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Is there a difference between revolving charge accounts and credit cards?

New Contributor

Is there a difference between revolving charge accounts and credit cards?

I have 2 accounts reporting as "revolving charge accounts" and 1 account reporting as a credit card. 1 more credit account should be added soon.

 

I was denied credit because I didn't have enough credit cards. This was when I had 1 "revolving charge account". Now that I have more revolving accounts, will that be sufficient for a Barclaycard Rewards MasterCard credit card?


Starting Score: None.
Current Scores: EQ: 640 (08/29/2014), TU: 671 (08/25/2014), EX: 643 (08/25/2014), Barclays TU: 671 (08/08/2014), Discover TU: 646 (08/04/2014), Walmart TU: 671 (08/25/2014)
Goal Scores: EQ: 695, TU: 721, EX: 693


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Senior Contributor

Re: Is there a difference between revolving charge accounts and credit cards?


cbarret2 wrote:

I have 2 accounts reporting as "revolving charge accounts" and 1 account reporting as a credit card. 1 more credit account should be added soon.

 

I was denied credit because I didn't have enough credit cards. This was when I had 1 "revolving charge account". Now that I have more revolving accounts, will that be sufficient for a Barclaycard Rewards MasterCard credit card?


Only as far as how they are reported by the individual CRA.  Retail CCs typically get this designation (but not always) as compared to major bank cards.  Which CC's in your file are in question?

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New Contributor

Re: Is there a difference between revolving charge accounts and credit cards?

Revolving Charge Accounts:

 

Amazon.com Store Card: CL = $600

CareCredit : CL = $5,000

 

Credit Cards:

 

Bank of America: CL = $700

 

Not on Credit Report Yet:

 

Capital One: CL = $500


Starting Score: None.
Current Scores: EQ: 640 (08/29/2014), TU: 671 (08/25/2014), EX: 643 (08/25/2014), Barclays TU: 671 (08/08/2014), Discover TU: 646 (08/04/2014), Walmart TU: 671 (08/25/2014)
Goal Scores: EQ: 695, TU: 721, EX: 693


Take the myFICO Fitness Challenge
Message 3 of 4
Senior Contributor

Re: Is there a difference between revolving charge accounts and credit cards?


cbarret2 wrote:

Revolving Charge Accounts:

 

Amazon.com Store Card: CL = $600

CareCredit : CL = $5,000

 

Credit Cards:

 

Bank of America: CL = $700

 

Not on Credit Report Yet:

 

Capital One: CL = $500


This makes sense.  Amazon and CareCredit (GECRB) are essentially accounts that can have flexible/long term revolving payment plans in addition to the standard revolving terms.  They are not considered/classified as major bank cards, simply retail-backed credit accounts.  Your BOA and Capital One will be coded as standard revolving credit cards from major banks/CUs.

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