cancel
Showing results for 
Search instead for 
Did you mean: 

Letting Balance Report on Amex

tag
webhopper
Moderator Emeritus

Letting Balance Report on Amex

So if I let a balance report on Amex, will that give me the needed 1-9% utilization to maximize my FICO?  Or like, does Amex even count? Or should I let the balance report on one of my other cards?

 

Discover is my oldest card, opened since 1999

I have JcPenny opened since 2003

Best Buy opened since 2008

Others were all opened in 2012

 

My total revolving credit limit is: 

Revolving Credit Summary* Revolving Credit Limit$32,700.00
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 1 of 10
9 REPLIES 9
webhopper
Moderator Emeritus

Re: Letting Balance Report on Amex

Length of History Oldest Account12.8 YearsAverage Account Age5.7 Years

 

Account Types* 
Real Estate Loans2
Installment Loans2
Revolving Credit Accounts6
    Credit Cards4
    Retail Cards2
Total Open Accounts10

 

Count of Records 
Total Accounts39
Hard Inquiries11
Public RecordsThis is a Judgment Dismissed, has been removed from EQ and TU, but not EX.  Hoping to get removed using Rapid Rescore
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 2 of 10
xiownthisplacex
Frequent Contributor

Re: Letting Balance Report on Amex

If it's a charge card, it won't count towards util. But a revolver card will count.

Message 3 of 10
Crashem
Valued Contributor

Re: Letting Balance Report on Amex


@xiownthisplacex wrote:

If it's a charge card, it won't count towards util. But a revolver card will count.


+1 However letting any balance report including $1 on the AMEX Charge card will result in a small ding for having a card with a balance.

               LIMITS IN CARD DESCRIPTIONS
Message 4 of 10
OhioCPA
Frequent Contributor

Re: Letting Balance Report on Amex


@xiownthisplacex wrote:

If it's a charge card, it won't count towards util. But a revolver card will count.


+1

 

While it won't count toward utilization percentage the charge card will count toward the number of cards reporting a balance.

________________________________________________________________________________
Message 5 of 10
webhopper
Moderator Emeritus

Re: Letting Balance Report on Amex


@OhioCPA wrote:

@xiownthisplacex wrote:

If it's a charge card, it won't count towards util. But a revolver card will count.


+1

 

While it won't count toward utilization percentage the charge card will count toward the number of cards reporting a balance.


Ewww ok, so I need to let a balance report on one of the revolvers but not let the amex report a balance...   That will be tough but I think I can do it. I can order a book from amazon on my Kindle and let a small balance report on my Chase card.

 

Thanks for the input ya'll  Smiley Happy

 

I'm planning on applying for a FHA Streamline Refinance on one of the real estate accounts and I want my file to look as yummy as possible so that I get the best rates.

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 6 of 10
codimom
Frequent Contributor

Re: Letting Balance Report on Amex

@crashem .. I'm confused. 

Is utilization reported based on the balance carried or the highest balance during the reporting period?

The reason I'm asking, currently I show a zero% utilization.. since apparently I had done the PIF on my card before the report pulled.  NOW I have a balance on my BCE amex, and the website won't accept another payment ... so chances are I won't be able to PIF this one before the next report pulls.  any ideas?

Back in the garden!
App free since 23Oct2012 reset to 27Aug13 and reset again 4nov13
Message 7 of 10
Mailak
Frequent Contributor

Re: Letting Balance Report on Amex


@codimom wrote:

@Crashem .. I'm confused. 

Is utilization reported based on the balance carried or the highest balance during the reporting period?

The reason I'm asking, currently I show a zero% utilization.. since apparently I had done the PIF on my card before the report pulled.  NOW I have a balance on my BCE amex, and the website won't accept another payment ... so chances are I won't be able to PIF this one before the next report pulls.  any ideas?


Set up BillPay from your bank's site and send payments through that.

PenFed Platinum Cash Rewards (19.5k), Amex BCE (9k), Chase Sapphire Reserve (30k), Chase Freedom Unlimited (14.5k), Chase Marriott Premier (19k), Discover More (10k)
Message 8 of 10
codimom
Frequent Contributor

Re: Letting Balance Report on Amex

AHA!  okay, sounds like a plan. my other card I use frequently allows multiple online payments per month... (off I go to my bill pay site...)  THANKS

Back in the garden!
App free since 23Oct2012 reset to 27Aug13 and reset again 4nov13
Message 9 of 10
OhioCPA
Frequent Contributor

Re: Letting Balance Report on Amex

Amex will only allow one payment during the first month that a bank account is added. You should be fine in the future.

________________________________________________________________________________
Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.