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Charge Card Balance Reporting & Payments for Rebuilding

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Anonymous
Not applicable

Charge Card Balance Reporting & Payments for Rebuilding

So I am currently in rebuilding mode and feel I have been making progress.  I was reviewing the site and found data on where to keep util on revolvers each month, however I cannot find much data on charge cards.

 

I was recently applied and was approved for the AMEX Gold Card and this will be my main card moving forward.  My question is where should I keep the balance knowing that this card is not factored into util?  Does showing a balance each month have any affect?  Just wondering if I should pay the card down prior to the statement cut each month or not.  All of my other cards are $1K limits and below, I have already put 3 times that on this card in a week (Flights were a big portion).

 

Thanks in advance!

3 REPLIES 3
Anonymous
Not applicable

Re: Charge Card Balance Reporting & Payments for Rebuilding

The appeal is that it doesn't have a limit per se.

 

It's catagorized as "other" on your reports.

 

If you use it you know you have to pay it when the statement cuts  It doesn't really do much from a scoring standpoint but, it can influence your other creditors to bump up your limits if they see you're managing it well.

Message 2 of 4
Anonymous
Not applicable

Re: Charge Card Balance Reporting & Payments for Rebuilding


@Anonymous wrote:

The appeal is that it doesn't have a limit per se.

 

It's catagorized as "other" on your reports.

 

If you use it you know you have to pay it when the statement cuts  It doesn't really do much from a scoring standpoint but, it can influence your other creditors to bump up your limits if they see you're managing it well.  I never thought about this part....


Obscure, thanks for the feedback.  I was thinking that it wouldnt help nor hurt as its not revolving, but wasnt 100%. 

Message 3 of 4
Revelate
Moderator Emeritus

Re: Charge Card Balance Reporting & Payments for Rebuilding

To be clear it is a revolving account, the reason it is excluded from most (not all) calculations is it has a term of 1 month.

That means must be PIF every month and as such isn’t really a revolving debt.

Also it does count on EX FICO 2 which is still one of the mortgage scores.



        
Message 4 of 4
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