American Express Gold and Scoring

[Anonymous]

I have an Amex Gold that is showing on my EX as revolving, terms 1 month.  It NA in Credit Limit and it shows $2,388 in high balance.

Then in payment history it shows a balance every month for 2 years that varies from 0 to $6,468.

How does this affect my utli since there is not set limit, but it is showing some high balances??

[ronq]

It uses the high balance as the credit limit.

[Anonymous]

Ok.  So for example if put $500 on one month and then didn't pay that in full before they reported (but of course before it was due so there would be no late) to the CRA's each month it would show my utli at approx. 40% for that month??  So I need to make sure no matter what I charge I pay the bill in full each month before they actually report?

[fused]

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hgolf1848 wrote:

I have an Amex Gold that is showing on my EX as revolving, terms 1 month.  It NA in Credit Limit and it shows $2,388 in high balance.

Then in payment history it shows a balance every month for 2 years that varies from 0 to $6,468.

How does this affect my utli since there is not set limit, but it is showing some high balances??

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Since EX is reporting it this way, it does not factor in utilization calculations. Also, just FYI, both EQ and TU are suppose to report these types of charge cards as open accounts. EQ does not factor these open accounts in util calculations while the dinosaur, TU, still does.

[Anonymous]

That is great to know.  I know they can be inconsistent with their reporting so it takes some of my worries away of making sure I have it paid by the time they report versus just making sure I have it paid by the due date.

Question though.  So besides the history and the good payment record is it helping my fico score any other way??  Like Credit Limit??

[fused]

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hgolf1848 wrote:

Question though.  So besides the history and the good payment record is it helping my fico score any other way??  Like Credit Limit??

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No help with the CL, only the high balance on TU. So on TU if the highest balance ever was say 8K, you don't want a current balance to report higher than $720, otherwise TU might punish you. Keep it at < 9% util. This card will help your scores with credit length history, payment history AND credit mix. Having any major CCs will help your scores rather they be AmEx, MC, Visa or Discover.