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How will my scores be affected by AMEX GOLD??

Contributor

How will my scores be affected by AMEX GOLD??

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.

3/30/12: EX: 680 TU:667 EQ: 655
4/14/12: EX: 680 TU:678 EQ: 670

BOFA: 0/1k / CAP1: 0/1.75k / CITI: 700/2k / AMEX Gold:NPSL
Message 1 of 5
4 REPLIES
Super Contributor

Re: How will my scores be affected by AMEX GOLD??


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.



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 ).  

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 5
Valued Contributor

Re: How will my scores be affected by AMEX GOLD??

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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Message 3 of 5
Contributor

Re: How will my scores be affected by AMEX GOLD??

I see, my AAoA is 2 years 2 months.

I dont think thats gonna be to bad then right?


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


 

3/30/12: EX: 680 TU:667 EQ: 655
4/14/12: EX: 680 TU:678 EQ: 670

BOFA: 0/1k / CAP1: 0/1.75k / CITI: 700/2k / AMEX Gold:NPSL
Message 4 of 5
Contributor

Re: How will my scores be affected by AMEX GOLD??


pizzadude wrote:

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.



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 ).  


Great info, thanks!

3/30/12: EX: 680 TU:667 EQ: 655
4/14/12: EX: 680 TU:678 EQ: 670

BOFA: 0/1k / CAP1: 0/1.75k / CITI: 700/2k / AMEX Gold:NPSL
Message 5 of 5