topic New AMEX Card - Best Method for Internal Scoring in Credit Cards

New AMEX Card - Best Method for Internal Scoring

DUISlayer — Sun, 15 Oct 2017 05:02:06 GMT

This is a question for the AMEX experts out there. While reading up on the forums earlier, I learned a little bit about AMEX's Internal Scoring of which I was not previously aware. So here's the background on my AMEX card.

In 2007, I got approved for AMEX SkyMiles Platinum with a $1K SL. Eventually got up to $5,900 and was changed to a Blue Sky (I think, if memory serves me properly). Got myself in trouble with it and it was charged off in late 2012. Went to court, default judgment, which was PIF soon thereafter. Haven't gotten any new card since.

Late one night, I was wondering if there was a chance AMEX would give me a second chance. Saw they had a SF pre-approval process, so I decided to go for it. I was pre-approved, so I went through with it. Got approved for the SkyMiles Gold card on 8/25 with a $1K SL.

I always believed that CCs should be PIF before the statement is cut, so I was applying payments shortly after making purchases to keep the balance down. I read that AMEX calculates average payment amount, so several small payments are a bad idea, and that it's better to let the balance report, then PIF right away. Right now I'm at about 90% UTL, and the closing date is on the 19th. I just started gardening, so I'm not applying for any new credit for quite a while. I want to do whatever is best in AMEX's eyes for the best CLI when my 61 days hits on the 26th. Thanks!

Re: New AMEX Card - Best Method for Internal Scoring

Anonymous — Sun, 15 Oct 2017 14:19:38 GMT

Sounds like a plan. Gardening always helps and it allows time to reflect on the future!

Re: New AMEX Card - Best Method for Internal Scoring

Anonymous — Sun, 15 Oct 2017 14:36:29 GMT

If you want to PIF before statement cut you can just make one big payment monthly before statement cut date. No need to let a balance report if you don't want one to.

Re: New AMEX Card - Best Method for Internal Scoring

DUISlayer — Sun, 15 Oct 2017 16:13:26 GMT

@ABCD2199 I don’t really care if a balance reports right now since I won’t be applying for any new credit soon. Does AMEX prefer I pay the statement balance in full, or just about the amount of the payments?

Re: New AMEX Card - Best Method for Internal Scoring

simplynoir — Sun, 15 Oct 2017 16:18:27 GMT

Like any banking institution AMEX prefers if you pay in full but how you go about that is entirely up to you. You can make one big payment or spread it out over several payments whichever works for you. Me myself I make several payments per month on my AMEX cards and have had no problems doing that.

Re: New AMEX Card - Best Method for Internal Scoring

sjt — Mon, 16 Oct 2017 20:05:25 GMT

Congrats for getting back in with Amex!

I would just the card alot and PIF.

Re: New AMEX Card - Best Method for Internal Scoring

HeavenOhio — Mon, 16 Oct 2017 20:25:33 GMT

AMEX accepts up to five payments in a day. In the AMEX 3X CLI thread, we see that people's payment habits are all over the map. And in the press release for their Pay It Plan It feature, they state, “Pay It was inspired by Card Members who prefer making multiple payments throughout the month. Now we've made it even easier to do this in our app." I think it's fine to do what makes you feel good.

Re: New AMEX Card - Best Method for Internal Scoring

Anonymous — Mon, 16 Oct 2017 21:09:39 GMT

Like above, PIF is always best. If you for some reason can't, then don't carry a balance for too many months.

Re: New AMEX Card - Best Method for Internal Scoring

DUISlayer — Mon, 16 Oct 2017 21:23:04 GMT

Thanks for all of the input, everyone! I'll let the balance report, then PIF after the statement cuts. Love these forums!