@joeyv1985 wrote:My Amex Plat reported a new balance of $526 from $677 and my Experian 8 Score dropped 9 pts to 774. I thought since an Amex Plat is a Charge Card not a Credit Card, it would have no direct bearing on my scores? Currently, I have about a 1% utilization across all CC's. Am I missing something?
The score change is unrelated to the balance change.
@Anonymous wrote:
@joeyv1985 wrote:
@Anonymous wrote:
@joeyv1985 wrote:
@SouthJamaica wrote:
@joeyv1985 wrote:My Amex Plat reported a new balance of $526 from $677 and my Experian 8 Score dropped 9 pts to 774. I thought since an Amex Plat is a Charge Card not a Credit Card, it would have no direct bearing on my scores? Currently, I have about a 1% utilization across all CC's. Am I missing something?
The score change is unrelated to the balance change.
What could it be then? None of my other CC's have reported yet. Is it an algo thing because my total CU is approaching $0? The other card that shows a balance is a CSP which has about $126 out $5K on it.
How many revolving credit accounts do you have in total?
Personal Revolving: 4
Personal Charge Cards: 1
Business Revolving: 1
The business card does not report.
@joeyv1985 So I take it that you have five (5) revolving accounts currently reporting to the credit bureaus, and two of those accounts have balances.
If that is correct, then is likely you're being penalized for having too many of your accounts reporting balances. On some profiles the penalty occurs when one-third or more of your accounts report a balance, and for others it begins when 50% of accounts report balances.
If I'm recalling accurately, the one-third account penalty occurs with Equifax, while its 50% of accounts for Experian and TransUnion.
Do you have any AU accounts or installment debt reporting? What's your Average Age of Accounts?
I do have 5 revolving, but the business one(Amex Express Business Cash), does not report. At the time of applying, my EIN # was needed instead of my SS #. Upon further review, another card, Capital 1, just reported with a $48 balance. I charge something small on that card every 4-6 months just to give it a pulse. I do have a mortgage that's up to date and no AU accounts. The average age of accounts is 2 years 11 months, and the age of the oldest account is 6 years 11 months. My file is kind of thin. Also, I ran into an issue with Wells Fargo Mortgage just recently that shows another account opened without my knowledge. On Experian no less.
There was a filing error on Experian's part that caused this. It was first discovered on 7/13 by WF and they are in the processing resolving it. Per my conversation with the WF Rep, because this affects their “936” type of mortgages, vs “708", the number could be in the thousands if not hundreds of thousands. 708’s are government loans like FHA loans, while 936’s are conventional mortgages. This is concerning. I have to assume, WF wasn’t the only mortgage company affected. It shows that I have a Union Bank mortgage which I've never dealt with before.
