AoYA - revolvers. To be honest I'm not sure about the difference as I was told retail cards are considered "charge" cards but my 2 are considered a revolver on all of my reports.
I agree, we do need some slight distinction from revolving and charge card.
Not discussed too much but what about revolving lines of credit: CLoC, PLoC?
Not discussed too much but what about revolving lines of credit: CLoC, PLoC?
My PLOC is also considered a revolver on every report.
@Trudy wrote:My PLOC is also considered a revolver on every report.
Yes, mine does too. To clarify, for future discussion purposes, is a designator required? Generally, most people write about revolvers and charge cards.
Side note: Not that it matters. VantageScore does not appear to include credit line in total credit line.
@Anonymous wrote:@TrudyAAoA? AAoC?
I am using AAOC rather than AAORA, because we are trying to differentiate from loans but yet we still must take into account non-revolver cards such as charge cards. So I think the best terminology may be with a C for card?
AAoC, AoYC? AoOC?
FICO 2 charge cards = revolvers.
Actually I'd submit that's true for all FICO algorithms, charge cards only get discounted from revolving utilization metrics because Term = 1 month.
@Trudy wrote:AoYA - revolvers. To be honest I'm not sure about the difference as I was told retail cards are considered "charge" cards but my 2 are considered a revolver on all of my reports.
They are mistaken.
Retail revolvers are credit cards regardless of what the idiotic statements are on the reports.
Charge cards, namely explicitly those that must be PIF every single month, those have term = 1 month. Anything which doesn't have that, isn't a charge card under FICO's definitions.
I would suggest we keep the same TBH.
Curious. Examples of charge cards (1 month terms)?
@Trudy wrote:Curious. Examples of charge cards (1 month terms)?
Amex Zync / Green / Gold / Plat.
I honestly don't know of a single other one on the market, though Diners Club I think had some back in the day.
It's hard to read but this is an example from the Experian CMS of a charge card and how it's listed. Also note CL is "unavailable" though other bureaus it might read differently for a true NPSL like an Amex charge card.
I noticed the Account Type says Credit Card - Revolving Terms. So if this account reports a balance is it not included in your revolver UTL or is the distinction only made for things like # of accounts reporting a balance?
