Anyone with American Express Card
 

Hope all is doing well, quick question for those that have American Express and monitor your credit score.

I've started monitoring my credit score the last year or so, on my credit it shows my American express account but doesn't show a credit limit since I don't have one. Thing I have noticed is when the billing cycle ends and it shows the amount my credit will take a 50 to 60 point hit for a week or so then all of a sudden it goes back to where it was.

This month's bill was a little more expensive than usual around the $1700 mark and now my credit is down 64 points. Was 730 and now it's around a 665.

Is this normal?

It's not normal for anyone to watch their credit score that closely.

I don't think once a week is to closely. Not like I'm checking it every hour or so. These days and times I think it's a good idea to keep a close eye on your credit.

I agree, Coy - and I think projectSHO89 may have been "winding you up".

Since it's so easy to check your FICO score anytime you check your AMEX balance, there's no reason not to.

Back to your original question though, I have no clue why your score would vary so much. Mine doesn't, it's possibly varied about +- 10 points in the last year.

Have you gone to the official Government web site and checked your score on the "Big 3"? They give more detail than the one on AMEX, and you might be able to figure it out from one of those.

Do you carry a credit card balance past a month? And, do you ever pay just the "minimum amount"? Those are factors that hit your credit score fairly heavily, I believe.

- Jack

Hey Jack, thanks for the reply. I use AMEX and my Capitol one to keep track of my credit score along with credit karma. I really think it has something to do with the no limit on the AMEX. I may be mistaken but I think the credit scores revolves off the open amount of credit between the credit cards etc. Since Amex doesn't have a limit and when the bill comes due I'm thinking the Amex amount craters my available credit until Amex is paid off. If that makes sense.

I pay AMEX every month in full, it's a charge card and not a credit card therefore the full balance has to be paid. On my Capitol one card I usually pay off the total every month but I may carry over a small amount onto the next month.

Discover card is also paid in full every month.

I may end up calling and asking, doubt they will know anything though

I'm thinking when you pay your Amex bill your credit utilization measurement improves and thus the uptick in your credit score? That's the only thing I could think of -- although a 50 point swing seems high.....???

That channel provides the credit report for free (one per bureau per 12 month period) but the credit scores are not available for free that way. You can buy them from the individual bureaus, if you wish.

Unless you're working on an imminent large credit purchase such as a house where the credit score might be fluctuating across the boundary of tiers (which would affect the offered loan rates), checking a credit score weekly makes about as much sense as checking an IRA or 401K account every day. Sure, you can do it, but it's probably borderline obsessiveness-compulsive.

You're absolutely correct, and I misspoke when I referred to those REPORTS as SCORES. I apologize, I try to be more careful, but sometimes I screw up.

But, my reasoning for referring Coy to the credit reports is the detail they offer on everything that effects his credit. In particular, there's a month-by-month listing of all activity on his credit cards, as well as other credit effecting data. There may be something in them that would clear up the mystery. I know I'd be concerned if my credit score varied that much over such a short period, and I'd want to know why.

And, I guess you were NOT "winding" Coy up. Sorry I misjudged you.

- Jack

I would think a card with no credit limit would be detrimental to a credit score regardless of on time payments.
My credit score was impacted because I didn't have an installment loan since 2009. For some stupid reason a paid off mortgage and paying cash for vehicles worked against me.....scores still came out to 807 and 799 on credit karma. I financed $10,000 on my wife's 2015 Taurus.......made 4 payments and my credit score went up 10.
The criteria for credit scores seems very strange.