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Hi all,
First off thanks in advance for the responses that will come in. I owe everything in my rebuilding journey to the MyFico forums (Shogun, Guiness, etc, etc). You can see in my signature, I've enjoyed the benefits of this community and its support network. There really is nothing like it.
That said, I'm a bit confused on something. See below.
Equifax FICO
Balance/Limit
- Discover Card - $221/$12,700
- Amex Charge Card - $551
Utilization Shows at 1% as I would expect. Amex Charge Card should not be in Utilization
Transunion FICO
- Discover Card - $221/$12,700
- Amex Charge Card - $551
- Amex Charge Card - $3,310
I only have 1 Amex card, but 2 are showing up. Same details under each of the cards so I need to figure this out. Not sure why this is happening.
That said, Utilization is showing as 31% (the 3 above accounts/$12.700)
Why is the TU FICO including the Amex Charge Cards in Utilization? Is this an error?
I have no other revolving or charge card accounts on my report.
Thanks
What is the $3310 showing up for the second one?
If AMEX does not have a CL reported, no, it should not be included.
Where is the report from? That could be it.
I am not familiar with the TU monitoring so you might call them and ask.
Let us know what they say.
ETA: I just thought of something. When a card doesn't have a CL reported, I believe that the high balance is used for utilization. I could be wrong. I believe TU98 still includes the balances in calculations but the newer versions of FICO do not.
TU quarterly monitoring updates every 3 months
Earlier I was researching the effects of charge cards - specifically Amex green on uti. I believe it was in the credit card forum from one that TU98 does factor charge cards into uti.
ETA: Guiness beat me to it