American Express Understanding with late payment?

[enharu]

If you are going to be less than 30 days late, my advice is to not call.

Just leave it as is until you are ready to make the payment. When you are ready, call in and do it over the phone. Just explain you forgot and just realized. There's no need to furnish them with any other information such as you being tight on finances due to medical expenses. The less you tell them, the better it is going to be for you.

If you have had the account or have been an Amex customer for a lengthy period of time, chances are you will be fine. They may even waive any late fees, if this is your first late within the past 12-24 months (not too sure on their "forgiveness" timer). Most lenders are usually willing to waive fees once every 12 months, but it's going to be a YMMV situation depending on your internal score.

If your account is very very new, then you might run into more issues. Since you already been FR before, they probably won't FR you again. But depending on the nature of the previous FR and your current internal risk score with them, they may close the account if you are deemed to be risky. Don't worry about this until it happens anyways. Odds are pretty low.

[longtimelurker]

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@Ortz33__ wrote:

that would totally get you fr'd or closed with amex.  they despise that. 

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Probably wouldn't, depending on the amount and you could use a different card.  

But some of my previous objections remain (I wasn't thinking of this as MS, as the purpose here is to cash advance, rather than get rewards).  Basically, when you buy a VR or reload card, you have load it onto something, and that is where something can go wrong.  The card might not accept your reload or, worse, but accept it but freeze funds.  People have had money tied up for weeks with GoBank and others.

So, if I was doing it for this purpose, I would either use Bluebird (most reliable at present) or buy Visa gift cards and convert them to money orders (if your local store still allows this with gift cards).

[adavis425]

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@enharu wrote:
If you are going to be less than 30 days late, my advice is to not call.

Just leave it as is until you are ready to make the payment. When you are ready, call in and do it over the phone. Just explain you forgot and just realized. There's no need to furnish them with any other information such as you being tight on finances due to medical expenses. The less you tell them, the better it is going to be for you.

If you have had the account or have been an Amex customer for a lengthy period of time, chances are you will be fine. They may even waive any late fees, if this is your first late within the past 12-24 months (not too sure on their "forgiveness" timer). Most lenders are usually willing to waive fees once every 12 months, but it's going to be a YMMV situation depending on your internal score.

If your account is very very new, then you might run into more issues. Since you already been FR before, they probably won't FR you again. But depending on the nature of the previous FR and your current internal risk score with them, they may close the account if you are deemed to be risky. Don't worry about this until it happens anyways. Odds are pretty low.

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+1!

Strictly a need-to-know basis and they don't need to know. The pay-by date is merely a suggestion. AmEx wants you to pay before the next statement date (according to them). I don't think you have an issue here unless, of course, it's new as enharu states.

[Ortz33__]

Thanks but I will be paying the balance in full after the statement cuts as I mentioned.  this is also after the please pay by date.  i will definitely officially be late

[Kenny]

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@enharu wrote:
If you are going to be less than 30 days late, my advice is to not call.

Just leave it as is until you are ready to make the payment. When you are ready, call in and do it over the phone. Just explain you forgot and just realized. There's no need to furnish them with any other information such as you being tight on finances due to medical expenses. The less you tell them, the better it is going to be for you.

If you have had the account or have been an Amex customer for a lengthy period of time, chances are you will be fine. They may even waive any late fees, if this is your first late within the past 12-24 months (not too sure on their "forgiveness" timer). Most lenders are usually willing to waive fees once every 12 months, but it's going to be a YMMV situation depending on your internal score.

If your account is very very new, then you might run into more issues. Since you already been FR before, they probably won't FR you again. But depending on the nature of the previous FR and your current internal risk score with them, they may close the account if you are deemed to be risky. Don't worry about this until it happens anyways. Odds are pretty low.

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+1

[newUser0]

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@KennyS2006 wrote:

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@enharu wrote:
If you are going to be less than 30 days late, my advice is to not call.

