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Valued Contributor
creditnocash
Posts: 2,195
Registered: ‎07-23-2012
0

quick question about amex statements.

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? 

Current: Discover Fico 689 7/14 Walmart Fico 697 8/14

Inquiries (24 Months): EQ 6 TU 3 EX 4 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011
0

Re: quick question about amex statements.


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? 


 

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.

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Valued Contributor
jamesdwi
Posts: 1,530
Registered: ‎09-16-2011
0

Re: quick question about amex statements.

[ Edited ]

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. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Valued Contributor
creditnocash
Posts: 2,195
Registered: ‎07-23-2012
0

Re: quick question about amex statements.

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 :smileyhappy: 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.
Current: Discover Fico 689 7/14 Walmart Fico 697 8/14

Inquiries (24 Months): EQ 6 TU 3 EX 4 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Valued Contributor
creditnocash
Posts: 2,195
Registered: ‎07-23-2012
0

Re: quick question about amex statements.

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
Current: Discover Fico 689 7/14 Walmart Fico 697 8/14

Inquiries (24 Months): EQ 6 TU 3 EX 4 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Valued Contributor
jamesdwi
Posts: 1,530
Registered: ‎09-16-2011
0

Re: quick question about amex statements.

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. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.

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