Amex Plat Reporting

[joeyv1985]

All,

I applied for the Amex Plat back in late November '20 and was approved on the spot. Received my 1st statement on 12/11. Does anyone know when this card will start reporting? I'm currently AZEO on my 4 other cards(CSP has less than $20 reporting). I ask because despite having 3-4 hard pulls falling off in Q1(12 Months Old), I just made my last car payment and I'm wondering how much my scores will drop with this new Amex and the closing of my auto loan. It seems like the Auto Loan is about 2 months behind in reporting if that helps. Thanks. 

[K-in-Boston]

In 99% of cases, Amex cards report after the 2nd statement.  In the other 1%, they report after the third.

Charge cards shouldn't affect AZEO as that is a revolving credit metric.

As for the score drops, that is extremely profile dependent and it will be difficult for you to even see how each factor impacts your scores unless you have them before and after each of those events (new card reporting, auto loan closed) with no other factors.  If the auto loan was your only loan product or to a lesser degree your only one that was substantially paid off but still open, the score drop is likely to drop your score much more a new account, which may or may not even cause a score drop depending on the profile.

[joeyv1985]

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@K-in-Boston wrote:

In 99% of cases, Amex cards report after the 2nd statement.  In the other 1%, they report after the third.

Charge cards shouldn't affect AZEO as that is a revolving credit metric.

As for the score drops, that is extremely profile dependent and it will be difficult for you to even see how each factor impacts your scores unless you have them before and after each of those events (new card reporting, auto loan closed) with no other factors.  If the auto loan was your only loan product or to a lesser degree your only one that was substantially paid off but still open, the score drop is likely to drop your score much more a new account, which may or may not even cause a score drop depending on the profile.

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Thanks K. I still have a mortgage that I took out back in May of '19. Other than that and the 4 CC's(5 if you include the Amex), I have no other debt or baddies for that matter. Credit Utilization on my CC's rarely go above 9%. Typically it hovers between 2-3%(Currently it's under 0.5%). I'm just looking to improve my FICO Scores(Fico 8's are 766-788) in the next couple of years and have no need to open up another account because I have all the "Premium Cards" that I've always coveted. 

[Anonymous]

Agreed with all the above. My situation on the Plat is similar - approved 11/12/2020, first partial statement cut 11/28/2020. My second statement cut 12/28/2020 and Amex reported at that time and the card appeared on my reports the next day. Yours is likely coming this month.