Discussion in 'Credit Talk' started by T, Aug 20, 2000.

  1. T

    T Guest

    If you have a Amex credit card account, you should pay a little attention to your credit report becase it doesn't look too good.I got my 3 for 1 credit report weeks ago and fund 1)they don't report your real credit limit 2)your current balance is limit .On my report it show;balance and limit 300,high balance 577.If you apply new credit FICO model will figure out your Amex account max out.
  2. creditwork

    creditwork Well-Known Member

    I don't have a personal AMEX, but my corporate accounts have very nice limits.
    My last Experian report does show AMEX as an inquirer. I consider AMEX a great credit card company with wonderful customer service.

    Profit from the experience.
  3. me

    me Well-Known Member

    I just checked my credit reports - Amex is also reporting my balance and credit limit as the same! No wonder my mortgage broker said I had accounts at my credit limit!
  4. Jo

    Jo Guest


    Damnit! You're right! A few other creditors are doing that to me and I'm getting that "revolving balances too high" or something like that about being @ my limits!
    It would make sense if the charge cards are being reported the way you mentioned, but are you sure they're doing the same with the Optima/Blue cards?
  5. T

    T Guest

    I think we can solve this problem 1) don't apply credit online 2) mail your application with a copy of statement and explain Amex don't report credit limit.
  6. T

    T Guest

    or don't use Amex for a couple monthes,then report will show 0 balance.
  7. me

    me Well-Known Member

    Mine is a Blue account.

    I didn't apply online for my mortagage - I went through a mortgage broker, but the balance/limit issue affects your FICO score.

    T - It also would not have been good if it showed a $0 limit!
  8. creditwork

    creditwork Well-Known Member

    You must be careful when applying for credit. A lot of creditors take the credit limits into account. Even if your balance is 0, you have access to the limits. They do not like to see this, these lines can very easily work against you when applying for a mortgage.

    Profit from the experience.
  9. J. Edgar

    J. Edgar Well-Known Member

    A friend of mine who is a mortgage broker has told me that most underwriters don't care how much open credit you have as long as your FICO scores from all 3 CRAs are 700+. The main reason for this is that they know that even if you close the unused accounts, it would be very easy for someone with that kind of score to reopen them again after the closing on the mortgage, so why go through that kind of a charade?

    For more marginal situations, open, but unused, credit can be a factor.
  10. creditwork

    creditwork Well-Known Member

    I don't think my FICO score is that high. I am constantly denied credit, because of too many open lines and excessive use of my lines, but I do have over $140,000 in personal lines. I also have close to $100,000 in business lines.
    You are probably right, they must take those case by case.

    Profit from the experience.
  11. CardReport

    CardReport Guest

    Due to the competative nature of the saturated credit card market (i.e. practicaly everyone who *can* get a card already has one), some card issuers are afraid that providing too much positive information to the credit bureaus will tip off their competitors to who the best customers are.

    So now some of them are becoming reluctant to report the real credit limits, for fear that high-limit cardholders will be targeted for pre-approved offers from other issuers.

    On one hand, creditors obviously like good customers with high incomes, who pay on time. On the other hand, such customers have plenty of options and can easily "jump ship."

    This fear is a major difficulty in certain areas like South America, and has seriously impeded the development of credit bureaus there, leaving them with just some negative-info-only "blacklists," higher interest rates, and fewer opportunities for even the good customers.

    CardReport.Com - Credit Tools, News, And Reference
    Everything You Need To Know About Credit And Debt
  12. RichGuy

    RichGuy Guest

    Who Needs AmEx?

    American Express constantly advertises "no preset spending limit," or some such nonsense. So of course there is no limit to report other than the balance itself.

    I have always wondered why anyone would want a card like that. When you leave home, you never know how much you can really spend on your AmEx card. Now we see how that absurd pretense plays out in the real world of credit reports.

    AmEx needs to change its whole system, and until then you don't need AmEx. Why not save yourself $55 a year?
  13. me

    me Well-Known Member

    RE: Who Needs AmEx?

    The problem is they are not reporting the limit for other cards either - I have a Blue card with a credit limit, but they are reporting my balance and my limit as the same. Which make it figure into my FICO as if the card was maxed out when in fact it is not.
  14. RichGuy

    RichGuy Guest

    RE: Who Needs AmEx?

    I see your point. The problem is bigger than I thought.

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