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Frequent Contributor
gangof4
Posts: 310
Registered: ‎07-19-2010

Re: Paying AMEX early.....question....

I paid my green and then again my gold before the first statement cut because I didn't notice you could not pay early during the first 30 days.  I used my bank's bill pay to get the payment to Amex and zero out the balance.  Now I just use the Amex site.

Regular Contributor
JRomulus
Posts: 127
Registered: ‎07-26-2010

Re: Paying AMEX early.....question....

[ Edited ]

I am in my first 30 days on a new Gold Rewards charge, and I DO have the option to pay online prior to my statement cutting in two days.

For payment options, in addition to "Statement Balance" which is zero of course,  it lists "Outstanding Balance" and the amount currently charged, and then "Other Amount" where I guess you can put anything into the blank for payment.

 

Do Amex charge balances have the same effect on your utilization (when a large balance is reported) that the "World" or "Signature" credit cards that don't report credit limits do? Since I have a couple of those with balances that I think are messing up my utilization %, I don't really need a large Amex number add to that problem.  Probably should pay early and forgo the float this cycle.


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Current Score: TU 724 EQ 714 EX FAKO 770
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Valued Member
Jesster
Posts: 49
Registered: ‎12-20-2010

Re: Paying AMEX early.....question....

Think it depends on the CRA. My EQ doesn't recognize it as part of my Util. I report usually 1% of my revolving limits. Amex reported balance should have put me somewhere in the ballpark of 20%, but EQ still showed 1% util.

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Regular Contributor
JRomulus
Posts: 127
Registered: ‎07-26-2010

Re: Paying AMEX early.....question....

Interesting. 

Thanks!


Starting Score: TU 699 EQ 651 EX FAKO 705
Current Score: TU 724 EQ 714 EX FAKO 770
Goal Score: 760
Valued Contributor
vish1
Posts: 1,129
Registered: ‎01-20-2011

Re: Paying AMEX early.....question....

 


JRomulus wrote:

I am in my first 30 days on a new Gold Rewards charge, and I DO have the option to pay online prior to my statement cutting in two days.

For payment options, in addition to "Statement Balance" which is zero of course,  it lists "Outstanding Balance" and the amount currently charged, and then "Other Amount" where I guess you can put anything into the blank for payment.

 

Do Amex charge balances have the same effect on your utilization (when a large balance is reported) that the "World" or "Signature" credit cards that don't report credit limits do? Since I have a couple of those with balances that I think are messing up my utilization %, I don't really need a large Amex number add to that problem.  Probably should pay early and forgo the float this cycle.


 

I am in my 30 days of my Amex Zync, no statement yet, but I have made 2 payments using Amex website. I was unable to pay using my phone app though which said you can not pay unless its due.

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Regular Contributor
danisgods
Posts: 219
Registered: ‎08-21-2010

Re: Paying AMEX early.....question....

I thought that if a card doesnt report a credit limit, it wouldn't report a balance either.....


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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Paying AMEX early.....question....

 


danisgods wrote:

I thought that if a card doesnt report a credit limit, it wouldn't report a balance either.....


Alas, no.

 

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FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
danisgods
Posts: 219
Registered: ‎08-21-2010

Re: Paying AMEX early.....question....

whats the problem on waiting for the statment to cuts? then paying , i mean right after on the same day or next ?

 


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Regular Contributor
JRomulus
Posts: 127
Registered: ‎07-26-2010

Re: Paying AMEX early.....question....

You actually have several weeks after the statement cuts to pay, I believe before your considered late.

However if you pay off your charge card before the statement cuts, then Amex reports a zero balance.

A zero balance would not affect your credit utilization percentage from what I understand.

Which, if you are using the card to max rewards, i.e., for everything, why add thousands to the numerator of the utilization ratio?

 

This only applies to people whose utilization isn't already 0 - 5%.

Some of us have a ways to go paying down our outstanding credit accounts.:smileysurprised:


Starting Score: TU 699 EQ 651 EX FAKO 705
Current Score: TU 724 EQ 714 EX FAKO 770
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Regular Contributor
breakthecycle
Posts: 110
Registered: ‎09-16-2008

Re: Paying AMEX early.....question....

I have a new Zync account also. I paid my first payment a couple weeks ago. I have tried several times to make a payment in addition to that one and I just get "payment not due at this time". It's weird it seems I can't post a payment until the statement cuts. 


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