How does American Express report to credit agencies?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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alb3rt018
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How does American Express report to credit agencies?

Postby alb3rt018 » Tue Mar 13, 2012 12:25 pm

(updated 2013) 1st Question: How does American Express report accounts to the credit agencies/bureaus?

2nd Question:
Do I wait for the bill to come or pay my balance before ?
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Crashem
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Postby Crashem » Thu Mar 22, 2012 5:56 pm

1) I am assuming you are talking about charge cards. Credit cards report as any other credit card. As for charge cards, they report as the following:

  • Account Type: Credit Card (same as credit card)
  • Terms: 1 month (as opposed to revolving for credit card)
  • Limit: (nothing here as opposed to credit card which list limits)
  • Balance: whatever you owe on card
  • High Limit: your highest balance reported to them in last 12 or 18 months.
Most new scoring models don't factor charge cards into utilization. In the cases where they do, they calculate it by looking at your current balance and divide by High Limit. IE they are assuming your credit limit is your high limit

2) It depends on your goals. AMEX reports balance to credit bureaus the day the statement is generated. So fi you are worried about showing a balance then pay it off at least a couple of days before your statement is generated. Otherwise hold on to your money
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JCarter
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Postby JCarter » Sat Mar 24, 2012 11:14 pm

As above with @Crashem's advice I want to only add that I highly recommend you pay the balance 4 days before your cycle closes. That way it does not count to your debt in reference to other accounts.

Money card
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Postby Money card » Sun Mar 25, 2012 12:30 am

If you have a premium card it reports no credit limits. If you have a lending card like Blue Cash it reports your limit.

if you are late it will report. it also reports your largest payment.

Crashem
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Postby Crashem » Mon Mar 26, 2012 2:34 pm

For the charge cards, it is not accurate that it reports your largest payment. Basically, it will report your balance on the date it reports to the credit bureau which is the date where your statement is generated. The credit bureaus keep track of the highest balance reported on that charge card recently (1-2 years).

Most new scoring models don't include charge cards in utilization calculations. But a few do by taking the highest balance and dividing that into the last reported balance.

Don't bother paying AMEX early unless you know you are going to be applying for credit soon and are worried that they will use AMEX utilization in their calculations. While it is nice to see a higher score when you pull your report, it is only important when you need new credit.
[blue cash preferred].[/blue cash preferred]
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k



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