@Anonymous wrote:
I’ve had an Amex Gold since mid-Sept 2018 and it just appeared on my credit reports for the first time this week. I understand I’ll get a small credit score boost from the additional revolver. I also believe that the balance reported by the card will have no affect on my score. Is that correct? It’s a charge card and has no limit per se so when it reported my balance of $1,200 (which isn’t due till early March), am I correct to believe this will not affect my outstanding balances on my CR? So it won’t impact my credit utilization % and therefore my score? No matter what the balance is on stetement close, as long as I’m current on payments and am not rolling any of it over, it won’t matter to my score whether my balance is $0 or $10k?
I don't think you'll see a score boost from it.
It lowers your new account age and average age of accounts.
If it reports a balance it will count as an account with a balance.
It won't be factored into utilization, except by one of the old mortgage algorithms, where the highest reported balance will be treated as a credit limit. I.e., in that algorithm, if you report a $100 balance in the first statement, you will be treated as having 100% utilization on that card.
PS I'm also enjoying a new Amex gold card. It's the first personal charge card I've had, so I'm proceeding gingerly with it in terms of reporting balances.
