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Question
Will an american express card HURT my credit?
I've been told that b/c the AmEx card is a charge card and not a credit card, it can actually hurt my credit. Is there truth to this?
Asked by
Mattnoojen
1 year ago
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No real truth. You may take a hit from the credit inquiry when you apply but that is true of any credit/charge card. Some people believe because you don't have a credit limit with Amex you will hurt your credit card utilization and thus lowering your score but the credit score algorithms take that into account.
AppleRules 1 year ago
I have seen different opinion about this from different websites. Dear AppleRules, I don't mean to be impolite. But just out of curiosity, would you please explain further what is your opinion based upon?
When you mention "credit score algorithms", are you referring to all 3 credit bureaus and the FICO company and that is based on your insider understanding of their operation?
wonwon 1 year ago