Charge Account/Credit Card

[smallfry]

Are they created equal? Do they carry the same weight in FICO scoring?

[Tuscani]

Yes, both are considered revolving accounts.

[smallfry]

---

@Tuscani wrote:

Yes, both are considered revolving accounts.

---

Knew they were both revolving just wanted to find out if the store lines of credit or charge accounts carried the same weight as credit cards. Thank you Tuscani.

[Tuscani]

---

@smallfry wrote:

---

@Tuscani wrote:

Yes, both are considered revolving accounts.

---

Knew they were both revolving just wanted to find out if the store lines of credit or charge accounts carried the same weight as credit cards. Thank you Tuscani.

---

Pretty sure they do. Someone correct me if I am wrong.

[Anonymous]

I've actually read that many charge cards such as Amex don't report a high limit, only the high balance, so it's almost like a higher-class Cap One in how affects your score.

[smallfry]

---

@Anonymous wrote:

I've actually read that many charge cards such as Amex don't report a high limit, only the high balance, so it's almost like a higher-class Cap One in how affects your score.

---

That was understood. Basically the bottom line is charge accounts are not looked upon like finance company debt but are on a par with run-of-the-mill credit cards. correcto? I'm only asking because nearly all of my revolving debt is charge account and not credit card. Sleepys, Walmart and 6th Avenue. One drawback I see right away is the fact you aren't going to get major CLI's from this group. Maybe from the higher line stores but not these mutts.

[Anonymous]

---

devhip wrote:

I've actually read that many charge cards such as Amex don't report a high limit, only the high balance, so it's almost like a higher-class Cap One in how affects your score.

---

A higher-class Cap One?  That's an oxymoron!

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

I've actually read that many charge cards such as Amex don't report a high limit, only the high balance, so it's almost like a higher-class Cap One in how affects your score.

---

A higher-class Cap One? That's an oxymoron!

---

Yeah, really! It's like dressing up a pimp in a tuxedo. He looks like a gentlemen but someone is still gonna get pimped.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:

I've actually read that many charge cards such as Amex don't report a high limit, only the high balance, so it's almost like a higher-class Cap One in how affects your score.

---

A higher-class Cap One? That's an oxymoron!

---

Yeah, really! It's like dressing up a pimp in a tuxedo. He looks like a gentlemen but someone is still gonna get pimped.

---

What's in YOUR tuxedo? LOL

[fused]

This is something I have been wondering about for a month.  Just received my new AMEX gold rewards plus card.  I have no idea how they can report a proper CL, seeing there is not one.  Not sure how FICO factors all of this.  I am fearful it will be reported as highest balance like Cap1 does. 

I would think FICO would give more weight to charge card like this versus a revolving Blue card.  Seeing that the cardholder must pay in full or they automatically default.  I would also think other creditors would see you as a very low credit risk with high capacity and character.  What do you folks think?