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Re: Equifax not calculating AMEX AU account into score. Why?


coerciondotde wrote:

That actually makes perfect sense now haulingthescoreup. I realize someone else mentioned me being in a different bracket above, but the examples you cited were very helpful :smileyhappy:

 

So I thought it made a difference on your AAoA whether open or closed (i.e. all this talk on here about someone wanting to close a credit card to gain a few extra points)?  My reason for asking is if I should close mine. I don't use them and you can NEVER pay to a zero balance with their fees either. In the scheme of things, would it help? Then AMEX would be my only revolving account open, at 10 years age. 



No, all accounts are counted, whether open or closed. Their ages are determined by calculating the time from when they were opened until today, even if they were closed five years ago.

Yes, you'll see posts by some folks who are utterly convinced that closing a card made their score rise. Well, maybe so, but if it happens, it's once in a blue moon. It might make their credit reports look better to lenders by closing some duds, but that's a separate issue from scoring.

I wouldn't close your cards unless or until you add two more. The FICO scoring formula rewards having three open revolving cards. I'd make at least two cards bank cards (your current AmEx plus a new one), and the third can be either a bank card or a retail card (store or gas.) A bank card has a Visa, MC, AmEx, or Discover logo on it, regardless of who issues it, and even if it also has a store name. So a Macy's Visa is a bank card. Retail cards don't have these logos; just the name of the store or oil company.

Also, depending on only one CC, and that one an AmEx, is perilous indeed. We've had a number of posts here by people whose cards all came from one bank. Once they got on that bank's fecal chart for whatever reason, they were in deep trouble. Ideally, all three of your cards should be from different issuers.

Anyway, glad I could help above!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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