credit score

[yochiek93]

I added it to the wiki

Thanx

[CS91]

What do people tell the CBs when they want to get AU accounts removed from their report? They they don't recognize the account at all or that the account was opened in error?

[David Smith]

What do people tell the CBs when they want to get AU accounts removed from their report? They they don't recognize the account at all or that the account was opened in error?

I just tell them that i don't want it reporting on my profile, being as it's not debt I'm responsible for.

[CS91]

I just tell them that i don't want it reporting on my profile, being as it's not debt I'm responsible for.

Oh, didn't realize it's that simple. Thanks.

[PETERP]

Have read here IIRC , that its best to have a zero balance on all cards , and then a very small one on one card statement .
 As a long time Amex member , do you think it looks good if as far as Amexs Internal credit evaluation . if I  let a card close with around $10k , and then pay it instantly .

  IF it helps Amex decision making , does it influence my overall fico score that much . Have more than a dozen cards with a high 775 + fico score according  to Amex,  and a total CL over 150K across all banks
   Fico is over 800 at Citi , Barclays etc

Thanks 

[David Smith]

Have read here IIRC , that its best to have a zero balance on all cards , and then a very small one on one card statement .
 As a long time Amex member , do you think it looks good if as far as Amexs Internal credit evaluation . if I  let a card close with around $10k , and then pay it instantly .

  IF it helps Amex decision making , does it influence my overall fico score that much . Have more than a dozen cards with a high 775 + fico score according  to Amex,  and a total CL over 150K across all banks
   Fico is over 800 at Citi , Barclays etc

Thanks

Why would you want to do that?

[PETERP]

Why would you want to do that?

That's why I am asking . Does Having a large balance one time influence
How Amex regards your account

IIRC one of the credit experts said something to
that affect .

Is it NOT a good idea even once ?

[newdealseeker]

How long does a large utilization affect your credit score? Is it only for that month?

[TimT]

How long does a large utilization affect your credit score? Is it only for that month?

Pay it up & watch the score climb

[PETERP]

That's why I am asking . Does Having a large balance one time influence
How Amex regards your account

IIRC one of the credit experts said something to
that affect .

Is it NOT a good idea even once ?

Bump. Where are the credit strategy mavens . Help

[newdealseeker]

Pay it up & watch the score climb

It's already paid up. That was last month.
My question is if it's only temporarily affecting the score. I want to apply for a mortgage soon.

[PillanSmye]

It's already paid up. That was last month.
My question is if it's only temporarily affecting the score. I want to apply for a mortgage soon.

Youll get most of the score back quick.  Sometimes high utilization can get you re-bucketed, which can take a couple months to recover from completely.

[ya]

That might help with a thin file (no more loans).

Paying off the other loans won't do much. The damage has already been done for the new account, and will remain even when closed.

Her scores should recover by 6 months.

The only time positive installment loans can really hurt is if the balances are above the starting loan amount. Are her other loans unsubsidized? Did they update with added interest in the balances owed?

@mendelson - I pulled her report. I see her older students loans are showing an OK payment every month ( no payments are made its deferred and it says deferred as well) However the one she took out 3months ago says No payment history has been reported by this creditor. Thats the only difference i see. Anything to do?

[newdealseeker]

Youll get most of the score back quick.  Sometimes high utilization can get you re-bucketed, which can take a couple months to recover from completely.

Please excuse my ignorance. What does re-bucketed refer to?

[Zalc]

Similar question:
What affect would a large balance transfer have on my report?

I only have ~15 new accounts (<1 yrs old).
Nothing else on the report besides the cc accounts. No lates etc.
Let's say for example the transfer will be %50 of my total CL overall.

How far should I expect it to fall over the 15 months?
How long will it take to recover to where it is today (~740)?

For now this is hypothetical. TIA

[PillanSmye]

Have read here IIRC , that its best to have a zero balance on all cards , and then a very small one on one card statement .
 As a long time Amex member , do you think it looks good if as far as Amexs Internal credit evaluation . if I  let a card close with around $10k , and then pay it instantly .

  IF it helps Amex decision making , does it influence my overall fico score that much . Have more than a dozen cards with a high 775 + fico score according  to Amex,  and a total CL over 150K across all banks
   Fico is over 800 at Citi , Barclays etc

Thanks

I don't think it matters to AMEX if you let the statements cut with a balance or not.  They can see your spend internally on their own products for all of their decision making processes.

As to how letting $10K report to your credit reports and it's effects on score depends on lots of things.  If you are letting the balance report on a charge card or a revolver.  And what the limit is of the revolver.  Letting $10K report on a charge shouldn't have any effect.  Letting $10K report on a $30K credit card will have some effect.  Letting $10K report on a $10K credit card would give you a hit.  Letting $10K report on an $8K card would be a possible red flag to other lenders.

There is some thing how EQ takes your max report balance on a charge and basically uses that to factor as a credit limit for that charge card.  I've never been sure exactly how it works, and if it is applicable to FICO4 or FICO8 models or both.

[PETERP]

I don't think it matters to AMEX if you let the statements cut with a balance or not.  They can see your spend internally on their own products for all of their decision making processes.

As to how letting $10K report to your credit reports and it's effects on score depends on lots of things.  If you are letting the balance report on a charge card or a revolver.  And what the limit is of the revolver.  Letting $10K report on a charge shouldn't have any effect.  Letting $10K report on a $30K credit card will have some effect.  Letting $10K report on a $10K credit card would give you a hit.  Letting $10K report on an $8K card would be a possible red flag to other lenders.

There is some thing how EQ takes your max report balance on a charge and basically uses that to factor as a credit limit for that charge card.  I've never been sure exactly how it works, and if it is applicable to FICO4 or FICO8 models or both.

Its a Biz Plat with NPSL and I dont know if thats a charge or revolver.
  I would assume a substantial internal limit , that I thought letting it close with approx $10k and pay immediately might reinforce that limit .
Have been an Amex customer for decades , and presently have 8 cards with them .  Have never been a day late

Less than $50 on one , and zero balance  on the others .
Thoughts and Thanks for the help .

[David Smith]

Its a Biz Plat with NPSL and I dont know if thats a charge or revolver.
  I would assume a substantial internal limit , that I thought letting it close with approx $10k and pay immediately might reinforce that limit .
Have been an Amex customer for decades , and presently have 8 cards with them .  Have never been a day late

Less than $50 on one , and zero balance  on the others .
Thoughts and Thanks for the help .

It's a charge card. Shouldn't impact score.

[a mirrer]

It's a charge card. Shouldn't impact score.

+1 and its also a biz card which doesn't go on the cr so he could let it close with a high balance too

[PillanSmye]

Its a Biz Plat with NPSL and I dont know if thats a charge or revolver.
  I would assume a substantial internal limit , that I thought letting it close with approx $10k and pay immediately might reinforce that limit .
Have been an Amex customer for decades , and presently have 8 cards with them .  Have never been a day late

Less than $50 on one , and zero balance  on the others .
Thoughts and Thanks for the help .

A Biz Pt doesn't even show up on your personal reports unless you default.  So it will have no impact on your credit scores. 

AMEX doesn't care if your charge cards reports balances on statements or not.  I would guess 99% of their business charge cards do report balances on statements.  Most bookkeepers / AP departments aren't paying CC balances before statements are generated.

AMEX wants you to spend lots of money on their cards.

I have a Biz Pt that has had statements cut with $120K.