I have an amex card, and I paid it off prior to the billing cycle so I have a 0 balance, but it has not shown the payment and it's been at least 6 weeks. Do they report only bi monthly, can they do that? Should I call and ask for them to update?
For those going cross-eyed trying to figure out the AmEx updating pattern:
Let's say that your statement date is, oh let's say, on the 16th of the month. (Why yes, that happens to be my AmEx statement date.) On January 16, we'll say that you had a balance of $100 report.
On February 14, AmEx will report this Jan 16 $100 balance to the credit bureaus.
Two days later, on Feb 16, AmEx will cut a new statement, with whatever your balance is then. On March 14, they will update the credit bureaus with that figure.
What this essentially means is that if you allow a balance to report on AmEx, even if you get it back to a $0 balance on the next month's statement, the original balance will still be showing 2 months minus two days after it originally appeared on your statement. So that $100 balance that popped up on your January 16 statement can't be erased until March 14 at the earliest.
For those who play the game of controlling how many cards and how high a balance reports, you probably want to make AmEx one of your always-$0 cards. For everyone else, if you're headed for a mortgage or anything, do realize that there is an effective 2 month+ turnaround time with American Express.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit? FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007