topic Re: New amex pcb in Credit Cards

New amex pcb

Anonymous — Thu, 25 Feb 2016 05:30:38 GMT

Hi

I just got my first statement on my amex PCB does anyone know when will this show up on my credit report?

Re: New amex pcb

Anonymous — Thu, 25 Feb 2016 05:48:05 GMT

do you mean the BCP? (blue cash preferred)
but, regardless of amex product, it usually takes around 2-3 statements. they really aren't in much rush (even if it's being used)
i think i saw one contributor on here go 6 statements before reporting (but that isn't the norm, of course)

YMMV

Re: New amex pcb

Anonymous — Thu, 25 Feb 2016 05:59:52 GMT

Yeah... oops

That's a bummer. They just approved me for a $5k limit. None the less, my statement was $600 should I pay it off in total or leave a little balance. I prefer to pay it, but what helps my credit score?

Re: New amex pcb

Anonymous — Thu, 25 Feb 2016 06:07:44 GMT

none of those will help your credit score right now as it won't be reporting anything. if this is your only card then i wouldn't let more than about 5% report but if you have other cards then pay them all off and let one card report 1-9% for "optimal" scoring.

Re: New amex pcb

Anonymous — Thu, 25 Feb 2016 06:15:56 GMT

I have a discover card with a 1k cl
I pay it off multiple times a month. But my bad luck every time the statement cuts it's at 7-800$ this month I made sure it was low and it reported a balance of $200. So with my amex I should keep it at 5% and pay my discover off totally?

Sorry I'm new to the usa I am still learning.

Re: New amex pcb

Anonymous — Thu, 25 Feb 2016 06:19:48 GMT

Also maybe u can help me, my TU was at 650 (this was my first score) then because of a 70% balance it dropped to 594. Now that I reported a balance of 200$ it didn't change!! My EQ is stable at 620. I tried the simulator once I report the amex card my score shoots up to 690. I also have a car loan at 19% but paI'd twice alreary. I'm trying to get my credit score up so I can refinance at the time the first time car buyer loan from chrysler seemed like a good idea, but after looking around my interest rate is super high!

Re: New amex pcb

Anonymous — Thu, 25 Feb 2016 06:23:41 GMT

doesn't matter which one you want to report but just have them all paid except one and let that one report 1-9%

where are you getting your scores from? some scoring models are sensitive on different things and it could be misleading. granted the high utilization would lower them but, once paid down, they should go back up some (providing nothing else on your report changed)

Re: New amex pcb

Anonymous — Thu, 25 Feb 2016 06:26:07 GMT

Credit karma. Nothing else changed besides the one inquiry from amex.

Re: New amex pcb

Anonymous — Thu, 25 Feb 2016 06:28:10 GMT

CK is a FAKO (vantage score 3.0) and they're ULTRA new account sensitive and inquiry sensitive. they have me at EQ 601 and TU 625 (fico for those is 672 and 695) so they are way off. they don't like my new accounts but fico doesn't hate them as bad

Re: New amex pcb

Ghoshida — Thu, 25 Feb 2016 06:35:24 GMT

@Anonymous wrote:
Yeah... oops

That's a bummer. They just approved me for a $5k limit. None the less, my statement was $600 should I pay it off in total or leave a little balance. I prefer to pay it, but what helps my credit score?

(1) Do you have a 0% APR?

(2) Are you constrained for money?

If the answer to both of the above is "No", then pay off the entire $600 in full. "Leaving a balance unpaid" can only incur interest (when not a 0% APR) and does nothing to boost your score.

As others have said, AMEX may take a couple of months to report. But suppose yours reports this month. Then it will show a 12% utilization ($600 balance on $5k limit). Ideally (for best scores) you'd want to have all cards reporting $0 except one, which should report <10%. So suppose you wanted this card to report balance. Then pay all of the others to zero before they report. For most banks, it is the statement day or couple of days after that, when they report the statement balance. For some banks, like US Bank, the reporting date is the last business day of the month, when they report the current balance.

So if the BCP is the reporting card, use it however much you want. Before the due date, pay off all of the last statement's due, and then before the statement cuts, pay down the current balance to less than $500.

Re: New amex pcb

Anonymous — Thu, 25 Feb 2016 06:35:54 GMT

Oh I see.
Myfico doesn't let me get a score, it says I need to wait till my accounts are 6 months old. :/

Re: New amex pcb

Anonymous — Thu, 25 Feb 2016 06:37:18 GMT

Also, is it good to put alot of charges on amex and pay them off? My rent is $1500 a month and they would charge me $35 to pay by,credit card, I was thinking to pay from credit card then pay the credit card instantly. Would that help in getting a CLI.