Just leave it as is until you are ready to make the payment. When you are ready, call in and do it over the phone. Just explain you forgot and just realized. There's no need to furnish them with any other information such as you being tight on finances due to medical expenses. The less you tell them, the better it is going to be for you.

If you have had the account or have been an Amex customer for a lengthy period of time, chances are you will be fine. They may even waive any late fees, if this is your first late within the past 12-24 months (not too sure on their "forgiveness" timer). Most lenders are usually willing to waive fees once every 12 months, but it's going to be a YMMV situation depending on your internal score.

If your account is very very new, then you might run into more issues. Since you already been FR before, they probably won't FR you again. But depending on the nature of the previous FR and your current internal risk score with them, they may close the account if you are deemed to be risky. Don't worry about this until it happens anyways. Odds are pretty low.

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+1

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+2

[Ortz33__]

to be honest i'm concerned with NOT calling.  i would feel comfortable them knowing my commitment to pay in less than 30 days but late.  wouldn't it be better to do that then leave them hanging not knowing when i will pay?  don't cc companies reccomend you do this when you will be late?

[enharu]

Its up to you.

My personal opinion is that you shouldn't call if you are going to be within 30 days late. People forget to pay their bills from time to time. If you call and explain now, or if you are making a partial payment for a charge card, then its plain obvious you are having financial difficulty. As a result, the bank may take adverse action against you just to minimize their risk exposure. Banks are not your BFF, and they want nothing to do with you if you have any financial problems.

So the easy way out is to feign ignorance and make the payment a few days / weeks late. They might even waive the late fee.

However, if you know you are going to be more than 30 days late, then its best to call in advance and work something out. If the bank is willing to work with you, they might not even report the derog on your credit report. If they are not willing to accommodate you, then it is what it is.

[Pat94108]

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@Creditaddict wrote:

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@Ortz33__ wrote:

Just wondering if Amex will close my account for being a little less than 30 days late?  i had unforeseen family medical expenses and I have a paymnet coming up that I can make half of before the due date then the rest before the next statement cut. I probably won't even get to a full 30 days past due, maybe 20.  but in your experience or opinion will they close this account? i plan on calling them this week to explain the situation and request to be late by a few weeks. I have a charge card and I have already been through an FR that resulted in a reduced credit limit being added.  

thanks

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this is a charge card we are talking about?

depending what your scores are and your amex relationship and your other credit portfolio amex most likely won't blink about being less than a month late... the system has a grace period that I don't suggest using but usually allows for the late payments but not late past next statement.

I would however suggest you probably not use the card during the period that you have not paid the full payment from last month to try to bring less attention to yourself.

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+1 If you have a charge card, I am pretty sure you have 30 days to pay (between statement dates). The "please pay by date" is only a suggestion, but you have until your next statement generate to make a payment. A CSR had explained that to me in detail when I wanted to change my due date. So say your statement was February 1st and your due date is February 16 and your next statement generates March 2nd, then you have until March 1st to make a payment. At least, 2 or 3 Amex CSR had explained that to me when I had my Green. You won't be in trouble if you make the payment before the next statement generates.

[toppers555]

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@enharu wrote:
Its up to you.

My personal opinion is that you shouldn't call if you are going to be within 30 days late. People forget to pay their bills from time to time. If you call and explain now, or if you are making a partial payment for a charge card, then its plain obvious you are having financial difficulty. As a result, the bank may take adverse action against you just to minimize their risk exposure. Banks are not your BFF, and they want nothing to do with you if you have any financial problems.

So the easy way out is to feign ignorance and make the payment a few days / weeks late. They might even waive the late fee.

However, if you know you are going to be more than 30 days late, then its best to call in advance and work something out. If the bank is willing to work with you, they might not even report the derog on your credit report. If they are not willing to accommodate you, then it is what it is.

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I would agree with enharu. You actually would just be confirming their thoughts on your risk since you were just recently FR and it resulted in a CLD.