thanks for your reply. I had a balance of 2,100 when I got my statement and I immediately paid 1200.00 of the balance before the pay by date. I was informed by a few custmoer service reps that as long as i paid the other 900.00 by the 7th everyhting was fine. I was new to them and I took the employees word. I appreciate your reply very much. Thanks. This is just a bump in the road for me...all of my accounts are always paid and never ever late. I just have to deal with this and reapply in the future if I dont get reinstated.
@MyWorthiness wrote:thanks for your reply. I had a balance of 2,100 when I got my statement and I immediately paid 1200.00 of the balance before the pay by date. I was informed by a few custmoer service reps that as long as i paid the other 900.00 by the 7th everyhting was fine. I was new to them and I took the employees word. I appreciate your reply very much. Thanks. This is just a bump in the road for me...all of my accounts are always paid and never ever late. I just have to deal with this and reapply in the future if I dont get reinstated.
The exception I see in your case is your (former) Amex Green card. Your statement balance was not paid by the 'due date' and became late. To put it another way, a payment made after the due date is a late payment. A CSR might have mentioned a grace period where you can be late without repercussions but hopefully you have learned that is not a guarantee. In your first post you mention calling AMEX CSRs to make sure you are doing it right. How many CSRs emphasized paying the amount due by the due date? Did they all mention the same grace period?
Here are 2 quick tips to avoid more bumpy roads down the line:
1. Pay the balance by the due date. Pretty much all invoices/bills/statements will have an amount and a due date. If you cannot find both of those numbers then call someone.
2. Hold the CSRs accountable for what they tell you. "I don't see that in the terms and conditions, can you help me find it?" It's a gamble if it's nowhere in writing.
Thanks so muh for your input!
@Dw4250 wrote:
@pip3man wrote:
@MyWorthiness wrote:Is this going to make me look bad? I know you said it won't affect my FICO score but what about if I try to get credit in the future? Is this a situation where I have to wait $ years for it to fall off.
no it wouldn't affect your FICO in any way possible but on a manual review it might get the creditor curious to know why the account was AA but so long as there's a valid and reasonable explanation to it, I'm very certain you will have no problem at all. Don't sweat it, rest easy... Pay off the balance as soon as your able to... 3 to 6 months down the road, u will be in a better position to get in with them again hopefully.
MrEndowed is correct. It does not matter in terms of FICO, but may raise a flag on manual review. That's why I suggested trying to get back in with them, use the card for a couple of months, then close it or PC to a revolver (if you don't want to face potentially a similar hassle in the future). Then your report will read CLOSED BY CONSUMER which is much better.
As far as the notation as to "CLOSED BY CREDIT GRANTOR" or "CLOSED BY CONSUMER", I don't think it matters, even on manual review. People make way too big a deal about this. I have more than a few accounts that are notated as closed by grantor. Some of them were cards that I just stopped using, because I didn't need them anymore. One was a store account that was re-issued with a different account number after the issuing bank changed and appears as two accounts, one of which is closed by grantor. I also have one where my card was stolen after I dropped it accidentally when quickly looking for my metrocard to swipe through a NYC subway turnstyle.
I have been approved for MANY new accounts with these accounts on my credit reports. A few have required manual reviews. No one has ever asked me about them.
EX:694 TU:744 EQ:777Thanks for that information! That was very helpful! Do you have any cards from American Express?
@MyWorthiness wrote:Thanks for that information! That was very helpful! Do you have any cards from American Express?
Only my new EveryDay. I don't have experience reactivating an account with Amex, though. If it was me, however, I would just let the green card stay closed as I don't think of it as a particularly useful card. If I really needed an Amex for some reason, I would wait a few months and apply for something different with better rewards, possibly a revolver like the EveryDay.
@peaceonearth wrote:
@MyWorthiness wrote:No problems with them on the past. My balance was two thousand and some changr but throughout the month I paid it down to 902.00. The dathe was 28th and I had spoke to someone about setting up a payment for 720.00 and another for 250.00 and both were scheduled to be paid in full before the 7th which was the date I was given that I could pay by without getting charged a late fee or looking bad by Amex. i was two days late. And as of now the only thing due is the current bill which generated on the 28th of May and due 28th June.
I would not use my AMEX charge card, if I am not able to pay it in FULL; AS SOON AS I receive the statement.
In the last 3 months, I charged almost 50K on my AMEX cards; I paid each one of them in full as soon the statement posted.
AMEX felt that you are or will be having problems making the payments, I believe; that is why they cancelled the card.
I hope you will no be too sensitive:
Why would you use the card if you were not able to pay it off when you receive the bill? Making partial payments on a charge card= breaking AMEX rules.
+1
Amex frowns on multiple payments. They interpret that as risky behavior. In the future, make one payment in full to avoid future AA with Amex or any creditor for that matter.
A few points about Amex charge cards.
1. The "Please Pay By Date" is NOT the due date. Amex charge's are due when the statement is cut.
2. A payment is only considered late if not made prior to the date the next statement cuts.
3. Amex doesn't charge interest or penalties unless the payment is late. The amounts vary depending on how often the payment is missed.
See the charge card terms and conditions for details. It is ALWAYS a really good idea to read the contract on any card you carry.
Amex charge card T&Cs are based on the long standing business practice of "Net 30" and are quite different from the usual consumer credit card.
That said, I almost always just let autopay pay which is done on the "Please Pay By Date." On occasion, if I log in for some other reason I sometimes will pay the current balance due. I never make multiple payments in a billing cycle. As has been pointed out it's a characteristic of certain kinds of fraud risk so computers will flag multiple payments for possible manual review. It's rarely a problem though. I wouldn't make multiple payments within a billing period unless you need to do so based on internal spend limits and then only after calling a CSR to get an OK and have it noted.
