AMEX Green/Gold/Platinum

[Anonymous]

Hi All
Am sure this has been answered here before, but can't seem to find my answer.
Would like to know is the Amex Green/Gold/Platinum no spending limit charge cards are reported to the credit bureau's? Granted they are hypothetically no limit cards (but we all know they put a fluctuating limit on them) pre approved for all of them but want to make sure they will benefit my overall Credit Score...

[CCrew]

They are reported with a $0 credit limit and don't factor into scoring based on utilization, but do as an active account. If your score can benefit from the credit mix then it's a positive, but if you're looking for it to lower your overall utilization it's of no benefit. 

[Anonymous]

Thanks. Appreciate the insight...

[Anonymous]

Hypothetically AMEX will approve you for any card that has an annual fee. I swear they will. 

Charge cards can be risky. I avoid them like a plague. It also showed a nice diversified credit line. Being trusted with charge card. 

[Anonymous]

Is this also true if there is a limit on it? Platinum Business, from my company. And I have a $5k limit on it, just like on my BCE or Delta Gold. Or is that different because its a Business card?

[FinStar]

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@Anonymous wrote:
Is this also true if there is a limit on it? Platinum Business, from my company. And I have a $5k limit on it, just like on my BCE or Delta Gold. Or is that different because its a Business card?

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AmEx business cards (charge or revolving) do not report to personal CRs.

[Anonymous]

Also charge cards do not add anything to the credit mix equation, therefore only apply if the rewards match your spending habits and justify the annual fee.

[SouthJamaica]

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@Anonymous wrote:
Hi All
Am sure this has been answered here before, but can't seem to find my answer.
Would like to know is the Amex Green/Gold/Platinum no spending limit charge cards are reported to the credit bureau's? Granted they are hypothetically no limit cards (but we all know they put a fluctuating limit on them) pre approved for all of them but want to make sure they will benefit my overall Credit Score...

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1. Yes they are reported.

2. They do count as a "new account", therefore reducing your newest account age and average age of accounts, and if there is a balance counting as an "account with a balance".

3. They are not counted in utilization by later scoring models (FICO 8's and 9's) but are counted in utilization by some of the older scoring models (such as mortgage scores).

4. When counted in utilization by older models, FICO considers the "highest reported balance" as the credit limit, so it can tank a score temporarily -- e.g. if you report a $100 balance the first month, they will report it as $100/$100, or 100% utilization.