Charge Card Reporting.

[Anonymous]

I have never actually looked into how my charge card has reported I'm quite new to myFico and am trying to understand. I've had the Ame Platinum card and trying to understand how does a charge card report. Does it report "Credit Card" and "Open" as the status? I know its not included in the utilization which is why I'm curious. I've never looked at it until today.

[Anonymous]

Yes. That's how it shows in mine.

[Revelate]

Look under the Term, should report similar to 1 month for it.  That's the indication the tradeline is a charge card assuming it's listed as revolving, i.e payment is due in full in one month.

[Anonymous]

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@Revelate wrote:

Look under the Term, should report similar to 1 month for it.  That's the indication the tradeline is a charge card assuming it's listed as revolving, i.e payment is due in full in one month.

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I just noticed that! Thank you!

[RobertEG]

The term "Open" has multiple meanings in the realm of credit reporting.

An Open account status means that it remains open to consumer use.

However, Open also designates a third type of credit per se.

Credit types can be Installment, Revolving, or Open.  When used to designate a type of credit, Open is distinguished from revolving in that the balance is due in full at each billing, and the consumer does not carry a balance that is permiteed up to an approved credit limit.

Charge/debit cards are not installment or revolving credit, and the term Open should represent the type of account as opposed to the current status as to ability to continue to use.