Statement Date

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
7 posts
p51
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Location: Boston, MA

Statement Date

Postby p51 » Fri Dec 05, 2014 10:00 am

Hello all,

I got my 1st Amex card (PRG) about a week ago. I know that because it's a charge card the credit reporting is different. Do I need to worry about paying off balances before the statement date for purposes of available credit reporting on my credit score?

Thank you
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500


Jarrodpd
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Location: Houston, Tx

Postby Jarrodpd » Fri Dec 05, 2014 1:52 pm

p51 wrote:Hello all,

I got my 1st Amex card (PRG) about a week ago. I know that because it's a charge card the credit reporting is different. Do I need to worry about paying off balances before the statement date for purposes of available credit reporting on my credit score?

Thank you


From my understanding some credit scoring methods (i.e. Fico 04 and Fico 08) some will calculate it into your over all usage and some don't calculate it in. So depending on your combined limits on your other cards it may be wise to. For example, say you charged about $1k this month and your limits of all your other cards is only $2k, some scoring methods would consider this 50% utilisation so it may drop your score. But if you charge $1k and you combined limits is $10k thats only 10% utilisation so you would be fine.
[size=80]USAA Secured Mastercard: $600 @9.9% APR
USAA Platinum Mastercard: $1500 @12.9% APR CLIed to $2500
American Express HHonors no AF: $2900 @17.24% APR CLIed to $8700
American Express Premier Rewards Gold: NPSL
American Express Platinum: NPSL

Exp: 721|Equ: 708|Tu: 729 (5th October 2014)[/size] | Exp: 743|Equ: 734|Tu: 743 (3rd December 2014)

popamode72
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Location: Atlanta, GA

Postby popamode72 » Fri Dec 05, 2014 1:56 pm

Jarrodpd wrote:From my understanding some credit scoring methods (i.e. Fico 04 and Fico 08) some will calculate it into your over all usage and some don't calculate it in. So depending on your combined limits on your other cards it may be wise to. For example, say you charged about $1k this month and your limits of all your other cards is only $2k, some scoring methods would consider this 50% utilisation so it may drop your score. But if you charge $1k and you combined limits is $10k thats only 10% utilisation so you would be fine.


Sounds about right to me. I don't think in the months that I had a charge card that any of it affected my utilization on my revolving TLs.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

p51
Centurion Member
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Posts: 100
Joined: Sat Nov 15, 2014 11:11 pm
Location: Boston, MA

Postby p51 » Fri Dec 05, 2014 3:49 pm

Jarrodpd wrote:From my understanding some credit scoring methods (i.e. Fico 04 and Fico 08) some will calculate it into your over all usage and some don't calculate it in. So depending on your combined limits on your other cards it may be wise to. For example, say you charged about $1k this month and your limits of all your other cards is only $2k, some scoring methods would consider this 50% utilisation so it may drop your score. But if you charge $1k and you combined limits is $10k thats only 10% utilisation so you would be fine.


Thanks for the info. Much appreciated.
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500

p51
Centurion Member
Centurion Member
 
Posts: 100
Joined: Sat Nov 15, 2014 11:11 pm
Location: Boston, MA

Postby p51 » Fri Dec 05, 2014 3:52 pm

popamode72 wrote:Sounds about right to me. I don't think in the months that I had a charge card that any of it affected my utilization on my revolving TLs.


Thanks. What are TL's though?
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500

takeshi
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Location: US

Postby takeshi » Fri Dec 05, 2014 4:21 pm

Tradelines -- aka accounts.

Newer models do not factor charge card balances into revolving utilization. Some older models do.

p51
Centurion Member
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Posts: 100
Joined: Sat Nov 15, 2014 11:11 pm
Location: Boston, MA

Postby p51 » Fri Dec 05, 2014 9:34 pm

takeshi wrote:Tradelines -- aka accounts.

Newer models do not factor charge card balances into revolving utilization. Some older models do.


Thank you.
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
Amex PRG opened Nov 2014 -- No preset spending limit
Chase Freedom Nov 2014 -- $4000
Bank of America Cash Rewards Nov 2014 -- $2500



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