How will having ONLY a charge card affect scoring?

[Anonymous]

Hi everyone.

At the moment, I carry two cards: A Citibank Mastercard, and an AMEX charge card. Because I "opt-ed out" of Citibank's attempt to double my interest rates a while ago, my Citibank account will be closing when my card expires in a few months. I'm thinking about keeping only my AMEX, but I'm worried how that might affect my credit. I've read about how charge cards in general can affect scores, but all the info I've read seemed to assume that people also had revolving accounts. Right now, I have three options:

1) Open up a new revolving account when my current one closes

2) Let my revolving account close and live only with AMEX

3) Let my revolving account close and live only with AMEX, but add myself to my fiancee's revolving account.

Does anyone have any advice as to which tactic would be the best for my credit score? Or any insight as to what happens (particularly with credit utilization calculations) when you ONLY have a charge card? Thanks much!

[RobertEG]

My advice would be to contact CItibank, and try to rescind your opt-out.  Keep it open.

That will retain its CL without an inquiry tor a new, and possibly lower CL card. .  If the increased interest rate is of concern, just use it and PIF each month. Then its APR becomes kinda meaningless.

I dont know the terms of your AMEX card, but it may not be factoring into % util if it is a card with no preset CL.  Different versions of FICO may not score it in your % util.

Others can speak to that, for I dont use AMEX myself.

[Wolf3]

Carrying only AMEX is risky.   Many places don't take it.   AMEX could easily deny the charge for whatever reason.   I would get a VISA and MC from seperate banks.   +1 on keeping the CITI.