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I have put $700 on my new amex prior to the first billing cycle ending. Does one method of payment look better than the other (to amex of course)? PIF now or PIF after receiving first statement. No interest charged either way. My thinking is that I'll get a hit for a good score by making the paymnt after receiving the statement because it will show up as an on time payment. But not entirely sure. Please and thank you in advance.
@Anonymous wrote:I have put $700 on my new amex prior to the first billing cycle ending. Does one method of payment look better than the other (to amex of course)? PIF now or PIF after receiving first statement. No interest charged either way. My thinking is that I'll get a hit for a good score by making the paymnt after receiving the statement because it will show up as an on time payment. But not entirely sure. Please and thank you in advance.
The high balance should still be reported. They will still report that you were not late with payment. If you want to micromanage your utilization, then pay it off before the statement end date. Should have at least 3 credit cards, balances of 0 reporting, except for one, have $2 report.
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Is this for a charge or revolver?
AMEX will be happy either way as long as they get their money. Pay before or after the statement is a personal preference
@Anonymous wrote:Is this for a charge or revolver?
Blue Cash Everyday
Congratulations on the new card, and it is still a new card.
Your relationship with AMEX is just starting out, it is fine now, and it will improve after several months of paying at least the minimum payment on time, preferably more than the minimum payment, and for your own financial well being PIF is advised.
This first payment, by itself, is not going to make or break your relationship, as long as it gets paid. If it were me? I'd leave it and make sure the payment got there by the payment due date printed on the statement. I very rarely pay just after charges, and those are in cases where I have an underlying balance transfer that I want to keep separate from new charges, so I pay the new charges quickly.
When I first got my Amex I always PIF before statement cut. This will help you out if your planning on asking for a 3x CLI in 3 months.
@Anonymous wrote:When I first got my Amex I always PIF before statement cut. This will help you out if your planning on asking for a 3x CLI in 3 months.
The paying in full part, yes. I'm not so certain paying before statement cuts makes any difference regarding the CLI request. And even the PIF part is not required for some files.
YMMV.
@Anonymous wrote:My thinking is that I'll get a hit for a good score by making the paymnt after receiving the statement because it will show up as an on time payment.
It would be on time either way. The only way it would be reported late is if you paid it 30+ days past the due date. Doesn't really matter either way and you're overthinking it IMO.
@Anonymous wrote:When I first got my Amex I always PIF before statement cut. This will help you out if your planning on asking for a 3x CLI in 3 months.
It really doesn't matter either way. CLI's are always based on credit and income at the time the CLI is considered. I never pay prior to statement cut and have had no problems with any of my AmEx CLI's because my profile and income supported those CLI's. I acutally had balances on 0% offers while getting several CLI's from AmEx. Do not simply assume that CLI's are based on a single factor like usage, whether paying prior to statement cut or after, etc. One's entire credit profile matters.
Payment prior to statement end is done to adjust the reported balance/revolving utilization. If one is applying for a CLI 3 months down the road then current revolving utilization really doesn't matter.