AMEX ZYNC APPROVAL!! WOOHOO!!!!!!!

[Guava]

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@ccb2115 wrote:

Say I have the Zync or two years or so, while continuing to raise my credit scores, would I be able to directly apply for the Platinum, or would I have to go through the Green first and upgrade. 

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There's no sequence you have to go through, if you feel your credit profile is good enough, go for whichever you prefer

[ccb2115]

Ok Cool.

I have a quick question about the payment due dates. 

It says that my closing date is Feb. 8th. I called to see when my payment would be due, and the rep told me that my Payment Due Date would be the 23rd, but I had a grace period until March 7th to pay. 

At what point between those 3 dates will Amex report to the CRA's? Should I be paying before my closing date or before my payment due date? 

[Guava]

I also have the Zync, and for me, the statement closing date is the 7th of the month, the account is updated on my TU report on the 6th of the month. So if you want to control your reported ultilzation %, you'd probably have to pay the balance about 3 days before the statement closing date.

[ccb2115]

That's so confusing. With my Crapital One Card, the payment is due on the 16th and the statement posts on the 19th, so if I just PIF on the 16th (or pay the minimum on the 16th and then the rest between 16-19th), my util % won't be effected. I guess it doesn't really matter since TU is the only CRA that will factor in the AMEX balance. 

[MarineVietVet]

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@ccb2115 wrote:

That's so confusing. With my Crapital One Card, the payment is due on the 16th and the statement posts on the 19th, so if I just PIF on the 16th (or pay the minimum on the 16th and then the rest between 16-19th), my util % won't be effected. I guess it doesn't really matter since TU is the only CRA that will factor in the AMEX balance. 

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To clarify it's only the older TU98 that does this. The newer TU04 and TU08 do not.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Guava]

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@ccb2115 wrote:

That's so confusing. With my Crapital One Card, the payment is due on the 16th and the statement posts on the 19th, so if I just PIF on the 16th (or pay the minimum on the 16th and then the rest between 16-19th), my util % won't be effected. I guess it doesn't really matter since TU is the only CRA that will factor in the AMEX balance. 

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Are you sure it's not the 16th of the next month?

[Open123]

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@ccb2115 wrote:

Ok Cool.

I have a quick question about the payment due dates. 

It says that my closing date is Feb. 8th. I called to see when my payment would be due, and the rep told me that my Payment Due Date would be the 23rd, but I had a grace period until March 7th to pay. 

At what point between those 3 dates will Amex report to the CRA's? Should I be paying before my closing date or before my payment due date? 

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Here's how AmEx has always handled Charge card payment dating.

Your closing date is Feb 8th.  Your official late date isn't until 30 days later.  The charge card is a net 30 account.  The due date is AmEx's date for you to keep in mind that if you don't place into the mail, your payment will not arrive and be processed in time for your official due date of March 7th.

When you see the due date on AmEx online, that really isn't the due date.  It is only the recommended latest date to dispatch payment by the post.  All charge cards work this way with AmEx, since they're not credit cards, but basically net 30 accounts.

So, if you're using bill pay which is almost instant, your due date is March 7th (when the late fee kicks in), and not Feb 23.

Bear in mind, as with any net 30 accounts, they score you on when you pay, though you have the full 30.  For instance, every supplier and D&B will have some kind of paydex score index which reflects how soon you pay on net 30 accounts.  It isn't necessary to pay earlier, but your "internal pay" score with Amex might be higher if you pay earlier.

[ccb2115]

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@Open123 wrote:

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@ccb2115 wrote:

Ok Cool.

I have a quick question about the payment due dates. 

It says that my closing date is Feb. 8th. I called to see when my payment would be due, and the rep told me that my Payment Due Date would be the 23rd, but I had a grace period until March 7th to pay. 

At what point between those 3 dates will Amex report to the CRA's? Should I be paying before my closing date or before my payment due date? 

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Here's how AmEx has always handled Charge card payment dating.

Your closing date is Feb 8th.  Your official late date isn't until 30 days later.  The charge card is a net 30 account.  The due date is AmEx's date for you to keep in mind that if you don't place into the mail, your payment will not arrive and be processed in time for your official due date of March 7th.

When you see the due date on AmEx online, that really isn't the due date.  It is only the recommended latest date to dispatch payment by the post.  All charge cards work this way with AmEx, since they're not credit cards, but basically net 30 accounts.

So, if you're using bill pay which is almost instant, your due date is March 7th (when the late fee kicks in), and not Feb 23.

Bear in mind, as with any net 30 accounts, they score you on when you pay, though you have the full 30.  For instance, every supplier and D&B will have some kind of paydex score index which reflects how soon you pay on net 30 accounts.  It isn't necessary to pay earlier, but your "internal pay" score with Amex might be higher if you pay earlier.

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Thanks so much for that explanation. I'm guessing Bill Pay isn't the same thing as having my bank account set up with auto pay? Do you have any idea though when they report during that timeline? I don't know why this is so confusing for me, but I don't really understand how and when they would report a late payment. Are they always just a month behind? The AMEX account that I am an AU on always reports a balance each month, which means that Amex reports before the "real" payment due date. So how do they report OK for the month if they haven't received the payment yet? Am I making any sense? 

[Open123]

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@ccb2115 wrote:

Thanks so much for that explanation. I'm guessing Bill Pay isn't the same thing as having my bank account set up with auto pay? Do you have any idea though when they report during that timeline? 

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No, it isn't the same.

Auto-pay from Amex's site is where they debit directly your bank account.  Either you or they determine the date the amount is pulled (I'm not sure which since I've never had auto pay).  If it's auto-pay, I assume they will pull before the "due" date on the your Amexonline, as opposed to the actual due (next closing date) for the account.

Bill pay is when you use your bank account to "push" the payment to AmEx.  I prefer this method since there is a less chance for clerical error.

The issue is when you have them "pull" the payment, if they were to make a mistake (rare, but happens), they'll blame you for returned payment.  Then, you go through this process to try and prove it wasn't your fault.  

Whereas with "push" where it originates from your bank account's end, you will never have this issue.

[Open123]

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@ccb2115 wrote:

I don't know why this is so confusing for me, but I don't really understand how and when they would report a late payment. Are they always just a month behind? The AMEX account that I am an AU on always reports a balance each month, which means that Amex reports before the "real" payment due date. So how do they report OK for the month if they haven't received the payment yet? Am I making any sense? 

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I think I know what you're asking.

First, what I'm describing is for charge cards only.  For a charge card, you won't be marked as "late" until the start of the "next closing" date on your card.  For instance, your month closed on Feb 8.  Due date is Feb 23 (to dispatch payment by post to ensure timely delivery).  Official due date is "next closing date" which is March 7th.  If you pay after March 7th, you are officially late, and will be accessed a late fee, and could be marked on your reports.  Amex will report after March 7, not Feb 23. 

Secondly, for credit cards, I'm not sure how it works.