Tuesday, September 9, 2008

Well this is Embarrassing - Experian Thinks I Have No Credit

Did you guys know business credit cards don't show up on personal credit reports? Cause I was surprised to see that little chart in Experian.

I just pulled my credit report and had four open credit cards. One was an Old Navy card I swore I closed last time, a store card I'm debating closing and my two standby cards (AMEX blue and Citicard Rewards).

There was no mention of the AMEX business I use daily or the MasterCard business which I closed last week. This paints a pretty lousy picture for my credit score. After closing the Old Navy I have $2500 in available credit spread between three cards. Since those cards get barely any use the credit report shows me utilizing 5% of my spending power.

I can't decide if this is a good or bad thing.

Part of me (the part used to seeing 40k worth of unused credit on her report) thinks I need to contact my companies STAT and have them remove the "Please don't increase my credit" note on file. The other part of me thinks lower available credit is better because $1500 (should I close that other card) is a tiny fraction of my yearly income and that sounds like a good thing.

I'm not sure what's the preferable option and the internet is being lousy company. I have enough business card credit to buy a car, what I don't know is how much someone my age should have on her personal report.