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Amex Chage Card Reporting Question

Contributor

Amex Chage Card Reporting Question

Today will be my first statement cut on my Amex Charge Card. I have charged over 2k (already made 1k in payments during the cycle). How will Amex report to 3 CRA? Will it report the balance and report after the statement finalizes and report around the time after the due date? 

I am in process of applying for a mortgage and do not know whether the balance will show changing my UTIL and dropping my scores. The CS agent at Amex said, it will report as "0" once the payment is made but somwhow I do not believe her Smiley Wink

 

Anyone can explain in more detail?

 

FYI, the account has yet to report to all 3 CRAs. 





Message 1 of 9
8 REPLIES
Established Member

Re: Amex Chage Card Reporting Question

AMEX will report the balance on the statement or closing date.   As long as your payment posts before the statement is generated it will report as 0.00.

Message 2 of 9
Valued Contributor

Re: Amex Chage Card Reporting Question

The easiest answer to this is to look at your balance online. Whatever that balance is right now is the balance that will report to CRAs

Now,since the cutoff is technically 11:59pm, if you have any pending charges, it's possible that those charges may post before they actually close the statement.

If you make a payment today (before a certain time), it will post today before the statement cuts....reducing the balance that will report to CRAs.

Amex usually reports new accounts after the first statement cuts....at least this was the case with my 3 Amex cards.
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 3 of 9
Contributor

Re: Amex Chage Card Reporting Question

Darn. How do people manage this when they spend thousands a month??

I guess I will have to stop using the card for now and use my debit card. :-(
Message 4 of 9
Valued Contributor

Re: Amex Chage Card Reporting Question

Usually, I stop charging on my credit cards about 1 week before the statement cuts. Because my statement dates are all spread throughout the month, I just use another card for that week.

I know it sounds like a hassle, but I'm OCD when it comes to my budget and update it multiple times a week (sometimes everyday) with my cc purchases. So, I'm very familiar with the cutoff dates. LOL
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 5 of 9
Contributor

Re: Amex Chage Card Reporting Question

I understand the concept with a credit card, but I thought this was different with a charge card which gets paid in full every month by design.
Message 6 of 9
Valued Contributor

Re: Amex Chage Card Reporting Question

Yes, but the only difference between charge and credit cards is the amount that's due each month.

There's no difference with statement/due date concepts.
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 7 of 9
Regular Contributor

Re: Amex Chage Card Reporting Question


niko79 wrote:

Today will be my first statement cut on my Amex Charge Card. I have charged over 2k (already made 1k in payments during the cycle). How will Amex report to 3 CRA? Will it report the balance and report after the statement finalizes and report around the time after the due date? 

I am in process of applying for a mortgage and do not know whether the balance will show changing my UTIL and dropping my scores. The CS agent at Amex said, it will report as "0" once the payment is made but somwhow I do not believe her Smiley Wink

 

Anyone can explain in more detail?

 

FYI, the account has yet to report to all 3 CRAs. 






 

Charge card balances do not effect utilization calculations. It is however a factor in "number of accounts reporting balance" component as explained in this post and can affect the scores that way. 

Message 8 of 9
Highlighted
Super Contributor

Re: Amex Chage Card Reporting Question

+1. The charge card balance will not factor into your utilization ~ this is one reason why some people prefer them.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 9 of 9