08-09-2012 11:12 PM
Hey all, I have the Amex Zync card that I use for my daily for my purchases. My question is, we are going in for our mortgage preapproval in a few weeks and trying to figure out how it reports to the CRA's. I have the 500 hard cap and I'm trying to figure out if this is going to show up on my CR as a balance of 500, and min payment 500. Reason I'm asking is the reported "min payment" will be factored in my DTI. If it reports 500 and a min payment of 500 I'm in trouble, so I would need to pay it before statement cuts.
Any help is GREATLY appreciated
08-09-2012 11:24 PM
Whatever the balance is will show up. That's it. Amex reports terms as "1 Month" since it's all due then.
08-10-2012 07:23 AM
I'm more concerned with how the card reports the balance/minimum payment. If I pay it on the due date which is 15 days after statement cut, is it going to show up on my credit report as balance 500, min payment 500? The min payment is what I'm concerned with. i can't have a 500 dollar min payment due, that will kill my DTI
08-10-2012 08:18 AM
Mine just reports the balance due, no minimum payment or credit limit.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.