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Amex Platinum Reported Balance

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Anonymous
Not applicable

Amex Platinum Reported Balance

Has anyone ever let their Platinum Card report to the credit bureaus with a balance? (I let $150 report by accident) does it matter? Is it going to look at the "highest balance" of $150 as a credit limit in the future now, if another balance is reported?  I meant to report at $0.00..

Message 1 of 11
10 REPLIES 10
AverageJoesCredit
Legendary Contributor

Re: Amex Platinum Reported Balance


@Anonymous wrote:

Has anyone ever let their Platinum Card report to the credit bureaus with a balance? (I let $150 report by accident) does it matter? Is it going to look at the "highest balance" of $150 as a credit limit in the future now, if another balance is reported?  I meant to report at $0.00..


Doesnt matter. Its a balance, if you paid it off , why worry about it. Sometimes having balances report is a good thing as some lenders view it as usage even though internally they know if you are using it.  Im sure many people have their balance report as they often wait til a statement is generated before payingSmiley Wink

Message 2 of 11
Anonymous
Not applicable

Re: Amex Platinum Reported Balance

It's going to report the $150 balance, but doesn't have a limit so won't give a % of UTI.  It will only count as a $150 increase on your overall card balance. No individual impact. 

Message 3 of 11
GatorGuy
Valued Contributor

Re: Amex Platinum Reported Balance

It reports every single month with a balance.

 

For Fico8 it doesn't matter. For the older Fico scores which are used for mortgage scores, it helps to have a high reported balance since that gets reported as your credit limit.

Message 4 of 11
Anonymous
Not applicable

Re: Amex Platinum Reported Balance

So if I report next month $50 the older scores would see my limit as $150 and it would damage it like mad. But if I report a balance of $5,000 that would be my new "limit" with older ficos, or if I report $0.00 it would have no ding on the older scores. So I guess technically it has the same effect as if I was able to report $0.00 it would be a $0.00 "limit" .. weird.

Message 5 of 11
4sallypat
Valued Contributor

Re: Amex Platinum Reported Balance


@GatorGuy wrote:

It reports every single month with a balance.

 

For Fico8 it doesn't matter. For the older Fico scores which are used for mortgage scores, it helps to have a high reported balance since that gets reported as your credit limit.


Yes, I noticed that my Amex Plat monthly balances reports each month on all CRA.

 

Is it normal to have it report even though it's PIF ??

 

My mortgage broker hounded me about the balance and asked me why it's reporting a balance - they were trying to reduce DTI and kept seeing a balance each month on a SP.

 

I told him that I use the card to pay for things each month to get the MR points and then PIF - he didn't understand why I couldn't just use the debit card...

 

Message 6 of 11
Anonymous
Not applicable

Re: Amex Platinum Reported Balance

You pay in full to zero BEFORE the statement cuts and it still reports a highest balance or whatever ?

Message 7 of 11
SouthJamaica
Mega Contributor

Re: Amex Platinum Reported Balance


@Anonymous wrote:

Has anyone ever let their Platinum Card report to the credit bureaus with a balance? (I let $150 report by accident) does it matter? Is it going to look at the "highest balance" of $150 as a credit limit in the future now, if another balance is reported?  I meant to report at $0.00..




@Anonymous wrote:

Has anyone ever let their Platinum Card report to the credit bureaus with a balance? (I let $150 report by accident) does it matter? Is it going to look at the "highest balance" of $150 as a credit limit in the future now, if another balance is reported?  I meant to report at $0.00..


"High credit" of an Amex charge card is only a factor  -- as an assumed credit limit -- in some of the older scoring models. (I'm not 100% sure about this, but I don't think it relates to reported balances;  I think it refers to the highest balance throughout the cycle. I hope someone with greater knowledge, like @Thomas_Thumb or @Revelate will chime in and confirm or dispel.)

 

In the newer scoring models an Amex charge account counts as an account with a balance, but is disregarded altogether for utilization purposes.

 

So... don't worry about it.


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 710

Message 8 of 11
Anonymous
Not applicable

Re: Amex Platinum Reported Balance


@Anonymous wrote:

Has anyone ever let their Platinum Card report to the credit bureaus with a balance? (I let $150 report by accident) does it matter? Is it going to look at the "highest balance" of $150 as a credit limit in the future now, if another balance is reported?  I meant to report at $0.00..


I'm assuming you did the "pay over time" where you can roll a balance over like a regular credit card.  If so yes I have that happen to me.  On both my Plat and Green card.  Didn't know it would pop up on my credit report tho.

Message 9 of 11
Revelate
Moderator Emeritus

Re: Amex Platinum Reported Balance


@SouthJamaica wrote:

@Anonymous wrote:

Has anyone ever let their Platinum Card report to the credit bureaus with a balance? (I let $150 report by accident) does it matter? Is it going to look at the "highest balance" of $150 as a credit limit in the future now, if another balance is reported?  I meant to report at $0.00..




@Anonymous wrote:

Has anyone ever let their Platinum Card report to the credit bureaus with a balance? (I let $150 report by accident) does it matter? Is it going to look at the "highest balance" of $150 as a credit limit in the future now, if another balance is reported?  I meant to report at $0.00..


"High credit" of an Amex charge card is only a factor  -- as an assumed credit limit -- in some of the older scoring models. (I'm not 100% sure about this, but I don't think it relates to reported balances;  I think it refers to the highest balance throughout the cycle. I hope someone with greater knowledge, like @Thomas_Thumb or @Revelate will chime in and confirm or dispel.)

 

In the newer scoring models an Amex charge account counts as an account with a balance, but is disregarded altogether for utilization purposes.

 

So... don't worry about it.


You're right SJ: FICO 98 model which the only one still in use today is EX FICO 2 used by some CUs and of course is still part of the almighty mortgage trifecta.

 

FICO 04 model and newer any tradeline that has a Term = 1 month is automatically discounted from the revolving utilization metric. I don't know any other tradelines that actually report like this except for Amex charge cards.

 

End of the day, if you are going for a mortgage and going AZEO: don't leave your balance on your Amex charge card anyway so this is really a non-issue... or take the usual long-term forum path of building up so much revolving limits that it doesn't matter anyway, I had a lender pull a mortgage app two weeks ago when I was sitting on 12K/25K reported on over 200K of TCL and some other stray balances, not optimal, but also didn't matter one bit in terms of the rate I got haha.




        
Message 10 of 11
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