topic Re: Question about cards reporting a balance in Credit Cards

Question about cards reporting a balance

lhcole77 — Tue, 13 Aug 2013 17:03:23 GMT

From what I've learned here Amex PRG is not factored into UTL.

I'm wondering, though, is it factored as an account reporting a balance? For example, if a creditor says "There are too many accounts reporting a balance" is this considered as one of them if it has a balance?

If so, seems beneficial to pay this card before the statement cuts so that I can have another credit account reporting a $0 balance (to offset some of my student loans which are reporting balances).

Re: Question about cards reporting a balance

pizzadude — Tue, 13 Aug 2013 20:57:45 GMT

@lhcole77 wrote:
From what I've learned here Amex PRG is not factored into UTL.

I'm wondering, though, is it factored as an account reporting a balance? For example, if a creditor says "There are too many accounts reporting a balance" is this considered as one of them if it has a balance?

If so, seems beneficial to pay this card before the statement cuts so that I can have another credit account reporting a $0 balance (to offset some of my student loans which are reporting balances).

Yes, it is factored into the "accounts with balances" however the balance itself is not included in your overall utilization.

I would't worry too much about it, as I believe this is a lesser impact to your FICO score.

Also the student loan accounts are installment loans which aren't scored in the same way as revolving accounts.

Re: Question about cards reporting a balance

djc1puno — Tue, 13 Aug 2013 21:31:33 GMT

Re: Question about cards reporting a balance

lhcole77 — Tue, 13 Aug 2013 21:49:13 GMT

@pizzadude wrote:
@lhcole77 wrote:
From what I've learned here Amex PRG is not factored into UTL.

I'm wondering, though, is it factored as an account reporting a balance? For example, if a creditor says "There are too many accounts reporting a balance" is this considered as one of them if it has a balance?

If so, seems beneficial to pay this card before the statement cuts so that I can have another credit account reporting a $0 balance (to offset some of my student loans which are reporting balances).
Yes, it is factored into the "accounts with balances" however the balance itself is not included in your overall utilization.

I would't worry too much about it, as I believe this is a lesser impact to your FICO score.

Also the student loan accounts are installment loans which aren't scored in the same way as revolving accounts.

Thank you for this reply!

This information is very helpful.

Re: Question about cards reporting a balance

lhcole77 — Tue, 13 Aug 2013 21:54:35 GMT

@pizzadude wrote:

Yes, it is factored into the "accounts with balances" however the balance itself is not included in your overall utilization.

I would't worry too much about it, as I believe this is a lesser impact to your FICO score.

Also the student loan accounts are installment loans which aren't scored in the same way as revolving accounts.

Follow up question: Is there a suggested number of accounts one can have that report a balance?

For example, if somone has 14 TL does it benefit when only X number report?

Re: Question about cards reporting a balance

myjourney — Tue, 13 Aug 2013 22:17:58 GMT

@lhcole77 wrote:
@pizzadude wrote:

Yes, it is factored into the "accounts with balances" however the balance itself is not included in your overall utilization.

I would't worry too much about it, as I believe this is a lesser impact to your FICO score.

Also the student loan accounts are installment loans which aren't scored in the same way as revolving accounts.
Follow up question: Is there a suggested number of accounts one can have that report a balance?

For example, if somone has 14 TL does it benefit when only X number report?

Doesn't matter unless you are getting ready to app and then the golden rule of letting one card report 1-9% applies