AMEX Reporting/Timing

[traveller]

I recently ran my FICO numbers and both number were lower than I expected (TU 748/EQ 776) and both stated that I my outstanding balances are too high.  My last FICO checkup was 8/2008 and I had TU 799/EQ811/EX 826.

I only have two credit cards and only use the 2nd card as a backup.  All other credit lines have 0 balances.

I have an AMEX Gold Rewards card that I use extensively for business travel and I always pay the monthly statement amount in full by the date required. The account is shown to be in good standing with no late payments.  The 'outstanding' balance amount shown on the FICO analysis is the correct current amout due, but the AMEX payment is not due until the 13th of April.

Is there some magic in timing payment AMEX to get a 0 balance reported to the credit agencies?  TIA

[Anonymous]

Just go on-line to the AMEX site and pay the current balance just BEFORE the statement cuts.

[cdtotten]

You stated you had all 3 score from your last FICO check up? Where did you get these? Consumers no longer have access to their EXP FICO score anymore, which makes me think these scores were from a credit monitoring website (ala truecredit, creditchecktotal, amex creditsecure, etc.) If so, they are not true FICO scores and no weight should ever be put in them.

You just need to submit a payment before your monthly statement cuts to report a 0 balance.

[traveller]

Thanks (everyone) for prompt responses!

The two scores I mentioned (TU/EQ) were just obtained yesterday from MyFICO.

<<You stated you had all 3 score from your last FICO check up? Where did you get these?>>

Experian scores were available from the MyFICO site in Aug 2005, Sep 2006, and Aug 2008. I keep hardcopies (yeah, old school :-)). 

<< You just need to submit a payment before your monthly statement cuts to report a 0 balance.>>

I'm not familiar with the term 'cuts' - do you mean the date AMEX closes the billing month? IOW, if the billing month closes on the 23th of the month, I should submit a payment on, say, the 21st so that I have a 0 balance due when AMEX issues their bill?

[GregB]

Virtually all CC Companies generate a statement and report that amount to the Credit Reporting Agencies. In order to have $0 reported you must pay anything you owe BEFORE the statement is generated. If you are charging something right before that day it may show and it might not as some charges take a day ormore to show. The best way to be sure your payment is credited ontime is to pay online. Be sure to check that CC Companies online posting times.

Amex has been somewhat inconsistent in their posting to the CRAs. I have found them to be more consistent lately, with them only failing to report the updated balance once in the last year. Several times I have found them slow to report by a few days. This usually is not a big deal because Experian is the only one that consistently updates their reports within a day, anyway.

This is likely more trouble than it is worth if you are using the card regularly. A true FICO of 750 is as good as 800 for virtually everything.

[traveller]

<<This is likely more trouble than it is worth if you are using the card regularly. A true FICO of 750 is as good as 800 for virtually everything>>

That is what I was thinking.  Being on the road a lot, the account balance which accumulates after the billing cycle closes and before payment is due reflects charges which I have not been reimbursed for.  Unless absolutely necessary, I'd rather pay in full what AMEX has billed me for and let them float the difference until the next billing cycle.

Thanks again.

[tray]

I have the premier rewards gold card I always find the closing date for the month on the recent activity page, and pay my account to 0 just before that date, to have the 0 balance report to the credit agencies.  Then it is just charge time again once that date passes the very next day.