AMEX Listed as Revolving?

[Anonymous]

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fused wrote:

- On EQ and TU, charge cards should report as "other open account."

- On EX it should reports as "revolving, terms 1 month".

Keep in mind that the TU FICO 98 score you pull at this site uses an older scoring model, and no matter how your Amex cards report, the balances will still factor in revolving util calculations. I know it's idiotic! There is good news though, most lenders who pull your TU FICO score are using the newer TU 04 model which does not factor charge cards in util calculations. Your TU score with this current scoring model should be higher.

At this point, I wouldn't do anything. Why you say? The vast majority of lenders are no longer using the old TU 98. Disputing with CRAs can open another whole can of worms. Try and pay your cards before your statements cut.

Message Edited by fused on 05-24-2008 06:51 PM

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Here is a snapshot of my Equifax 3 in 1 report....

Open
Accounts Total
Number Balance Available Credit
Limit Debt to
Credit
Ratio Monthly
Payment
Amount Accounts
with a
Balance Mortgage 0 $0 N/A N/A N/A $0 0 Installment 4 $80,223 N/A $106,937 75% $1,184 3 Revolving 7 $13,764 -$864 $12,900 107% $136 6 Other 0 $0 N/A N/A N/A $0 0 Total 11 $93,987 -$864 $119,837 78% $1,320 9

You can clearly see that "other" is a pretty lonely category. I keep small balances on a few credit cards like you guys say I should, but this doesn't accurately depict what my CC debt really looks like.  Does EQ still use the old system?  If so I guess I'm just SOL, but if not, don't you think it would be worth a call to Amex just to make sure they are reporting correctly?  Other than student loans and my monthly Amex bills I really don't have much debt, so I think my score should be higher, but I think my revolving debt being out of whack is really killing me. 

[Anonymous]

Well that doesn't look like it did when I pasted it, but hopefully it can still be deciphered. 

[fused]

It appears I missed something in your initial post. Since your charge cards are reporting as revolving make sure you do this:

- call Amex's reporting dep't at 800.874.2717 and ask them if they are reporting these accounts as "other open accounts". If they insist they are, then it's dispute time with the CRAs. I disputed this very same problem with EX only (TU and EQ were reporting mine accurately) and it took a long time to resolve.

Again this is how they are suppose to report on all three reports:

- On EQ and TU, charge cards should report as "other open account."

- On EX it should report as "revolving, terms 1 month".

- check page 2 of your FICO reports and see what your revolving util % is.

- add up your total available revolving credit and the total balances on all of your credit cards (not the amex charge cards) what does your util come out to?

- use the same available credit total and this time add-in your Amex card balances to your credit card balances, what does your util show now?

[fused]

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debtisgood wrote:

Fused,

If a majority of lenders are pulling the 04 formula, isn't it true that the website will begin showing that TU FICO score instead of the ones generated via the old 08 formula pretty soon?

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FICO TU 04 will replace the 98 scores at this site in the near future...not exactly sure when though. As for FICO 2008, it's anyone's guess.

[Anonymous]

So I called Amex and they said that they were reporting them correctly because these cards now have the option to carry a revolving balance if you want to.  Some sort of delayed payment program that they have.  I told them I didn't want that option on my cards, but they didn't give me the choice.  Since it is available to me, they report the accounts as revolving.  And Thanks for nothing, Amex. 

[fused]

With Amex charge cards, if you sign-up for the sign and travel or the flex-pay, then yes, they will report as revolving. Call them back and demand they report correctly as you never signed-up for these services. Climb the latter, don't talk with low-level punching bag CSRs.