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What counts as a "bankcard"?

datawonk
Established Member

What counts as a "bankcard"?

Apologies if this is a dumb question or if I've posted this question in the wrong forum. I'm new here. 

 

Myfico keeps sending me alerts that the total balance on my bankcards has decreased. Prior to this I had the vague idea that a bankcard was any Visa, MC, Amex, or Discover. However, the numbers included in the alerts don't correspond to my Visa, MC, Amex, and Discover totals (it's higher). The numbers in the alerts also don't correspond to my total CC balances (it's lower). 

 

I'm working on my utilization so I'm probably too keyed into these alerts (e.g. obsessed) and I'm hoping one of you smart people can clear up my confusion. 

 

Thank you in advance! 





Message 1 of 16
15 REPLIES 15
Shooting-For-800
Senior Contributor

Re: What counts as a "bankcard"?

Generally bank cards were Visa MC Discover Amex Diner’s etc.

My assumption is all credit cards and maybe store installment loans would be counted in your reference.

Maybe even HELOC.

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2022.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!


Message 2 of 16
James_A
Senior Contributor

Re: What counts as a "bankcard"?


@datawonk wrote:

Apologies if this is a dumb question or if I've posted this question in the wrong forum. I'm new here. 

 

Myfico keeps sending me alerts that the total balance on my bankcards has decreased. Prior to this I had the vague idea that a bankcard was any Visa, MC, Amex, or Discover. However, the numbers included in the alerts don't correspond to my Visa, MC, Amex, and Discover totals (it's higher). The numbers in the alerts also don't correspond to my total CC balances (it's lower). 

 

I'm working on my utilization so I'm probably too keyed into these alerts (e.g. obsessed) and I'm hoping one of you smart people can clear up my confusion. 

 

Thank you in advance! 


You've got it right. Bank cards can be used in many/most places where store cards are limited to store charges. Of course some store cards can be upgraded to a bank card (ie, Macy's Visa) and thus used anywhere visa is accepted. 

 

It's quite possible the MyFico "update" is not so up to date.  I'm not a subsciber myself but have read where others have had issues. 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (3/12/2021): FICO 08 EXP: 748; TU: 755; EQ: 773
2020 Goal Score: 760 across the board


Take the myFICO Fitness Challenge
Message 3 of 16
Trudy
Valued Contributor

Re: What counts as a "bankcard"?


@datawonk wrote:

Apologies if this is a dumb question or if I've posted this question in the wrong forum. I'm new here. 

 

Myfico keeps sending me alerts that the total balance on my bankcards has decreased. Prior to this I had the vague idea that a bankcard was any Visa, MC, Amex, or Discover. However, the numbers included in the alerts don't correspond to my Visa, MC, Amex, and Discover totals (it's higher). The numbers in the alerts also don't correspond to my total CC balances (it's lower). 

 

I'm working on my utilization so I'm probably too keyed into these alerts (e.g. obsessed) and I'm hoping one of you smart people can clear up my confusion. 

 

Thank you in advance! 


MyFICO TU alert references Bankcards which includes credit cards, charge cards (store cards) and PLOC.  The other bureau's just state "the balance on your account(s)."  

 

Updated: But you can't count on MyFICO alerts. They are not timely and sometimes you won't get alerted. TU seems to be the main culprit. They are definitely the latest to report and occasionally skips a month. The best way to monitor your accounts and UTL is by reviewing them on the lender/CC site. Credit Karma and Wallet Hub are also good sites to monitor activity (not scores).

 

Alerts1.PNG

FICO - 8: 09/09/21 AU 8 BC 8
FICO - 9: 09/09/21 AU 9 BC 9
F5,F4,F2 09/09/21 AU... BC...
Vantage 09/09/21
As of 09/01/21:
AoOA - 25Y6M | AoYA – 0Y10M | AAoA – 12Y4M
Open: 11 CC: (1 reporting 2.84% : 0.25% AGG UTL) | 1 PLOC | 1 MTG loan: 46.89% UTL
Closed: 1 MTG loan | 2 Auto loans | (EQ) 2 CC, (EX & TU) 1 CC
INQ: (EQ) 0/24 | (TU) 1/24 | (EX) 1/24
Message 4 of 16
James_A
Senior Contributor

Re: What counts as a "bankcard"?


@Trudy wrote:

MyFICO TU alert references Bankcards which includes credit cards, charge cards (store cards) and PLOC.  The other bureau's just state "the balance on your account(s)."  

