@SouthJamaica wrote:
@Imperfectfuture wrote:
@SouthJamaica wrote:
@Thomas_Thumb wrote:
@Anonymous wrote:I am making a 8k purchase on my American Express this week and I was going to let the amount post to the bureaus and pay it off next month. I am trying to get my UTI up because AMX just reports a balance. My thoughts are it will help my UTI and once it's paid off then that will help strengthen my score? Advice
AMEX charge cards do show a high balance on your CB reports. That high balance is used as a psuedo credit limit when calculating aggregate credit limit. So yes, long term the charge should effectively raise your aggregate CL.
Example:
1) you have revolving credit cards with an aggregate CL of $89k
2) you have an AMEX card with a $1k HB, total card CL is then $90k
3) you allow an $11k balance to report on your AMEX charge card
4) Your HB increases to $11k the next month and your total card CL is now $100k
Note: Not sure how the 100% card UT for the charge card is looked at from a max out perspective for scoring duing th month it happens.
Let us know.
I don't see my charge card on my report
Your charge card is a business card. Very few CCCs (just cap one and others I forgot) report to personal. Last year, Amex reported to EQ business. This year they are reporting to D&B. Chase reports to ex business. So my business card never showed up on personal. I have business record with equifax, but not experian. I now have a D&B profile, but need four accounts to generate a paydex score (something I probably will not do). Some credit unions offer business cards, but I do not know if they report to personal.
PS, hidden trade lines are a GOOD thing. You now have one. Suggest getting more.
Thanks for the information
So I guess by "hidden trade line" you mean a credit line that doesn't report to the personal credit reporting agencies.
Questions:
1. Is it really a trade line if you have to repay it right away? I.e., no extension of credit?
2. Would you have any suggestions for others I might want to get for my business?
3. How does one access this information about one's business credit profile?
Best if asked in business credit section.
Imperfectfuture wrote:.........Best if asked in business credit section.
Done.
http://ficoforums.myfico.com/t5/Business-Credit/What-is-a-hidden-trade-line/td-p/4397349
