mel2007 wrote:
Is it true that if I have had a credit card (AMEX) for 6 years but I have rarely used it that it doesn't really benefit me or help my credit score. The number of months my credit report shows in only 18 months, however, like I said I have had the card since 2001. Please let me know if I need to start charging on this credit card in order to establish a stronger payment history.
If you don't use that card, it benefits you if there is no fee on it. Firstly, the card currently averages 6 years into your credit length history, and that equals FICO points. Secondly, if that card reports as revolving credit and not as a charge card, that adds room to your utilization... and that's more FICO points. The report you pulled was probably a resold one and you can only see more recent history on it, but there is more than what you can see on that particular report that is counting.
It's good to charge small amounts every now and then on that card... even a pack of gum. Charge it close to the billing date, wait for the bill to generate so that it reports to the CBRs, then pay when bill comes in.
If you don't use that card much (seems so) and it has a fee... call AMEX and see what they might convert it to that has no fee.
EQ 787 EX 781 TU 737 11/17/07
*** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***
