Reply
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Can I Assume Amex is a Major Bankcard?

We know that FICO wants to see at least one major bankcard in order to achieve top scores. I know that Chase and Citi fall in this category but for scoring purposes would AMEX too? 

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Can I Assume Amex is a Major Bankcard?

 

Yes, I believe that it counts.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Contributor
bettercreditguy1
Posts: 759
Registered: ‎02-11-2012
0

Re: Can I Assume Amex is a Major Bankcard?

Yes, It definitely counts.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Valued Contributor
AndySoCal
Posts: 1,941
Registered: ‎04-07-2009
0

Re: Can I Assume Amex is a Major Bankcard?

[ Edited ]

The scoring criteria has some reason(s) related bankcard cards.  FICO does differeniate between bankcards.  It is just a differnet loan trype and no more. After  I posted this I remembered another very informative and interesting post. The link is below

 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/VERY-interesting-info-about-FICO-score-po...

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Established Contributor
pakman92
Posts: 650
Registered: ‎03-01-2012
0

Re: Can I Assume Amex is a Major Bankcard?

Is this for real?  FICO cares which bank you do business with?


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Moderator Emeritus
MarineVietVet
Posts: 14,248
Registered: ‎07-14-2009
0

Re: Can I Assume Amex is a Major Bankcard?


AndySoCal wrote:

The scoring criteria has some reason(s) related bankcard cards.  FICO does differeniate between bankcards.  It is just a differnet loan trype and no more. After  I posted this I remembered another very informative and interesting post. The link is below

 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/VERY-interesting-info-about-FICO-score-po...


Could you give a source for this?  I can find nothing in the FICO Risk Score Reason Codes that mentions scoring looking at different bankcards.

 

I went to the link you posted. I will only relate what a high ranking member of myFICO says about the "FICO Scoring Model". Not only is that a "partial" scorecard, it's fake, and used mainly to illustrate how a scorecard works. Do they really think we'd put the real deal out there like that?

Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012
0

Re: Can I Assume Amex is a Major Bankcard?

FICO scoring doesn't differeniate between issuers, prime or otherwise.  The only time I have heard of any automated system caring about who issued your card is someone once posting that AMEX based on their internal scoring didn't like a particular issuer.  In that case, the person had an open First Premier account.  That wasn't FICO for sure.  I think you should only really worry about who is issuing is in cases of solely bottom of the barrel issuers like first premier, but even then I doubt it is an issue if your FICOs are decent.

               LIMITS IN CARD DESCRIPTIONS
Valued Contributor
AndySoCal
Posts: 1,941
Registered: ‎04-07-2009
0

Re: Can I Assume Amex is a Major Bankcard?

The purpose of the link is not to calculate the score. but that  FICO does  look at bank card(s) in the score calculation. The other point is too many bank cards also does not help your score.  There are score reasons in the FICO score model related to bank cards. The other misconcpetion is that FICO differenctiate between lenders IE prime and sub prime. The only exception to that is consumer finance companies.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Moderator Emeritus
MarineVietVet
Posts: 14,248
Registered: ‎07-14-2009
0

Re: Can I Assume Amex is a Major Bankcard?


AndySoCal wrote:

The purpose of the link is not to calculate the score. but that  FICO does  look at bank card(s) in the score calculation. The other point is too many bank cards also does not help your score.  There are score reasons in the FICO score model related to bank cards. The other misconcpetion is that FICO differenctiate between lenders IE prime and sub prime. The only exception to that is consumer finance companies.


I agree that FICO definitely looks at bankcards but the part of your post though that I was specfically talking about was this: FICO does differeniate between bankcards

 

I'm wondering what you mean by that. A bankcard is a bankcard.

 

Pardon me for my confusion.

Valued Contributor
AndySoCal
Posts: 1,941
Registered: ‎04-07-2009
0

Re: Can I Assume Amex is a Major Bankcard?

My bad I left a word out.  I should have said does not.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011

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
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}