topic Re: What should I do ? in Credit Cards

What should I do ?

Andy77 — Fri, 22 Sep 2017 18:25:35 GMT

I work in TV and the show I am on got pushed a few months. I owe Amex on my plat card about 4100.00. I should easily be able to pay this however, if they could turn on the pay over time feature so I could revolve about 2k for 3 months that would greatly help me out now as I would then not be SO strapped in paying other obiligations until I start working.

(I tried to activate the extended pay option online and it says none of my cards are eligible right now), but I have not tried calling yet because I don't know what to tell them

They put a preset limit on my account months ago at 5700.00, just FYI

Since the limit was imposed and before it was impoosed, I have obviously PIF and on time for about a year and a month (the time frame I have had the card)

Here are my questions:

1. Should I call Amex and be honest with them and say the show I work on got delayed and the extended payment option would really help me

2. Should I call and say I got laid off temporatily and I could be late on my bill due Oct 18th

3, Should I do nothing and see what happens as it gets closeer to my due date

4. Should I pay as much of the 4100.00 bal due as I can then let the difference go past due a few weeks past the due date, but not 30 days past

What I DO NOT WANT iS A FR !!

Thank you for your input, greatly appreciaated

Re: What should I do ?

Anonymous — Fri, 22 Sep 2017 18:37:20 GMT

How old is the account? When I first got AMEX, it wouldnt let me activate the pay over time option because the account was new. I waited a few months and I was able to activate. I suggest calling and asking why you are not eligible for pay over time. Maybe you will be eligible in a few days or a month from now.

Re: What should I do ?

Andy77 — Fri, 22 Sep 2017 18:40:15 GMT

My platinun account is one year and one month old. I have PIF and have excellent payment history..

Re: What should I do ?

Anonymous — Fri, 22 Sep 2017 18:42:08 GMT

I only have the gold card and dont know if platinum is differrent. Nonetheless, I don't see why you are not eligible for pay over time.

Re: What should I do ?

Anonymous — Fri, 22 Sep 2017 18:45:14 GMT

Do option #4, and pay the remainder as urgently as you can... transfer the balance if you need to. Your account already has a global limit, and so Pay Over Time will not be offered until that situation is resolved. Further, only new charges can go into Pay Over Time after the feature is enabled.

Re: What should I do ?

Andy77 — Fri, 22 Sep 2017 19:00:47 GMT

Ok...will do option # 4...so with these charge cards.....when are 30 day lates reported to the CR's ?

Oh, my statement cuts on the 18th....so is the 30 day late reported to the CR 30 days past the statement date or due date (the 12th) ?

(I want to see how much time I have after I make the largest payment I can, before my credit is impacted)

Re: What should I do ?

Kforce — Fri, 22 Sep 2017 19:08:35 GMT

Depending on what other cards you have.

Maybe a balance transfer to another card ?

Re: What should I do ?

Andy77 — Fri, 22 Sep 2017 19:11:12 GMT

Thank you for the bal trans option, but not goingt do that.

So my only question left is....

when is the 30 day late actually reported to the CR...........30 days past my statement date of the 18th OR 30 days past my due date of the 12th ?

Thank you again, much apprecaited

Re: What should I do ?

Anonymous — Fri, 22 Sep 2017 19:13:38 GMT

@Andy77 wrote:

Thank you for the bal trans option, but not goingt do that.

So my only question left is....

when is the 30 day late actually reported to the CR...........30 days past my statement date of the 18th OR 30 days past my due date of the 12th ?

Thank you again, much apprecaited

30 days past due date

Re: What should I do ?

Andy77 — Fri, 22 Sep 2017 19:17:35 GMT

Thank you for the reply.....

if that is the case, this 30 day late in this scenario is not repored until really the 60 date late...

http://www.creditcards.com/credit-card-news/late-payment-reported-credit-bureau-score.php

I am now really confused....

Re: What should I do ?

Anonymous — Fri, 22 Sep 2017 19:32:08 GMT

@Andy77 wrote:
Thank you for the reply.....

if that is the case, this 30 day late in this scenario is not repored until really the 60 date late...

http://www.creditcards.com/credit-card-news/late-payment-reported-credit-bureau-score.php

I am now really confused....

Nothing to be confused about. Creditors can technically report you as being late even if you're 1 day late but as a practice, major creditors do not report you as being late until you are 30 days past the due date. Forget the statement date as that has no bearing. Amex now like all the major creditors give you a clearly defined due date. Go past that by 30 days and you'll be reported late.

Re: What should I do ?

Anonymous — Fri, 22 Sep 2017 19:37:30 GMT

This is from my Platinum account. It's clearly spelled out as to the due date. I need to pay that by November 14th or I'll be reported late.

Re: What should I do ?

driftless — Fri, 22 Sep 2017 19:45:02 GMT

OP, I assume that you have your due date set the maximum time from the statement closing date, 25 days?

Re: What should I do ?

Andy77 — Fri, 22 Sep 2017 19:47:09 GMT

I don't think my platinum statement states I will be reported late if I don't pay by a certain date, it does state that if they don't receive my payment by Ocotober 12th, I will be charged a late fee of 37.00.

Re: What should I do ?

Andy77 — Fri, 22 Sep 2017 19:48:24 GMT

Due date is Oct 12th, statement date Oct 18th

Re: What should I do ?

Anonymous — Fri, 22 Sep 2017 19:52:35 GMT

@Andy77 wrote:
I don't think my platinum statement states I will be reported late if I don't pay by a certain date, it does state that if they don't receive my payment by Ocotober 12th, I will be charged a late fee of 37.00.

Not sure why you're having a hard time with this but of course you'll be eventually reported late whether the statement says that or not. October 12th is your due date apparently and they'll assess you the late fee if you don't pay by then. If you don't pay by November 11th, which is 30 days past your due date, they'll report you to the credit bureaus. An Amex charge card with a due date is no different than any other credit card.

Re: What should I do ?

Andy77 — Fri, 22 Sep 2017 19:51:32 GMT

Ok, got it, thanks

Re: What should I do ?

Anonymous — Fri, 22 Sep 2017 19:51:59 GMT

@Andy77 wrote:
Due date is Oct 12th, statement date Oct 18th

The Oct 18th statement date is meaningless. Your October 12th due date is based on your September 18th statement.

Re: What should I do ?

Anonymous — Fri, 22 Sep 2017 20:33:54 GMT

You should also know that starting 1 day after your due date if the minimum is not received, you are internally marked as 30 days past due. It does not push to the credit bureaus until AXP sees it as 60 days past due which is the second statement closing date. Whether it actually reports as 30 or 60 days on the credit report, I don't know. That was my original reason for suggesting a balance transfer. Perhaps someone else can chime in as to whether it shows as 60 days past due or not.

Re: What should I do ?

Anonymous — Fri, 22 Sep 2017 20:37:22 GMT

@Anonymous wrote:
You should also know that starting 1 day after your due date if the minimum is not received, you are internally marked as 30 days past due. It does not push to the credit bureaus until AXP sees it as 60 days past due. Whether it actually reports as 30 or 60 days on the credit report, I don't know.

I'm pretty sure in that scenario it would be reported as 30, not 60 days late. That's farily typical of creditors to wait 60 days and then start the 30 day late payment reports. As long as the customer makes the full payment prior to 30 days after due date, while internally they're still marked as late (and late payment fees and higher interest penalties kick in), it's not going to be reported to the CRAs as late.