@Anonymous wrote:I'm not too familiar with the Amex product line, but is that a charge card? If so, my understanding is that for utilization purposes it looks to your current balance against your highest balance. If the card is new, your highest balance is likely equal to your current balance, thus rendering a 100% utilization for the first reporting in the eyes of the FICO algorithm.
Yes it's an Amex charge card. And I'm going to follow this very closely because I just recently got an Amex Gold card, so new it hasn't reported yet.
I agree that probably it was a reference to the "high balance" as though it were a credit limit, but I thought that FICO had stopped using the Amex charge cards in utilization computations.
@Bonzoled wrote:Yup, it's a charge card. I guess I'll have to wait and see what's reported for the next cycle.
Vantage/FAKO is also moving, but my next FICO report is due 2/6 according to my
membership. Let's see how this progresses.
Best,
I will be following it closely since I just got the Gold card, too, and it's my first personal charge card, so I have no experience with how it reports. I was actually fearful of this type of thing, and paid the account down to zero before the statement cut.
@SouthJamaica wrote:
@Bonzoled wrote:Yup, it's a charge card. I guess I'll have to wait and see what's reported for the next cycle.
Vantage/FAKO is also moving, but my next FICO report is due 2/6 according to my
membership. Let's see how this progresses.
Best,
I will be following it closely since I just got the Gold card, too, and it's my first personal charge card, so I have no experience with how it reports. I was actually fearful of this type of thing, and paid the account down to zero before the statement cut.
I've had my AMEX green card report 100% B/HB four times in the last couple years. Only scoring impact I saw was on Classic EX Fico 98 and its industry option counterparts. It was an individual card impact, not aggregate utilization. No impact on the more recent Fico 04 and Fico 8 models. The reported balances were modest (under $3000 each time) compared to the > $50k approved spend on the NPSL card.
Utilization attribute aside, it does appear that Fico looks at aggregate debt in some form (see below). Thus, if an AMEX charge card reported balance were $30k, it might trigger a score drop on Fico 04 and Fico 8 - (reason code 01). That metric is based on $$$ amount, not utilization %. Note: Charge cards are a subset of credit cards.
As mentioned, Fico 98 does look at charge card utilization (B/HB). The impact can be seen on 3B reports for EX Fico 98 model scores: Classic (mortgage) and industry option. - reason code 10.
...
What is SSS?
It is another one of my persistent typos - should have been $$$ NOT SSS.
No doubt my wireless keyboard is to blame 
@Thomas_Thumb wrote:It is another one of my persistent typos - should have been $$$ NOT SSS.
No doubt my wireless keyboard is to blame
And here I thought I was going to learn something new again 