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Hey fellas, just wanna know if I'd be dinged if I didnt use my Amex charge card for over 6 months. I do see a score drop if i keep one of my revolvers inactive for 6 months though. Thanks in advance!
This thread is awefully deserted...Talk about darth vader super bowl ad then?
Many people here on the boards report that if they have no revolving trade lines (credit and card cards) reporting a balance at the end of the month that they see a small score decline. The common advice that others offer is to maintain a reported utilization between 1% and 9%.
I hope that helps.
I was more like referring to the ding that you get if any of your revolver hits 6 months of continuous inactivity. I wanna know if the same thing applies to amex charge cards too. I hope i made myself clear this time...
I recently used an AmEx card that I had not used for several months - possibly six. I had been told by friends to use a card at least once a year to keep it active. That $27 charge caused a 10-point drop in my FICO score. Apparently one must use cards much more frequently.
@DD60 wrote:I recently used an AmEx card that I had not used for several months - possibly six. I had been told by friends to use a card at least once a year to keep it active. That $27 charge caused a 10-point drop in my FICO score. Apparently one must use cards much more frequently.
You don't have to let a charge report in order to show activity. Buy something small and then PIF as soon as the charges hits the account and before the statement posts.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
@DD60 & @MARINE
Finally, the kind of answer I wanted to hear. Thanks guys!