 

Alerts1.PNG


This is a much better explanation than mine. Smiley Wink Thanks for bailing me out, Trudy.

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (3/12/2021): FICO 08 EXP: 748; TU: 755; EQ: 773
2020 Goal Score: 760 across the board


Take the myFICO Fitness Challenge
Message 5 of 16
datawonk
Established Member

Re: What counts as a "bankcard"?

Thank you! This is very helpful. I'm off to sign up for Credit Karma. New data to obsess over makes me happy!





Message 6 of 16
datawonk
Established Member

Re: What counts as a "bankcard"?

I appreciate your reply as well, James. Everyone here is so helpful! I'm glad to have found this site.





Message 7 of 16
Trudy
Valued Contributor

Re: What counts as a "bankcard"?


@datawonk wrote:

Thank you! This is very helpful. I'm off to sign up for Credit Karma. New data to obsess over makes me happy!


You are very welcome. Been obsessed, now a little less but still monitor everything daily.  Just part of my credit health process now. It satisfies my "fix" plus makes me feel a bit more secure at knowing exactly when something changes should there ever be fraud, Lord forbid.

 

Credit Karma updates once a week. It provides EQ and TU data. Again forget the scores because they are not FICO scores. Credit.com is another free site that gives you EX updates every 14 days but not a FICO score and not very detailed. WalletHub gives you free daily TU updates but not a FICO score. Creditscorecard.com is free and gives you a FICO 8 score once a month. I also have an EX subscription that updates daily and it provides your FICO 8, MTG, Auto 8, Auto 2, Bankcard 8, Bankcard 3 and Bankcard 2 scores. Once a month you get all 3 bureau's FICO 8 scores. There's also a trick that many here use periodically to get all 3 FICO 8 scores for a $1 through EX. Someone will likely come along to explain that process. 

 

Now that should satisfy your obsession Smiley Wink

FICO - 8: 09/09/21 AU 8 BC 8
FICO - 9: 09/09/21 AU 9 BC 9
F5,F4,F2 09/09/21 AU... BC...
Vantage 09/09/21
As of 09/01/21:
AoOA - 25Y6M | AoYA – 0Y10M | AAoA – 12Y4M
Open: 11 CC: (1 reporting 2.84% : 0.25% AGG UTL) | 1 PLOC | 1 MTG loan: 46.89% UTL
Closed: 1 MTG loan | 2 Auto loans | (EQ) 2 CC, (EX & TU) 1 CC
INQ: (EQ) 0/24 | (TU) 1/24 | (EX) 1/24
Message 8 of 16
Birdman7
Super Contributor

Re: What counts as a "bankcard"?

Welcome

So what does it mean when I get a TU alert that references the balance of my retail cards are going up?

A bankcard does not include a retail card. It would be my guess that some of your accounts are coded wrongly at TU and as stated above MF alerts are not timely. (Edited).

In my experience, I get separate alerts for retail cards and bank cards, At least from TU. My advice would be to check your 3B.
Message 9 of 16
Trudy
Valued Contributor

Re: What counts as a "bankcard"?


@Birdman7 wrote:
Welcome

So what does it mean when I get a TU alert that references the balance of my retail cards are going up?
The only alert I have with the word retail in is is below.  And the above pic of alerts is from my retail card balance change.  
Retail.PNG

A bankcard does not include a retail card. It would be my guess that some of your accounts are coded wrongly at TU and as stated above MF alerts are not timely. (Edited).  I guess that's possible.  It is listed as a charge card on my reports from here.  I do understand it is not a bankcard but that's the alert I receive.  It seems to lump all revolvers (including my PLOC) in this alert.

In my experience, I get separate alerts for retail cards and bank cards, At least from TU. My advice would be to check your 3B.

 

FICO - 8: 09/09/21 AU 8 BC 8
FICO - 9: 09/09/21 AU 9 BC 9
F5,F4,F2 09/09/21 AU... BC...
Vantage 09/09/21
As of 09/01/21:
AoOA - 25Y6M | AoYA – 0Y10M | AAoA – 12Y4M
Open: 11 CC: (1 reporting 2.84% : 0.25% AGG UTL) | 1 PLOC | 1 MTG loan: 46.89% UTL
Closed: 1 MTG loan | 2 Auto loans | (EQ) 2 CC, (EX & TU) 1 CC
INQ: (EQ) 0/24 | (TU) 1/24 | (EX) 1/24
Message 10 of 16
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