. Seems like a YMMV thing. The link has a good description of it and a good graph detailing who reports what.

http://www.cardhub.com/edu/no-preset-spending-limit-2010/

[bichonmom]

That's a great resource! Thanks!