okay friends, im a lil worried here. ive been using my new AMEX cm revolver heavily passed couple weeks (cardholder as of Nov 8/splashing 5% to 10k reward).
on my 4k limit ive run 8k already and made a 4k payment earlier this week, but now im almost at 100% uti and am now aware i cant pay any more till statement closes which means 100% reported balance... but i wanted to pay it down to 20-30% before statement closes, what can i do? it wont lower my score cause amex shows after 2nd statement but now it’s in their system that i used all 4k and am about to “let it” report 100% uti, which i’ve never done on any cc..
ignoring intro apr, i wanted to look like a good candidate for 3x cli come 61D and my only other current reporting cc disco card will report $10-15 balance out of only 2k till amex 2nd statement comes (just to avoid $0 fico penalty)
i tried calling, tried “bill pay” but bank doesn’t have it, what do i do? if a 100% uti report goes out what should my 60D report be? $0, 1-2%? already feel like im gonna look like a crappy burrower come 61D no matter what i do
on my 4k limit ive run 8k already and made a 4k payment earlier this week, but now im almost at 100% uti and am now aware i cant pay any more till statement closes which means 100% reported balance... but i wanted to pay it down to 20-30% before statement closes, what can i do? it wont lower my score cause amex shows after 2nd statement but now it’s in their system that i used all 4k and am about to “let it” report 100% uti, which i’ve never done on any cc..
ignoring intro apr, i wanted to look like a good candidate for 3x cli come 61D and my only other current reporting cc disco card will report $10-15 balance out of only 2k till amex 2nd statement comes (just to avoid $0 fico penalty)
i tried calling, tried “bill pay” but bank doesn’t have it, what do i do? if a 100% uti report goes out what should my 60D report be? $0, 1-2%? already feel like im gonna look like a crappy burrower come 61D no matter what i do
You can make a payment over the phone through a rep.
i tried this but they say we are unable to process any payment beyond your initial until after first statement closes, WHY?
thanks for reply
thanks for reply
Amex will have no issue internally with your balance; it shows that you're making use of the credit line and will suggest to them that you need more. It is exceptionally rare for American Express cards to report before the 2nd statement closes. Since we're 99% sure that it won't report to the credit bureaus, I wouldn't be too worried about it. If your bank does not allow you to push payments, you could always mail a check. How long until the statement closes? Once you get past the first statement closing, you should be able to pay as many times as you'd like.
Amex usually likes 1 payment your first month. I dont know how you will look crappy if you are really using your limit. Scores are temporary anyway. If it cuts at 100%, you just pay it off once you are able to make payments . No big deal. Imo. Just remember trying to spend too fast too heavy out of the gate with a new Amex might raise some eyebrows so just make sure to pay on time and establish you can early
Don't sweat it. Let that balance post and then cut the payment is what I'd do.
End of the day I'm still of the opinion that *using* one's cards is the best thing you can do for future approvals... and a high balance shows literally everyone that you not only used it, you used it responsibly (assuming some future balance is much less and no lates / default).
Might not matter, we've been living in the credit sunshine for nearly 7 years now and trended data will come eventually probably everywhere... but there's cracks in the credit markets which seem to be showing now and I think it's best to accrue any small advantage one can. Bank's like profitable customers, show them you at least might be and that's exactly what a non-trivial high-balance can do.
If you got it in the mail tomorrow, it's certainly possible that it could be received and processed by next Friday, but that is cutting it close. Let me put it this way, if Amex had real concerns with you, they would never have allowed you to cycle through your entire credit line twice in the first month, allowing you to get up to 100% utilization twice already.
The one payment thing is just a fraud mitigation thing for them. Their reasoning is that since you're a new customer, they need to allow time to make sure that the account you're paying from is legit and that they're not going to be hit with reversals. Someone please correct me if I am wrong, but I think the multiple payment thing happens with any additional bank accounts added for pull payments.
