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bcmorris wrote:
First of all, thank you for a quick response.I did ask about converting it over to the blue, or any other credit card. The answer was that they could close my 'one' card, and I can apply for another. She said that I only have one inquiry from them, and that a second would not effect my credit score. I'm not so sure of that, I want to believe her though. If that is the case, then I could just apply for the blue card and set up my savings account for the 'one' and not use the card. I do not need to use the 'one' card to utilize the savings account, but I do want to help my debt ratio.
Whether or not a second inq would effect your score remains to be seen. Credit card inq are not like mortgageand auto shopping, each carries their own weight. How many inqs do you have in the past 6-12 mos? That would factor into it greatly. I am wary of Amex with their reputations for F/Rs and such especially on accounts in good standing. There may be more cards that you can apply for with better terms. Just do your research.
Brammy wrote:The bad part about cards that dont report limits is that the high balance is what will be used to calculate your utilization . This being a charge card, you have to decide how much you can charge on it in one fell swoop and pay it off. Not cure how charge versus credit factors into the report. Have you thought about applying for the Blue? Or asking if they will convert it for you?
That was my understanding too. Depending on the model but have several board buds when they do the calcs by hand, the only way their utilization is what it is is if it is included. Better take a closer look at mine cause I know I have some cards reporing as charge that sould report as credit.
FICO_Focused wrote:
Brammy wrote:
The bad part about cards that dont report limits is that the high balance is what will be used to calculate your utilization . This being a charge card, you have to decide how much you can charge on it in one fell swoop and pay it off. Not cure how charge versus credit factors into the report. Have you thought about applying for the Blue? Or asking if they will convert it for you?
This is a charge account that will NOT EFFECT your revolving Utilization at all. It will be reported as Other rather than Revolving. Blue Cash, Blue Sky, HH, Delta, etc... ALL of these ARE revolving CC.They are calculated differently than PIF charge cards.Rob
bcmorris wrote:
My score watch states that I have 3 inquiries the past year. I moved and needed furniture so I opened a badcock acct, needed a labtop and opened a bestbuy card, and my cell phone. It is not counting another cellphone inquiry though. I had "amp'd mobile" but they went bankrupt or something so I had to apply for a whole new service.
Another inquiry should not hurt you much maybe a point or two
Rob you are correct! Amex charge cards are suppose to report as other open account and do not factor in util% calculations. I have a Gold card and EQ and TU report it this way but not EX. I disputed this with them and it came back verified. I sent an MOV letter with an ITS flavor, no dice. So I am left with no other option but to sue them!
FICO_Focused wrote:
Brammy wrote:
The bad part about cards that dont report limits is that the high balance is what will be used to calculate your utilization . This being a charge card, you have to decide how much you can charge on it in one fell swoop and pay it off. Not cure how charge versus credit factors into the report. Have you thought about applying for the Blue? Or asking if they will convert it for you?
This is a charge account that will NOT EFFECT your revolving Utilization at all. It will be reported as Other rather than Revolving. Blue Cash, Blue Sky, HH, Delta, etc... ALL of these ARE revolving CC.They are calculated differently than PIF charge cards.Rob