Paying AMEX early.....question....

[Anonymous]

For those who are trying to pay multiple times before your first statement...you cant either by phone or AMEX website until your first statement cuts. Thats just how AMEX is set up. You can, however, push a payment from your bank's bill pay if you would like.

Also, CHARGE cards do NOT factor into UTI for FICO. Im not sure why the paranoia of reporting a balance, but anyway.

I think this is my first post too so hi ficoforums lol long time lurker

[danisgods]

do you know that for a fact? how come ?

[Anonymous]

danisgods, if youre asking me, yes I know this for a fact.

For the first month not allowing multiple pull payments (as opposed to pushing from your bank account)...first, because I tried to do the same thing last year on a new card and 3 different CSR's at Amex told me that until your first statement cuts, their system is not set up to allow multiple pulls for payments. Also, it has been talked about ad nauseum on another big credit board.

As far as the UTI issue, it has also been talk about ad nauseum, and a simple Google search of "does a charge card balance factor into utilization for fico?" will turn up all the info you need, including many from this board.

Hope that helps-

[DI]

I like PenFed and BOA for this type of issue.  PenFed and BOA allows one to make payments before a balance is posted.   I don't like AMEX for the reason that you decribed. I've always had to pay through my bank to force a payment to AMEX.   But I prefer paying directly to the bank who I owe. 

[vish1]

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@Anonymous wrote:

danisgods, if youre asking me, yes I know this for a fact.

For the first month not allowing multiple pull payments (as opposed to pushing from your bank account)...first, because I tried to do the same thing last year on a new card and 3 different CSR's at Amex told me that until your first statement cuts, their system is not set up to allow multiple pulls for payments. Also, it has been talked about ad nauseum on another big credit board.

As far as the UTI issue, it has also been talk about ad nauseum, and a simple Google search of "does a charge card balance factor into utilization for fico?" will turn up all the info you need, including many from this board.

Hope that helps-

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AFAIK new fico algo is supposed to ignore charge cards but unfortunately the old fico algos do not ignore them and many (read most) lenders still use old fico algos.

[halos24]

I have had my Zync card since December, and recently since Jan the Costco True Earnings and after speaking to an Amex rep just two days ago he said you already made a $500 payment towards my balance of $898 on the True Earnings card (due date is March 3rd), and you cannot make another payment for the first month.  He said you can certainly call us and we can do it for you no charge.  Now, I was going to PIF any ways prior to the due date, but I decided to log in today and see my recent charges and tried to make a second payment within one week and guess what it worked! 

Now would it be because I already had the Zync card and they have my checking acct# already?  Who knows, but it worked and regardless the rep said even when they do implement this it is only for the first 30 days of new accounts. 

So just sharing...

[DI]

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@halos24 wrote:

I have had my Zync card since December, and recently since Jan the Costco True Earnings and after speaking to an Amex rep just two days ago he said you already made a $500 payment towards my balance of $898 on the True Earnings card (due date is March 3rd), and you cannot make another payment for the first month.  He said you can certainly call us and we can do it for you no charge.  Now, I was going to PIF any ways prior to the due date, but I decided to log in today and see my recent charges and tried to make a second payment within one week and guess what it worked! 

Now would it be because I already had the Zync card and they have my checking acct# already?  Who knows, but it worked and regardless the rep said even when they do implement this it is only for the first 30 days of new accounts. 

So just sharing...

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The rep misspoke.  More than one payment per month can be made if a balance continues to report. 

[JRomulus]

Yes, halos24, I believe for the charge cards at least it is a first month thing (only) from what I've heard.  I'm in my first month and I am using it for everything, and my statement closing date is today.  2 days ago I sent a nice payment in via the website, but now the option is unavailable.  I'm sure they have a reason for this.

[DI]

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@JRomulus wrote:

Yes, halos24, I believe for the charge cards at least it is a first month thing (only) from what I've heard.  I'm in my first month and I am using it for everything, and my statement closing date is today.  2 days ago I sent a nice payment in via the website, but now the option is unavailable.  I'm sure they have a reason for this.

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I guess different cards operate differently when wanting to make payments. 

[JaseT]

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@JRomulus wrote:

Yes, halos24, I believe for the charge cards at least it is a first month thing (only) from what I've heard.  I'm in my first month and I am using it for everything, and my statement closing date is today.  2 days ago I sent a nice payment in via the website, but now the option is unavailable.  I'm sure they have a reason for this.

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This is my first month on AMEX and I already made an online payment and the option to make another is still there.