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I just pulled my fico score (trans union) for the first time. Thankfully I am semi-pleased with the results :-). The only thing that concerns me is my charge card. It's an American Express green and I use it for almost everything. Therefore I usually have a high balance at the end of the month, anywhere from $1K - $4K. Now as this is a charge card I pay it off in a full at the due date. Is the fact that it's reporting such a high balance going to hurt my score?
@Anonymous wrote:I just pulled my fico score (trans union) for the first time. Thankfully I am semi-pleased with the results :-). The only thing that concerns me is my charge card. It's an American Express green and I use it for almost everything. Therefore I usually have a high balance at the end of the month, anywhere from $1K - $4K. Now as this is a charge card I pay it off in a full at the due date. Is the fact that it's reporting such a high balance going to hurt my score?
No, only TU messes this up sometimes, but usually not an issue.
I'm probably wrong, like usual, but I don't think true "charge cards" factor into your utilization. So, to answer your question, no. It's "no preset spending limit" revolving CCs that hurt your utilization.
Well I certainly don't have any of those CCs lol! :-).
My TU does count my Amex charge in "number of accounts with balances". Moreover, my balances across all revolving accounts also factors-in my Amex charge balance. Geez, I'm getting tired of this scoring crap....