10-07-2012 02:18 PM
Every time my American Express balance goes up from one month to the next there is FICO hit. What gives? I charge many things on American Express so my monthly balance can be as low as $1K and has gone as high as $5K, but what difference does it make in that my payment record clearly indicates that the bill gets paid in full almost every month. In the last several years there have been only a couple times when I carried a small balance over to the next month. In other words, I have never missed a payment and while I usually pay the bill in full on the very few occasions when I have made a partial payment it was in the neighborhood of half the amount owed, well above the minimum payment. More ridiculous, A couple months ago I got dinged because the balance on a Visa card that I seldom use went from the usual twenty or thirty bucks to three hundred dollars, an amount that was paid as soon as the bill arrived. Look at our annual household income compared to our outstanding debt and our record of debt payment and tell me that these are important changes in my credit history. I'm really losing faith in the FICO system. Your hard bound rules don't seem to take into account your clients overall financial situation.