When does Amex report to bureaus?

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DogDadNY518
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When does Amex report to bureaus?

Postby DogDadNY518 » Mon May 09, 2016 9:26 pm

So I just had an online chat with a rep at Amex and I do not think he knows what he is talking about or I wasn't clear in my question.

Basically, I wanted to know what date in each month does Amex report to the bureaus. I am trying to ensure that I have a $0 balance reporting each month as I get ready to apply for a mortgage. My plan was to pay everything completely before that date (regardless of my statement or due date) so that I would show a $0 balance to the bureaus all the time.

I have a charge card. A PRG. He told me that after the statement is cut, then I have time to pay, and then the account is reported to the bureau on the payment due date. But of course there is a time lag between the statement date and payment due date. He said that as long as I paid my statement balance before the due date it would always report as $0.

So I pointed out to him that in this month my balance was $600 on statement date, and I paid that in full of course, but since then I made some charges and today my current balance is $1,000. (Today is my payment due date). Since I paid the $600, I was paid in full for my statement. He said that since I paid the $600 (last week) I was considered paid in full and that a $0 balance would be reported, even though at this moment in time I have $1,000 in charges sitting on my card.

But if this is true, how would anyone ever show a balance on a charge card? And I have heard that some of the bureaus have a hard time with utilization because there isn't a credit limit and so anything that reports is always seen as maxing out the card.

I hope I am explaining this properly. Any help would be welcome. Thanks all.
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CarefulBuilder14
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Re: When does Amex report to bureaus?

Postby CarefulBuilder14 » Mon May 09, 2016 11:43 pm

I'm pretty sure Amex just reports my statement balance a few days after each statement cuts, for both credit and charge cards.
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DogDadNY518
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Re: When does Amex report to bureaus?

Postby DogDadNY518 » Tue May 10, 2016 8:21 am

CarefulBuilder14 wrote:I'm pretty sure Amex just reports my statement balance a few days after each statement cuts, for both credit and charge cards.


So to use the card, but still have $0 posted to the credit bureaus, I should have the balance paid and cleared before the statement cuts. Then after the statement cuts resume use of card as normal. Rinse. Repeat.

Correct?
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Vattené
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Re: When does Amex report to bureaus?

Postby Vattené » Tue May 10, 2016 10:17 am

DogDadNY518 wrote:
CarefulBuilder14 wrote:I'm pretty sure Amex just reports my statement balance a few days after each statement cuts, for both credit and charge cards.


So to use the card, but still have $0 posted to the credit bureaus, I should have the balance paid and cleared before the statement cuts. Then after the statement cuts resume use of card as normal. Rinse. Repeat.

Correct?

This is my understanding as well. My statement balances are what is always reported. Regardless of when they send the information to CRAs, the information they send will be the same statement balance you get in the mail. Pay the statement balance from your previous billing cycle in full plus any charges from the current cycle a day or two before the statement cuts. The statement will generate with a $0 balance and that is what will be reported. If you want to do the same next month, just pay the charges from the current cycle again shortly before statement time.

If you do this regularly, you will still be able to see from a credit report that the account is being used. It will show the amount you pay on it, but it will just show that $0 is due.
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Elijahmex
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Re: When does Amex report to bureaus?

Postby Elijahmex » Tue May 10, 2016 2:54 pm

I find it difficult to end up with a 0$ balance. Besides, I wouldnt want that. I rather have a small balance show on my report.

My utilization is always between 4-9% which is fine with me. Somehow all my due dates ended up being between the 2nd & 4th and that makes it really easy for me. I pay all my CC bills around the 28th-29th and by the time my statements close around the 6th there is always a small balance showing and that's what is reported a few days later and that's the way I like it.

0$ balance suggest that activity is low IMO so i rather have a little balance show. That's just me.
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Re: When does Amex report to bureaus?

Postby Tubpbs » Tue May 10, 2016 4:33 pm

Elijahmex wrote:I find it difficult to end up with a 0$ balance. Besides, I wouldnt want that. I rather have a small balance show on my report.

My utilization is always between 4-9% which is fine with me. Somehow all my due dates ended up being between the 2nd & 4th and that makes it really easy for me. I pay all my CC bills around the 28th-29th and by the time my statements close around the 6th there is always a small balance showing and that's what is reported a few days later and that's the way I like it.

0$ balance suggest that activity is low IMO so i rather have a little balance show. That's just me.


I think your method is ideal in general (for some, but also for scores), but the OP is specifically planning for a mortgage app and wants $0.
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CarefulBuilder14
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Re: When does Amex report to bureaus?

Postby CarefulBuilder14 » Tue May 10, 2016 5:42 pm

Forcing a payment in advance might be necessary to avoid having any AF result in a statement balance, if you're close to having a card anniversary. Not sure how important having constant $0 balances actually is, though.
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takeshi
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Re: When does Amex report to bureaus?

Postby takeshi » Thu May 12, 2016 10:01 am

DogDadNY518 wrote:Basically, I wanted to know what date in each month does Amex report to the bureaus.

You should really consider report dates for each account versus assuming that a creditor reports all accounts on the same date. There are some creditors that report on a fixed date but they seem to be the minority. US Bank is one example and they report on the last business day of the month.

DogDadNY518 wrote:My plan was to pay everything completely before that date (regardless of my statement or due date) so that I would show a $0 balance to the bureaus all the time.

The statement date absolutely matters for AmEx as they report on statement date. If you want a 0 balance to report for an AmEx account then you need to ensure that your balance is 0 on statement date. I'm not aware of any creditor that reports on due date so the due date is irrelevant.

DogDadNY518 wrote:I have a charge card. A PRG. He told me that after the statement is cut, then I have time to pay, and then the account is reported to the bureau on the payment due date.

Their charge cards report on closing date, not due date. The due date is several days before the next cycle's start date.

For example, our Platinum closes on the 11th. The Please Pay By date is the 26th. The last day we can pay is the 6th of the following month. A payment after the 11th won't have any impact on the balance reported on the 11th.

DogDadNY518 wrote:And I have heard that some of the bureaus have a hard time with utilization because there isn't a credit limit and so anything that reports is always seen as maxing out the card.

The bureaus don't really care. They're only responsible for collecting the data in your reports and maintaining your reports and providing it when requested. It's the scoring models and creditors that care. Current scoring models do not include charge cards in revolving utilization. I'm not sure about the older models used for mortgages though.

However, even without knowing that what sort of impact would that have on your revolving utilization, assuming that the charge card balance was included? Is it 1%? 10%? Knowing the impact to revolving utilization can give you an idea of how significant the change would be to revolving utilization. You're not, for example, going to see a drastic change for a few % versus a much larger %.

Elijahmex wrote:0$ balance suggest that activity is low IMO so i rather have a little balance show. That's just me.

The 0 balance thing is part of the suggestion "allow one balance to report with low revolving utilization" for those wanting to eke out as many points as possible. That's because scoring models favor not only lower revolving utilization but fewer reported balances as well.

I don't bother with it as even with most of my revolvers reporting balances my FICO 8's are around 800 or higher. I could eke out some more points but I don't find it necessary. I was able to qualify for best terms with Chase mortgage without having to micromanage revolving utilization and number of balances. However, my overall revolving utilization falls at about 3%.

Activity in this context really doesn't matter aside from avoiding having all of your revolving accounts report 0 balances as there is a hit for that. You're not really gaining anything by having a small amount report versus a 0 report on a given tradeline assuming that you have at least 1 revolver reporting a balance. That said, do whatever it is that works for you. Just be aware of how models and creditors evaluate reports when determining that.



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