Amex Charge Card

thriftymr95

Hi all,

My second (ignorant) post. :mad:

Im hoping someone can help me all the same haha. I've got an Amex Charge Card and I'm wondering if that actually effects my credit rating at all, as it's not really a form of credit (having to pay the balance in full, every month). Does that mean that it's helping my credit rating or does it mean that it's adversely affecting said credit rating.

Thanks again everyone! :j

grumbler

affects

Even if you have to pay it in full, I don't see why it stops being a credit because of this.
It's a different question how it is reported to CRAs. Theoretically, if payment and reporting cycles are the same it's possible that the balance is reported as £0 every time, but it is still credit and, reportedly, lenders can see the the statement balance and the payment amount.

Many people pay their credit cards in full and have excellent credit histories regardless.

Paully232000

thriftymr95 wrote: »

Hi all,

My second (ignorant) post. :mad:

Im hoping someone can help me all the same haha. I've got an Amex Charge Card and I'm wondering if that actually effects my credit rating at all, as it's not really a form of credit (having to pay the balance in full, every month). Does that mean that it's helping my credit rating or does it mean that it's adversely affecting said credit rating.

Thanks again everyone! :j

Yes it does affect your credit profile in that it shows a balance of your card at the monthly reporting cycle. Mine always shows a balance at the time of reporting of more that £0, along with the payment amount and whether it was on time or not.

If you pay it on time every month this will be positive, and at the same time should you fail to pay it this will be negative just like any other CC.

MisterBaxter

Each time mine reports it shows the balance at statement. You have to pay in full each month or it will report some sort of default because the terms are full payment each month (never had it happen so don't know what it actually reports). On my credit report it is there with normal credit cards. The only thing is that it doesn't show a credit limit because in theory there isn't one although I know they set an internal limit.