04-25-2013 11:13 AM
PO Box 981537
El Paso, TX 79998-1537
|Account Number:||Current Status:||PAYS AS AGREED|
|Account Owner:||Authorized User||High Credit:||$2,198|
|Type of Account :||Open||Credit Limit:||$10,000|
|Terms Duration:||Terms Frequency:|
|Date Reported:||04/22/2013||Amount Past Due:||$0|
|Date of Last Payment:||Actual Payment Amount:||$0|
|Scheduled Payment Amount:||$0||Date of Last Activity:||04/2013|
|Date Major Delinquency First Reported:||Months Reviewed:||N/A|
|Creditor Classification:||Activity Description:||N/A|
|Charge Off Amount:||$0||Deferred Payment Start Date:|
|Balloon Payment Amount:||$0||Balloon Payment Date:|
|Date Closed:||Type of Loan:|
|Date of First Delinquency:||N/A|
so finally my girlfriend added me on her AMEX as an AU. MY QUESTION IS WITH A BALANCE LIKE THIS, IS THIS GOING TO HELP MY SCORE...
04-25-2013 11:37 AM
A $288 balance on a $10k limit? Yeah... that's going to help! (Assuming AmEx reports AUs... I don't know if they do or if they don't...)
04-25-2013 12:14 PM
How will this CC impact your util? If your overall util is above 3%, then this would help. If less, then it could hurt. But it's all relative since you may or may not have $10k in combined CLs on your other accts.
If you don't have any revolving TLs or only one or two, then this will help.
This will hurt AAoA since it's new, but it depends by how much it drops. You also will have the new account ding.
I say if your util w/out this CC is close to 0%, then you might see a FICO drop but that drop will fade over time and w/in a year you'll be good to go. If util is greatly improved by adding this then the gain from that is dependent on the before and after util.
If your target score is EXACTLY set to your current score and if this new TL impacts your FICO (may or may not), then you'll get alerted within 7-10 days based if your new FICO hits or surpasses the target. I really don't know if you'd get an alert for a new acct. It's not a new acct. It has an open date from a week or so ago. I'm not so certain that SW picks up back-dated TLs like this because it's not technically new.
04-25-2013 12:54 PM
@llecs when talking about utilization, are we talking about the overall utilization of all cards that helps build credit or utilization on each card that help builds credit???
FICO looks at both, but I was referring to overall. You don't have enough info posted to determine util (and you really could eyeball it yourself without getting into the nitty gritty). But in keeping my math simple for simpleton sake, let's say you have a combined limit of $10k across several cards and have a balance under $100 across all of them. Adding this 2.8% utilized CC into the fold would increase util and thus ptentially decrease your FICO, albeit minor. Conversely, if you have $6000 across these same CCs on $10k in limits, then you are reducing your overall util by approx. half, down to 30%. That would produce a decent score increase. I was just pointing out that the score change could be variable based on improvements/non-improvements to your overall util.
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