Re: New amex pcb

Ghoshida — Thu, 25 Feb 2016 06:39:14 GMT

@Anonymous wrote:
Also, is it good to put alot of charges on amex and pay them off? My rent is $1500 a month and they would charge me $35 to pay by,credit card, I was thinking to pay from credit card then pay the credit card instantly. Would that help in getting a CLI.

Not necessarily.

While it is true that credit card CLIs are sometimes given when you show them usage, I believe you can get CLIs without paying extra for it.

Just put your regular charges through it and make sure your scores are good. There's a dedicated AMEX 3X CLI thread in the "helpful threads" section of this forum. Follow it for best advice.

Re: New amex pcb

Anonymous — Thu, 25 Feb 2016 06:46:03 GMT

you can have a balance report without paying interest... my discover reports every month and haven't paid a dime.

Re: New amex pcb

Anonymous — Thu, 25 Feb 2016 06:53:08 GMT

just because you report a balance doesn't mean you are gonna pay interest on it. you just have to pay your previous statement the next month and you're good.

let's say you reported $600 for february on your statement. fine. in march you make $400 extra in purchase and pay $700 on your due date. you satisfied your previous balance (so no interest to pay) and your new statement balance for march is $300. just pay at least $300 the next payment date and you're good no matter how much you purchase.

Re: New amex pcb

Ghoshida — Thu, 25 Feb 2016 07:04:52 GMT

@Anonymous wrote:
you can have a balance report without paying interest... my discover reports every month and haven't paid a dime.

The OP wasn't asking about reporting a balance.

His/her statement already was generated with $600 balance, he/she wanted to know if he/she should pay all of it off or leave some trailing balance.

Generating a statement with a balance by itself does nothing to the interest (unless you are out of grace period because of previously trailing interest or you're dealing with a predatory lender). But not paying off the entire balance by the due date (unless 0% APR) results in interest and loss of grace period.

Re: New amex pcb

Anonymous — Thu, 25 Feb 2016 12:59:19 GMT

i must have misunderstood what you were answering

Re: New amex pcb

takeshi74 — Thu, 25 Feb 2016 15:02:32 GMT

@Anonymous wrote:
I just got my first statement on my amex PCB does anyone know when will this show up on my credit report?

No idea. The amount of time to first report can and does vary.

@Anonymous wrote:
That's a bummer. They just approved me for a $5k limit. None the less, my statement was $600 should I pay it off in total or leave a little balance. I prefer to pay it, but what helps my credit score?

You do not need to carry a balance for scoring purposes. Don't conflate carry and report. They are two entirely different things. You can have a balance report without carrying. It's all about when you pay versus report date. AmEx reports on statement date. Your $600 balance would have already reported if the account was reporting. How much you pay after the statement is generated does not change the reported balance as it has already been reported. If you want to reduce the reported balance then you need to pay it down before the report date.

@Anonymous wrote:
Also maybe u can help me, my TU was at 650 (this was my first score) then because of a 70% balance it dropped to 594. Now that I reported a balance of 200$ it didn't change!!

It will change. The CRA's don't immediately update. It can take several business days after the info is reported for them to update.

@Anonymous wrote:
Credit karma. Nothing else changed besides the one inquiry from amex.

CK's Vantagescores are only relevant to creditors that use a TU or EQ Vantagescore 3.0.

@Anonymous wrote:
CK is a FAKO (vantage score 3.0) and they're ULTRA new account sensitive and inquiry sensitive. they have me at EQ 601 and TU 625 (fico for those is 672 and 695) so they are way off.

They are not way off. They are different scoring models. You cannot use a score generated by one model to determine a score generated by another model. Even FICO models do not all generate the same numbers. Always consider the specific scoring model & CRA and the relevance of a given model/CRA combo to a given creditor/product. The FICO's you're referring to are not used by all creditors and will not be reelvant to creditors that do not use them.

@Anonymous wrote:
Also, is it good to put alot of charges on amex and pay them off? My rent is $1500 a month and they would charge me $35 to pay by,credit card, I was thinking to pay from credit card then pay the credit card instantly. Would that help in getting a CLI.

It is not simply a matter of usage. Nor is it just a matter of the account itself. The CLI you qualify for with any creditor will be determined based on what your entire credit profile and your income qualify for. If there's a $35 fee to pay your rent you're just throwing away money.