The American Express Cash Magnet® Card reports to the credit bureaus monthly, within days after the end of a cardholder’s monthly billing period. Amex Cash Magnet Card reports the card’s credit limit, account balance, payment history, and more to all three of the major credit bureaus: TransUnion, Equifax, and Experian. American Express may use a specific credit bureau more than another, depending on the applicant’s home state, and other factors.
Once Amex Cash Magnet Card reports your account information to a credit bureau, it may take a few days before the updates appear on your credit report. New Amex Cash Magnet Card cardholders may not see any new credit account info on their credit report for one or two billing periods after getting a card.
Your Amex Cash Magnet Card approval odds are best with a credit score of 700+. This means that you need at least good credit to get this card.
It is also worth noting that your credit score isn’t the only thing the issuer will take into account while considering your application. Your credit history, income and any debts you might have will also determine the outcome of your application.… read full answer
However, there’s no need to guess what your Amex Cash Magnet Card approval odds might be, as you can get them directly from Amex by using the company’s pre-qualification tool. Enter your name, your address, the last 4 digits of your Social Security number and your annual income, then press “View My Card Offers.” Amex will show you all the cards you are likely to be approved for.
If you see Amex Cash Magnet Card among them, that means your Amex Cash Magnet Card approval odds are high – around 90%. So, even if you are pre-qualified for a card, it’s still possible to be rejected.
The American Express Cash Magnet® Card credit score requirement is 700 or better. That means people with good credit or better have a shot at getting approved for the Amex Cash Magnet Card Card.
You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Amex Cash Magnet Card Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.… read full answer
If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it’s best to wait to apply until you meet the Amex Cash Magnet Card credit score requirement. You can check your credit score for free on WalletHub.
In order to report to the credit bureaus, a business must first qualify as a data furnisher. Depending on the credit bureau, the business may need a minimum number of customer accounts in order to achieve data furnisher status. For example, TransUnion requires a business to have at least 100 customer accounts. So, a local credit union, for instance, would need at least 100 customers with credit accounts to become a data furnisher with TransUnion.… read full answer
The process of becoming a data furnisher also requires meeting minimum standards set forth by the Fair Credit Reporting Act, including making regular data uploads and meeting certain technological requirements. The business must become a paying customer of one of the three major credit bureaus, too.
You can contact each credit bureau’s sales department for more information regarding your specific situation.
Ultimately, it may be worthwhile to become a data furnisher if your business regularly provides credit to customers. But the cost of becoming a data furnisher could be prohibitive if you just want to report a small number of customers who are delinquent on payment. In that case, you would be better off turning the accounts over to collections.
You can legally turn a customer account over to collections once the account is 31 days past-due. Once you select a collection agency to take over your customer debt, you will agree on payment for their services, which is usually charged as a percentage of your customers’ debt. After the collection agency takes responsibility for the account, you will write off the account as a bad debt expense.
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