topic Re: amex now reporting as open vs revolving? in Credit Cards

amex now reporting as open vs revolving?

Anonymous — Sat, 23 Feb 2008 22:59:51 GMT

Has anyone experienced this? 2 of 3 cra's show my amex as open,my 1st thought was good as I now pif before statement to keep utl low,any thoughts?It hasnt affected ficos yet.

Re: amex now reporting as open vs revolving?

Anonymous — Sat, 23 Feb 2008 23:13:08 GMT

Which card is it?

Charges cards (Like the Green) should report as other/Open

lightnin67 wrote:

Has anyone experienced this? 2 of 3 cra's show my amex as open,my 1st thought was good as I now pif before statement to keep utl low,any thoughts?It hasnt affected ficos yet.

Re: amex now reporting as open vs revolving?

CreditDrama85 — Sun, 24 Feb 2008 00:46:00 GMT

TU and EQ will show your Amex charge as "open" . however, EX will always display it as "revolving"....but in the minimum payment or terms section, display "1month".....which equates to that of an open account because the balance is due within 30days.

Re: amex now reporting as open vs revolving?

fused — Sun, 24 Feb 2008 01:35:23 GMT

FYI to the OP

The current FICO EQ and EX scoring versions do not factor open accounts in revolving utilization calculations while TU does. Since you PIF before your statement cuts all of this will mean nothing...and it's a good thing.

Re: amex now reporting as open vs revolving?

Anonymous — Sun, 24 Feb 2008 03:25:41 GMT

FYI to the OP

It is a charge card,not revolving ,I just thought it odd that they just started after 7yrs,thought maybe it might be due to Fico 08?

Re: amex now reporting as open vs revolving?

Anonymous — Sun, 24 Feb 2008 03:27:23 GMT

Wouldnt this mean I dont need to pif before statement since it is not counted in utl?That would be good.

Re: amex now reporting as open vs revolving?

fused — Sun, 24 Feb 2008 03:35:05 GMT

FICO 2008 hasn't launched yet. While the current FICO TU scoring version does report these as open accounts, it still factors them in revolving utilization calculations. EQ and EX do not factor them though. I know this because several months ago I didn't pay my Amex Gold card before the statement cut and it reported a huge balance on my reports. My overall util went from 7% to 18% and my FICO TU score dropped 31 points.

Re: amex now reporting as open vs revolving?

fused — Sun, 24 Feb 2008 03:35:44 GMT

PIF if you're concerned about TU.

Message Edited by fused on 02-23-2008 05:35 PM