topic Re: N/A in the credit limit field...does it help or hurt? in Credit Cards

N/A in the credit limit field...does it help or hurt?

Anonymous — Wed, 20 Feb 2008 04:50:04 GMT

I have a CC with a 0 balance but, I noticed the credit limit is says N/A and it's an open account. Do you think this is affecting my score since there is no numerical value in that field?

Re: N/A in the credit limit field...does it help or hurt?

Anonymous — Wed, 20 Feb 2008 04:53:23 GMT

Nope-

If the card is REVOLVING - it would take you highest balance as the CL-

If it is OTHER or OPEN like a Amex charge card- it is not calculated in utl-

Re: N/A in the credit limit field...does it help or hurt?

andyaycw — Wed, 20 Feb 2008 06:18:50 GMT

Am I correct in assuming that Open accounts contribute to the mix of credit, and therefore may help the credit score?

I am familiar with the terms of Revolving and Other, as may be the case with certain charge cards. However, for some reason I recall reading somewhere that there have been problems associated with type Open accounts. Are there any negatives about an account being reported this way? I never have had a good feeling about the term Open for some odd reason.

Re: N/A in the credit limit field...does it help or hurt?

Anonymous — Wed, 20 Feb 2008 12:52:23 GMT

Not sure about how they tie to mix- nil is my guess-

You are right - if they are not reported correctly it can really mess you up-

IMO- I am really happy about how my Amex Green is reporting-

Getting the points - no hit on UTL-

I look at it as "Net-20 terms"

andyaycw wrote:
Am I correct in assuming that Open accounts contribute to the mix of credit, and therefore may help the credit score?

I am familiar with the terms of Revolving and Other, as may be the case with certain charge cards. However, for some reason I recall reading somewhere that there have been problems associated with type Open accounts. Are there any negatives about an account being reported this way? I never have had a good feeling about the term Open for some odd reason.

Re: N/A in the credit limit field...does it help or hurt?

Dawn — Wed, 20 Feb 2008 12:55:46 GMT

Timothy wrote:
Nope-
If the card is REVOLVING - it would take you highest balance as the CL-

If it is OTHER or OPEN like a Amex charge card- it is not calculated in utl-

I wish it were as simple as this to make this determination. In my mind, the jury is still out on this "Open" vs "Revolving" thing.

On a December EQ MyFico report, I have a credit card that reports as "open" instead of "revolving" in the account detail. In this report, the Credit Limit is listed as $0. The balance is included in the total Revolving Account balance on the Credit At-A-Glance page.

When I do the math to determine if the "open" account is included in the "Ratio of your revolving balances to your credit limits" it appears to be included. When I exclude this account's information from the utilization calculation, I move away from the percentage reported on the MyFico Report. Maybe I have overlooked one more variation of crunching the numbers and will discover it and I will be comfortable accepting the consensus that "Open" is not included in utilization ... but I haven't reached that place yet.

FWIW, the EQ CRA reports I got directly from EQ (before and after the December MyFico report) lists this account as "open" instead of "revolving" but when it groups the accounts under the headings of Mortgage Accounts, Installment Accounts, Revolving Accounts, and Other Accounts ... this "Open" account falls under the Heading for REVOLVING accounts.