pk8183 wrote:
Quick question....I use my American Express Rewards card "no credit limit" for most our of monthly expenses so that we can track what we spend and so we can just submit one payment a month. we have t pay it off every month based on the T&C's
Does this type of usage show up at "maxed out" each month although we pay it every month? If we have a balance due of $2500 a month, does the credit limit show as $2500?
If so would we be better to use a BOA Visa with a $13,000 limit for the monthly expenses so it will show a lower utilization?
Thanks!
I have the same charge card and had problems. Two things you should know so your card doesn't report as maxed-out. First check all three of your reports and make sure the card type reports as other open account or open account rather than a revolving card. The former will ensure the card is not factored in your revolving utilization%. EQ and TU accurately report this but EX does not. I have disputed this to no avail, so I am going to sue them for tanking my FICO score.
If any of the CRAs are inaccurately reporting your account, do the following. Dispute like heck and in the meantime takes these steps. Pay the whole balance before the statement date. Amex reports statement balances to the CRAs.
Charge on this card up until 5 days before the statement date, then stop. This is to ensure all charges are posted, then I PIF the balance about 2-3 before statement date.