I have a couple of Amex chargecards, a gold and a platinum, and noticed that they are being reported on Equifax as credit cards rather than as charge or open accounts. My platinum charge card shows a high balance of around 5000 and a recent balance of around 5000 (I tend to have around the same balance each month). Question - is this hurting my score as on paper this looks like the card is maxxed? I thought that charge cards were supposed to be reported differently to credit cards but I see nothing to indicate that this is the case here. Anyone got any ideas?
If EQ is actually reporting this account as "revolving" instead of "open", it is probably hurting your scores a great deal. We have several AMEX lines as well and all of the charge cards do say "credit card" under the "prior paying history" section, but under the "type of account and status" column they say "open." The Optima and Blue report "type of account" as "revolving." We have taken no score hit whatsoever from the open lines being reported at close to their high balance (and we do have very large balances on them from month to month), but the individual revolving lines have to stay at below 50% or we get slammed. If yours aren't reporting correctly, you can always dispute them with EQ as "type of account reported incorrectly, should be 'open' not 'revolving'" and that should take care of it. Hope this helps. DemPooches
