topic Re: Amex charge affecting util in Credit Cards

Amex charge affecting util

Anonymous — Sun, 13 Jul 2008 01:54:42 GMT

I have an Amex Gold Rewards Plus card that has just started reporting. As of today, it has just showed up on EX. I wanted to see how the card would affect my score since it was coming with 9 years of age so I pulled my score today and it dropped 26 points. The only 2 changes to my report since my last pull is my HSBC Amex reporting (opened in 07/07 reporting a $690 balance on $1800 CL) and the Amex charge card. I added up the numbers and FICO is including my Amex charge card in my util. Thoughts?

Re: Amex charge affecting util

Anonymous — Sun, 13 Jul 2008 01:59:21 GMT

Even if the $ for the charge card is displying- it is NOT being counted in UTL - except on the old FICO version on TU>

Re: Amex charge affecting util

Anonymous — Sun, 13 Jul 2008 02:02:32 GMT

Thanks for the quick response Timothy.

"Credit at a Glance" -> "Your total revolving accounts" total includes the Amex balance. Should I just disregard that and attribute the decline to util on the HSBC card?

Message Edited by gary4872 on 07-12-2008 07:02 PM

Re: Amex charge affecting util

haulingthescoreup — Sun, 13 Jul 2008 02:02:44 GMT

You might very well have lost 26 points for a new CC reporting plus the high util on the HSBC.

My Gold card balance ($61!) is included as part of the total revolving balance on the Credit-At-A-Glance screen, but I can't tell if it's really being factored in util or not, because the balance isn't big enough to swing the figures. And no, I don't want to let $5K report and see what happens!

Gary, what util % is being reported on screen two of your report? (if it is.) If it shows a util figure, run the math for your util with and without the AmEx balance. Does it look like they're counting it?

edit: out-typed by Timothy!

Message Edited by haulingthescoreup on 07-12-2008 07:02 PM

Re: Amex charge affecting util

Anonymous — Sun, 13 Jul 2008 02:09:58 GMT

Thanks for the thoughts haulingthescoreup. I just looked again and see that the Amex is listed as Revolving, terms 1 month. If by page 2 you mean where they talk factors affecting your score, it says that high util is a problem, but doesn't say what my util is. Where do I find that?

The balance that reported is only like $1,100. My 2nd statement is due to cut Monday and the balance will be about $2,700.

Re: Amex charge affecting util

haulingthescoreup — Sun, 13 Jul 2008 02:21:58 GMT

On myFICO reports, and on other monitoring service reports, it can be really hard to tell if an AmEx charge card is being reported properly, because the terms displayed might not be accurate. This is a problem of how data displays when it migrates from one report to another.

As for displayed util, I forgot: EX isn't as generous in sharing info on myFICO reports as are EQ and TU. On those two, if your util is listed as either helping or hurting you, it will display the actual percentage, according to their calculations. So for instance, on my EQ report, it says this:

You've limited the use of your available credit.
Ratio of your revolving balances to your credit limits
7%
For FICO High Achievers [?], this ratio is 7%, on average.

Your FICO score evaluates your total revolving account [?] balances in relation to your total credit limits on those accounts. Your FICO score was helped because you've kept this ratio of balances to credit limits low.

But EX just tells you it's too high and leaves you to wonder.

Re: Amex charge affecting util

Anonymous — Sun, 13 Jul 2008 02:26:12 GMT

Grrrrr! Yet another reason to hate EX

Re: Amex charge affecting util

Anonymous — Sun, 13 Jul 2008 02:26:53 GMT

I have let mine report with a balance over $5k with no affect on EQ and EX but I did take a hit on TU for that 1 month -

Re: Amex charge affecting util

fused — Sun, 13 Jul 2008 02:28:20 GMT

You should be able to view this info on page #2 of your TU report, Understanding Your FICO score

Re: Amex charge affecting util

fused — Sun, 13 Jul 2008 02:30:25 GMT

Timothy wrote:

I have let mine report with a balance over $5k with no affect on EQ and EX but I did take a hit on TU for that 1 month -

The same here, no problem with the E's. My util when up to 17 or 18% and I took a 31 point hit on TU.

Re: Amex charge affecting util

fused — Sun, 13 Jul 2008 02:32:00 GMT

gary4872 wrote:

I have an Amex Gold Rewards Plus card that has just started reporting. As of today, it has just showed up on EX. I wanted to see how the card would affect my score since it was coming with 9 years of age so I pulled my score today and it dropped 26 points. The only 2 changes to my report since my last pull is my HSBC Amex reporting (opened in 07/07 reporting a $690 balance on $1800 CL) and the Amex charge card. I added up the numbers and FICO is including my Amex charge card in my util. Thoughts?

If you are very concerned with your TU score, simply pay your balance before the statement cuts. Amex reports the statement balance.

Re: Amex charge affecting util

Anonymous — Sun, 13 Jul 2008 03:18:42 GMT

Yeah my next statement I am going to PIF before it cuts, since I will be going for a mortgage refi Iwant all as high as possible

Re: Amex charge affecting util

haulingthescoreup — Sun, 13 Jul 2008 04:50:49 GMT

Remember that there is a built-in delay in new AmEx balances appearing on your reports.

My statement drops on the 18th, and they report that balance on the following 14th. So if you PIF if before the next statement, it will still be almost another month before the piffedness appears on your reports.

Re: Amex charge affecting util

Anonymous — Sun, 13 Jul 2008 04:56:24 GMT

piffedness - like your new word

Re: Amex charge affecting util

haulingthescoreup — Sun, 13 Jul 2008 04:57:49 GMT

@Anonymous wrote:
piffedness - like your new word

Thanks, I'm kinda proud.

It's pronounced with three syllables, BTW.

Re: Amex charge affecting util

Anonymous — Sun, 13 Jul 2008 05:12:39 GMT

@haulingthescoreup wrote:
On myFICO reports, and on other monitoring service reports, it can be really hard to tell if an AmEx charge card is being reported properly, because the terms displayed might not be accurate.

FWIW when I pull TC, my Amex reports by the installment loans somewhere, I think it might be under Other. It definitely doesn't report with my other CCs, including both of my other Amexs, which DO report with the CCs.

Re: Amex charge affecting util

Anonymous — Sun, 13 Jul 2008 05:17:55 GMT

@haulingthescoreup wrote:

@Anonymous wrote:

piffedness - like your new word

Thanks, I'm kinda proud.

It's pronounced with three syllables, BTW.

I like the word too, but three syllables sounds kinda hoity-toity that way.

I think I prefer piff'dness.

Re: Amex charge affecting util

haulingthescoreup — Sun, 13 Jul 2008 05:23:33 GMT

@Anonymous wrote:
@haulingthescoreup wrote:
@Anonymous wrote:

piffedness - like your new word
Thanks, I'm kinda proud.

It's pronounced with three syllables, BTW.
I like the word too, but three syllables sounds kinda hoity-toity that way.

I think I prefer piff'dness.

That does have a crisper sound, but it seems to involve some danger to bystanders in the salivary category.