How Will a Charge Card Affect My Credit Score?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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bmw1990Z
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How Will a Charge Card Affect My Credit Score?

Postby bmw1990Z » Sat Apr 21, 2012 11:23 am

Next month I will be applying for an AMEX (after posting on here numerous times). I'm considering applying for their charge cards (either Gold MR or Green) but I'm not sure how it affects my credit score. Is it true that because their is no preset spending limit, that what I spend each month will be reported as my credit limit for that card? If so, is this a bad thing that will hurt my score?
Cards in my wallet:
-Citi Forward Card for College Students-July 2011
-American Express Platinum Delta Skymiles--July 2013


CC Deville
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Postby CC Deville » Sat Apr 21, 2012 2:51 pm

Because it will report as an Open (instead of Revolving) the balance will not be factored into your Revolving debt. You still don't want to have huge balances on the charge card, but the consensus is that charge cards really don't hurt your credit score. The only thing that will really hurt you is the inquiry and the new account so your average age of account will go down. But this is temporary. Good luck and let us know which card you chose.

Money card
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Postby Money card » Wed Apr 25, 2012 11:12 pm

bmw1990Z wrote:Next month I will be applying for an AMEX (after posting on here numerous times). I'm considering applying for their charge cards (either Gold MR or Green) but I'm not sure how it affects my credit score. Is it true that because their is no preset spending limit, that what I spend each month will be reported as my credit limit for that card? If so, is this a bad thing that will hurt my score?


What they have on my report is my highest amount. Because this isn't a lending card and you don't have limits, they don't put that down.

If you have a regular card that has limits, it put's that plus your highest amount charged in one month. For the cards that you're thinking about, they put down your highest amount.

carpenj
 
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Adding a Charge Card- Good or Bad for Me?

Postby carpenj » Sat Jul 14, 2012 11:43 pm

Hey guys, new to the forum- just went ahead and signed up to get your take on something.

I just recently graduated and start my new job at a CPA firm on Monday. I'm 24 years old, but my credit score is 740 (or 760, can't remember for sure). I just got a Cap One Venture Gold card a week or so ago. With that info, here is my question.

What would be the credit implications of adding an AMEX card? I'd like to have two for a few reasons. One, different reward point focuses. Two, to help keep better track of things (ex: only using the AMEX for leisure like dining out, vacations, movies). Also, I would think that being in good standing on a charge and a credit card would help things. So would this be a good addition for me, or am I better off spending a few years with just one card, the Venture?

Thanks!

manonli128
 
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Credit Score Impact

Postby manonli128 » Wed Jul 18, 2012 4:07 pm

Hi, I'm new to the forum, thanks for reading :)

I recently received my first Amex card - a platinum charge card.
I have only recently familiarize myself with the whole credit score and credit card thing, and charge card is a new concept to me.

Given that a charge card has NPSL, how does a charge card affect my credit score vs a credit card?

Sorry if this is a redundant questions :ppp

Money card
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Postby Money card » Fri Jul 20, 2012 1:25 am

a lending card reports your credit limit and your minimum monthly payment, plus your highest charged amount. on a premium card like the green or gold. they report no limit and no monthly payment. basically because no one can tell how much you will spend from month to month.

even though this can be the same with a lending card.

on your card for example let's say you charged 250.00 and let's say you have a 1500 .00 limit and a minimum monthly payment of 25, just an example. it would say this on your report. but every month you spend different amounts of money, sometimes you may not use a card for a couple of months.

so this is how cards report.

Money card
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Postby Money card » Fri Jul 20, 2012 1:32 am

so you got a Venture card a week ago what made you decide to get the gold version over the Blue? you know what the difference is right?



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