topic Re: Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX? in Credit Cards

Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX?

Anonymous — Sun, 17 Apr 2016 16:21:17 GMT

Greetings,

OK guys and gals...need some advice. I hade to make a large payment to the IRS using my AMEX CC; I think this large payment ($2700) will ding my credit score; so when do I make a payment to AMEX ($1500)? Should I do it now? OR should I wait until the charge hits my AMEX statement and the hits to my score are over, then make the payment to AMEX and hope that I get some of those points back? OR does it even matter? Please let me know your thoughts on this matter. Thank you.

P.S. If I could make a PIF I would; but I can't.

MJH

Re: Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX?

myjourney — Sun, 17 Apr 2016 16:28:29 GMT

As soon as it post to your account

Re: Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX?

Anonymous — Sun, 17 Apr 2016 16:33:41 GMT

I don't understand why u just don't make it now. If u pay 1500 now you will only get a 1200 hit to your score when the statement cuts no point in waiting u can save some of the ding points beforehand

Re: Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX?

Anonymous — Sun, 17 Apr 2016 16:35:05 GMT

You can pay it even before it posts with Amex. A few weeks ago I had a $60 charge (card had zero balance), and I paid the $60 the same day to keep it zeroed out even before the charge fully hit. Very convenient.

Re: Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX?

Anonymous — Sun, 17 Apr 2016 16:46:08 GMT

The payment to thre IRS is from my AMEX...my payment to my AMEX is from my banking institure...IRS won't let you use two cards to pay. Only one.

Re: Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX?

9CLINE — Sun, 17 Apr 2016 16:50:42 GMT

I have paid as soon as it posted since mine wouldn't let me with a 0 bal.. also see when statement cuts,and pay before then you'll be okay, as long as min payment has been made on time...

Re: Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX?

Kenro — Sun, 17 Apr 2016 17:50:08 GMT

If I was you I`d let it report and then pay it off.

Its not really a big deal especially if it wont take you above 20% overall utilization.

Re: Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX?

Anonymous — Sun, 17 Apr 2016 18:02:48 GMT

OP, if you want to avoid entire 2700 being reported to CRA( when amex statement cuts) in case your statement is above to cut say in 2 days once you pay, then what I suggest is as soon as you pay IRS, make the payment of 1500, so that when it actually posts on your amex account you will see only 1200 ( 2700 - 1500 ). But don't stress too much on this. Either way, you will be fine in one month's time!!

Re: Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX?

Anonymous — Sun, 17 Apr 2016 22:53:58 GMT

I personally would make the payment before the statement cuts. It will have less impact on your utlization.

Re: Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX?

Septrosh — Sun, 17 Apr 2016 23:09:06 GMT

I would also make the payment before it cuts.

AMEX technically won't allow payment to go through if $0 balance. You can login to your bank and start bill payment transfer, most banks include this as a free service. Your bank will send the funds tomorrow and AMEX should have it posted Wednesday or Thursday at the latest. Then by the time AMEX fully posts your charge is should wash out that $1,200 and AMEX will just show th difference.

Re: Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX?

KSK1912 — Mon, 18 Apr 2016 00:48:46 GMT

OP utilization has no memory, so even if your scores are dinged for a month, once you pay it down and the your next statement reports to the cra's, your scores will recover. Unless you are in the process of applying for mortgage or such, it is nothing to sweat about. Pay it whenever it is more convenient for you.

Re: Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX?

red259 — Mon, 18 Apr 2016 00:59:09 GMT

@KSK1912 wrote:
OP utilization has no memory, so even if your scores are dinged for a month, once you pay it down and the your next statement reports to the cra's, your scores will recover. Unless you are in the process of applying for mortgage or such, it is nothing to sweat about. Pay it whenever it is more convenient for you.

+1 There is nothing to worry about just make sure to pay it by your due date to avoid any interest. The only exceptions to this are if you are planning other apps within the next month or two.

Re: Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX?

PointLager — Mon, 18 Apr 2016 04:12:38 GMT

Re: Made large cc payment to IRS using AMEX...how many days do I wait to make large payment to AMEX?

PointLager — Mon, 18 Apr 2016 04:15:42 GMT

Push the payment from your bank if Amex won't allow you to initiate a payment from their end when your balance is zero. Just make sure your bank credits before/at your Amex statement close date b