lessthanzero

Given all the discussion about FICO scores and credit utilization, I'd like to make sure I optimize my payments.

I have SPG & Delta amex credit cards, and a couple of charge cards. I always try to pay them off before the month ends, and at any rate before the statement closes.

When does Amex report? At month end? When running your statement? When requested? At random times?

thanks all.

fuzz

I, too, have the SPG Amex and was wondering the same thing. I asked a representative a while back and she did not have the answer. My spend is nowhere near as high as many others on the board, though espcially near my wedding it was approaching the limit. Paid off in full every month, of course. I put my parents on the account so we can accumulate points in one place.

Amex has raised the limit on the account at least twice in the last year to several times my normal spend without me requesting it.

lessthanzero

My bet is somebody here will know and will tell us pretty soon. I'm also hoping my practice fo paying it down before theend of the cycle helps me...

Sanosuke

Usually they report every month before sending out a new statement so that any deliquent payments can reflect in your credit report accordingly.

Example. If you missed one or two payments in a month they note that accordingly as 30 and 45 day late payments. This can have an impact on your credit score.

Sanosuke!

meinside99

On the 28th according to a rep I talked to last summer. If it falls on a Saturday or Sunday then it will report on the following Monday.

flightbites

Some accounts its 30 days others are 60. It depends what type of card and how old the account is. This from a friend who works for them.

wiredboy10003

I've always heard that Amex takes data from credit reporting agencies but doesn't contribute. That was why having a spotless Amex record didn't help your credit rating. Am I wrong? It was something to do with Amex being a 'charge' card and not a 'credit' card if I remember correctly.

floppy82

I actually heard the same story several times. Even Centurion holders told me that however I have to admit that all cc's I got from Amex are listed in my credit and are reported every month. I checked it with Experian, Transunion and Equifax ( which is the most important one to me ).

zaf

Sorry for resurrecting an old thread.

How does reporting charge cards work since it does not have a spending limit? I have found that they report the balance of the card as the limit, but doesn't that affect my score as showing 100% utilization of the credit limit?

Thanx for your help.

mia

I suggest you read this article:

http://www.bankrate.com/finance/cred...edit-card.aspx

VantageScore and newer versions of the FICO scoring model exclude charge card balances from utilization. Thus, high balances on charge cards do not impact the person's debt ratio. In previous editions of the FICO score, charge card balances did factor into utilization. The "high credit" for the account was used in place of the limit. "High credit" refers to the largest monthly balance a cardholder has had during a period of time.

Inasmuch as this is a recent change (article published January 2010), I would not assume the calculation is necessarily the same in Canada.

zaf

Thanx alot

jbcarioca

Keep in mind also that the OP question was when credit reporting takes place. Without going into boring detail, reporting takes place almost every day. However, an account is not reported as "past due" until it passes one "Cycle" delinquent. That means that even if you don't pay on the due date the account will not be reported as delinquent unless you do not pay iot before the next payment due date. So, don't worry about the credit reporting side of this if you're a day or two late in paying the bill.

American Express is far more generous than most in allowing slightly late payments without imposing fees. However, duw to new regulations all credit cards will see far mor stringent rules applied for fee imposition than were normal until now. Bein g even one day late will get a late fee from many card companies now, not usually American Express, as I said.

So, no credit reporting problem for a day or two late, but be prepared for possible late fees.

lastly, the new regulations that are causing more stringent rules are in the US, Canada and the EU. The specific regulations differ quite a bit, but the net consumer impact is very similar.

Centurion

That was many many many years ago. Amex now reports everything but charge cards do not show as revolving.

Sweet Willie

They do take & contribute, a friend who works for one of the bureaus has AMEX as an account.

southerndoc

Just pulled my credit report to notice that my score dropped from a 780 to a 735 (all while I'm applying for a mortgage, lovely!) because of a very large purchase on my FIA Cash Rewards Signature Visa card, which doesn't report a limit.

I thought the no preset limit spending cards weren't supposed to be calculated in the utilization schedule?

Anyone know when FIA reports to the credit bureaus? I'm hoping when the bank pulls my credit report prior to closing that the balance will reflect my payment of the entire amount the day the statement came out.