topic Re: AmEx Gold Reporting Question in General Credit Topics

AmEx Gold Reporting Question

Hut1 — Tue, 24 Sep 2019 02:29:12 GMT

How does that show up on your CR's?
Does it show a credit limit even though it's a charge card?
Does it report as a revolving TL?

DH is looking to get one as he's pre-quailified through the site, but curious if he should pay his UTI down which is probably around 40% total across 6 TL's. My thought process - if you're approved, then you're approved. Paying down UTI isn't going to decrease an APR since there is none, or increase a SL, since it's NPSL. Since he's never owned an AmEx, I'm assuming he'll have to prove his buying power regardless, no?

TIA!

Re: AmEx Gold Reporting Question

CramEiko — Tue, 24 Sep 2019 02:57:49 GMT

@Hut1 wrote:
How does that show up on your CR's? My card doesn't show up unless I have a balance due when the statement cuts.
Does it show a credit limit even though it's a charge card? Charge cards don't have credit limits though they may have a limit cap for your spending.
Does it report as a revolving TL? It's a charge card. It doesn't have a set credit limit nor does it have a revolving TL - In General but YMMV for their POT program.
DH is looking to get one as he's pre-quailified through the site, but curious if he should pay his UTI down which is probably around 40% total across 6 TL's. My thought process - if you're approved, then you're approved. Paying down UTI isn't going to decrease an APR since there is none, or increase a SL, since it's NPSL. Since he's never owned an AmEx, I'm assuming he'll have to prove his buying power regardless, no?

TIA!

Lowering your UTL % is never a bad idea. Under 30% UTI shows a bump up in score as well as under 8.9% UTI shows a bump up in score.

If AMEX likes you, they may offer NPSL and possibly POT (a high APR% - IMO). I didn't have either untill I put a few months usage on the card. 4X back @ Grocery and Resurants aren't bad catagories plus the other perks.

Good Luck!

Re: AmEx Gold Reporting Question

Brian_Earl_Spilner — Tue, 24 Sep 2019 03:46:30 GMT

Older versions of fico will use the highest charged amount as the limit for the card. Newer versions don't.

Re: AmEx Gold Reporting Question

Hut1 — Tue, 24 Sep 2019 15:21:03 GMT

Thanks gents. Can either of you tell me how this card affects your FICO?

Re: AmEx Gold Reporting Question

I_Love_Cards — Tue, 24 Sep 2019 16:05:29 GMT

I have the Gold and the Platinum. They report as charge cards/revolving with a term of one month.

As mentioned above-there is no limit disclosed on the credit report (although older FICO models do use the highest reported balance as a “limit”).

Any balance reported is not factored into my utilization for current scoring models.

The account IS factored into the number of accounts with a balance. So having a balance on the card could impact your FICO if this puts your % of accounts with a balance over a threshold.

Your internal spending limit (not reported anywhere) will be determined by your spending and payment patterns over time.

Where a lower utilization figure at approval time MAY make a difference is in the pay over time option terms. This is unrelated to your internal spending limit and carries pretty high interest-but you may get more favorable terms with a better profile at the time of approval. This will only matter if you intend to use the feature.

I’m guessing my internal limit is in the $5k neighborhood? My POT limit is $25k or something. I’m unsure how i would reach that limit with a much lower internal spending cap. I’ve never used POT so maybe someone else can offer more info. But that’s the only variable for the card terms - so you’re approved or you’re not- but a more favorable profile might give you more favorable POT terms.

I don’t think the card does much for my FICO one way or another except counting for an account (with or without a balance) and account aging/payment history. Whether my balance reports and $2 or $2000 makes no difference to my score.

Re: AmEx Gold Reporting Question

Hut1 — Tue, 24 Sep 2019 23:59:53 GMT

@I_Love_Cards wrote:
I have the Gold and the Platinum. They report as charge cards/revolving with a term of one month.

As mentioned above-there is no limit disclosed on the credit report (although older FICO models do use the highest reported balance as a “limit”).

Any balance reported is not factored into my utilization for current scoring models.

The account IS factored into the number of accounts with a balance. So having a balance on the card could impact your FICO if this puts your % of accounts with a balance over a threshold.

Your internal spending limit (not reported anywhere) will be determined by your spending and payment patterns over time.

Where a lower utilization figure at approval time MAY make a difference is in the pay over time option terms. This is unrelated to your internal spending limit and carries pretty high interest-but you may get more favorable terms with a better profile at the time of approval. This will only matter if you intend to use the feature.

I’m guessing my internal limit is in the $5k neighborhood? My POT limit is $25k or something. I’m unsure how i would reach that limit with a much lower internal spending cap. I’ve never used POT so maybe someone else can offer more info. But that’s the only variable for the card terms - so you’re approved or you’re not- but a more favorable profile might give you more favorable POT terms.

I don’t think the card does much for my FICO one way or another except counting for an account (with or without a balance) and account aging/payment history. Whether my balance reports and $2 or $2000 makes no difference to my score.

This is exactly what I was looking for. Thank you!

Re: AmEx Gold Reporting Question

Techgirlie — Wed, 18 Nov 2020 01:31:18 GMT

I've been searching for this info everywhere. I really appreciate this detailed information!

Re: AmEx Gold Reporting Question

Hut1 — Wed, 18 Nov 2020 01:36:53 GMT

@Techgirlie wrote:
I've been searching for this info everywhere. I really appreciate this detailed information!

We ask the hard questions in here and wait for smarter people to respond. 😆