05-15-2008 05:44 AM
fused wrote:here's the skinny with charge cards like Amex:1.) EX: make sure it reports as revolving, terms 1 month; if it reports like this it will not count in util calculations2.) EQ: make sure it reports as other open account; if it reports like this it will not not count in util calculations3.) TU: the current scoring model includes no limit charge cards in util, no matter what you doMy advice to you is pay off your green card before your statement cuts, so Amex will report a $0 balance or a very small balance and this will help your TU score.
05-15-2008 06:23 AM
Just FYI, I followed fused's advice below:
I made sure that five days before the cut-off date my balance is $0 and when the statement was closed yesterday, the balance was $23. When I pulled out my reports from TC, AMEX reported to all three CRAs the balance as $1537.
05-15-2008 09:06 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO