Credit Cards

[creditnocash]

im enrolled for auto pay via checking account. 

im not worried about the money not being there but if i allow that to go through wouldnt that leave a balance on the statement? 

i havent gotten my first statement so i wanted to pay in advance.  (275 balance on 500 hard limit)

activated my card on the 7th. plan on pif on the 21st. and not using it until the statement cuts. 

is amex usually a 1st of the month type of company? 

[bichonmom]

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creditnocash wrote:

im enrolled for auto pay via checking account. 

im not worried about the money not being there but if i allow that to go through wouldnt that leave a balance on the statement? 

i havent gotten my first statement so i wanted to pay in advance.  (275 balance on 500 hard limit)

activated my card on the 7th. plan on pif on the 21st. and not using it until the statement cuts. 

is amex usually a 1st of the month type of company? 

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Does this mean that you're pushing the $ from your checking instead of pulling it from Amex? If you're pushing it from ckg, then you can set it for the date before your statement cuts. If you're pulling it from Amex, then I believe you can choose the payment date - or maybe "pay by due date." In that case, then the payment would be after stmt cuts.

You would need to call and ask for your statement date. Or log into your acct and see what it says. Under the balance, in tiny letters, it will have the stmt date.

I'm not sure what you mean by a "1st of the month type of company." With the thousands of customers they have, everyone's statement doesn't cut at the same time of month.

Their charges don't report a CL, so the balance reporting doesn't hurt your FICO. Though, I'm not sure how the $500 hard limit reports.

[jamesdwi]

The $500 hard limit doesn't report, as with all CL's on amex charge cards. 

when starting out using charge cards especially those with autopay, only charge what you have cash for and don't spend it, removing your debit cards from your wallet may be a good idea. An ideal goal would be to have $500 in extra cash sitting in your checking account that you just forget about. Or have it in a saving account that is linked to your checking account, Most banks will automaticly pull from savings to checking to cover any transactions that would of gotten denied based on funds in checking for a small fee, my bank charges $5 for the convience much nicer than there $26 bad check fee or having a payment denied. 

Paying weekly so you have no or a small balance when the statement cut would be helpful for a while. A payment that doesn't go smoothly on a Zync hard limit card would be very very bad. 

[creditnocash]

Yes I understand that it would be bad. I have more then enough in checking to cover the balance.

My question was that if it uses auto pay to cover all the charges would it report to the ca as 275 high limit? ( I've never had a charge card obviously)

And as for over drafting my account I know.
I work at a bank as a banker!
I don't have overdraft but there is plenty in there to cover everything and then some.

I'm a little OCD when it comes to my money.
I know when all statements cut and I pay in advance in full

I won't be checking my reports until new years. But I do have score alert.

[creditnocash]

P.s. since I just got the card there is no statement date. I'll call and ask them.

Same with Toyota I did the deal August 30th and they haven't even sent a bill yet but I know it's due the 1st

[jamesdwi]

Yes it reports the high limit, but charge cards don't count towards UTL in all but a few very old scoring systems. So no impact.