How will my scores be affected by AMEX GOLD??

[cabronsaim]

What will happen to my scores when AMEX gold starts reporting? I have 3 CC's: BOFA for 1k, CITI for 2k and CAP1 for 1.75k. A mortgage and 2 older baddies. Scores in my sig. thanks. P.S. Would I benefit from adding a retail account? JCpenny is sending me pre-approvals. many thanks.

[pizzadude]

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@cabronsaim wrote:

What will happen to my scores when AMEX gold starts reporting? I have 3 CC's: BOFA for 1k, CITI for 2k and CAP1 for 1.75k. A mortgage and 2 older baddies. Scores in my sig. thanks. P.S. Would I benefit from adding a retail account? JCpenny is sending me pre-approvals. many thanks.

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To answer your second question first, I don't think you'll gain anything by adding a store card.

Unless your AMEX is backdated then it will lower your AAoA once it starts reporting ~ how much depends on the age of your other accounts.

FICO won't count the balance of your AMEX in your utilization ( except for TU98 sold here at myFICO ).  

[Crashem]

I think you get a little bump for adding a charge card to your mix of credit as well, but it is minor.  The key thing will be how much your AAoA drops and how much it impacts FICO

[cabronsaim]

I see, my AAoA is 2 years 2 months.

I dont think thats gonna be to bad then right?

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@Crashem wrote:

I think you get a little bump for adding a charge card to your mix of credit as well, but it is minor.  The key thing will be how much your AAoA drops and how much it impacts FICO

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[cabronsaim]

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@pizzadude wrote:

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@cabronsaim wrote:

What will happen to my scores when AMEX gold starts reporting? I have 3 CC's: BOFA for 1k, CITI for 2k and CAP1 for 1.75k. A mortgage and 2 older baddies. Scores in my sig. thanks. P.S. Would I benefit from adding a retail account? JCpenny is sending me pre-approvals. many thanks.

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To answer your second question first, I don't think you'll gain anything by adding a store card.

Unless your AMEX is backdated then it will lower your AAoA once it starts reporting ~ how much depends on the age of your other accounts.

FICO won't count the balance of your AMEX in your utilization ( except for TU98 sold here at myFICO ).  

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Great info, thanks!