FLDean wrote:
I called Amex's credit bureau and spoke to the rep. She confirmed that Fico uses the highest monthly balance as my limit and that my utilization rate is high because my monthly charges are high relative to this. She said the reasons that its coming out high even though I pay it off each month is that they submit my balance on the 4th and I'm paying my card off each month right after that so it always looks high.
I see this as more a flaw with Fico then with Amex. Fico is just assuming what your credit line is, if any and making up any number it wants and then penalizing you with false numbers. I don't see how Fico may not be in violation of some credit law by making up false information and reporting it as Amex never stated what the credit line Fico just made one up.
TU should be the only FICO report still doing this.
Absent the lender reporting a CL, the formula has to go with the next best thing, which is the highest reported balance in the past. That's the number that's used for calculating util, not an assumed CL. Other CCC's report your highest balance ever, even if you paid if off before the statement posted. Unfortunately, AmEx only reports the highest balance that was reported on a statement. I can assure you that I've run my Gold up higher than $64!
Anyway, here's how my Gold card looks on my FICO reports and on my full reports from the CRA's. For the "open" thing, you want to be looking in the account type line. (Sorry, this is awfully long, but I hope it helps people know what to look for):
FICO EQ:
Amex
Status as of [?] Dec, 2008
Date opened [?] Mar, 2008
Date of last activity [?] Nov, 2008
Date closed [?] Not Reported
Account number [?] Not Reported
Loan type [?] Not Reported
Largest past balance [?] $64
Terms [?] Not Reported
Account Type [?] Open Account <-- my others say "revolving" here
Account holder [?] Individual
Scheduled payment amount [?] $0
Descriptions [?]
* Credit Card
FICO TU:
Credit Card American Express
Status as of [?] Dec, 2008
Date opened [?] Mar, 2008
Date of last activity [?] Nov, 2008
Date paid out [?] Nov, 2008
Date closed [?] Not Reported
Account number [?] XXXXXXXXXXXXXXXX
Loan type [?] Credit Card
Credit limit [?] Not Reported
Largest past balance [?] $64
Terms [?] Not Reported
Account Type [?] Open Account <-- my others say "revolving" here
Account holder [?] Individual Account
Scheduled payment amount [?] Not Reported
Descriptions [?]
None on Record
FICO EX:
Amex
Status as of [?] Dec, 2008
Date opened [?] Mar, 2008
Date of last activity [?] Dec, 2008
Date of last payment [?] Nov, 2008
Date closed [?] Not Reported
Account number [?] XXXXXXXXXXXXXXXX
Loan type [?] Credit Card, Terms REV
Credit limit [?] Not Reported
Largest past balance [?] $64
Terms [?] 1 Month <-- here's how EX shows that it's to be PIF'd every month
Account Type [?] Revolving
Account holder [?] Individual
Scheduled payment amount [?]
Descriptions [?]
None on Record
from EQ full report (directly from CRA):
American Express
Account Number: -XXXX
Account Owner: Individual Account.
Type of Account : Open **
Term Duration:
Current Status: PAYS AS AGREED
High Credit: $64
Credit Limit: $0
** my others say this: "Type of Account: Revolving Revolving loans have an amount owed which varies from month to month, like a credit card."
from TU full report (directly from CRA):
AMERICAN EXPRESS
Balance: $ 0
Date Updated: 12/2008
High Balance: $ 64
Pay Status: Paid or paying as agreed
Account Type: Open Account <--my others say "revolving" here
Responsibility: Individual Account
Date Opened: 03/2008
Date Paid: 11/2008
from EX full report (directly from CRA):
AMEX
Status: Open/Never late. <-- "Status: open" refers to open vs closed, delinquent, etc
Date Opened: 03/2008
Reported Since: 12/2008
Date of Status: 12/2008
Last Reported: 12/2008
Type: Revolving
Terms: 1 Months <-- my others say N/A here
Monthly Payment: $0
Responsibility: Individual
Credit Limit/Original Amount: NA
High Balance: $64
Recent Balance: $0 /paid as of 12/2008
Recent Payment: $0
FLDean wrote:
I see this as more a flaw with Fico then with Amex. Fico is just assuming what your credit line is, if any and making up any number it wants and then penalizing you with false numbers. I don't see how Fico may not be in violation of some credit law by making up false information and reporting it as Amex never stated what the credit line Fico just made one up.
Nothing is made up, as far as I can see, and there is no violation as far as I can see 
It is a game we need to play to maximize our scores
smallfry wrote:
OK Hauling but I wonder why I see that comment in my "other" accounts field on my Equifax report?
Mine says the same thing. I got all agitated after I'd had the card a month or two, and I couldn't figure out if it was reporting correctly, and I called EQ. The CSR (and this was one of the good ones!) blandly said that it was reporting where it was supposed to, and since it said "other" up there, everything was correct.
You could almost hear her bubblegum snap.
I suppose that they created the category and never got around to using it.
That mystery category is one of the reasons I posted all that mess. There are so many things that a logical person would expect to see on credit reports, but nope...