Credit Card Center Advertiser Disclosure†
06-26-2008 05:26 AM
06-26-2008 06:05 AM - edited 06-26-2008 06:08 AM
06-26-2008 06:36 AM
06-26-2008 06:45 AM
06-26-2008 07:10 AM
I am so glad someone started a thread on this. I have never really understood the statement/due date thing. Obviously, the due date for the payment is easy to understand. But, what exactly is the "statement date" in relation to the balances that are posted on your credit report. I use 2 of my cards regularly and make atleast 2 payments a month to PIF, but I don't want my balance to be caught on my credit reports. I've been flying by the seat of my pants on this, and for the most part been lucky.Is there a definitive way to do this?
I always pay my statement balance in full (or at least make the minimum payment) as soon as the statement generates. That way I won't forget and I won't be scrambling to get my payment in on time at the last minute.
Does that help?
06-26-2008 07:26 AM
06-26-2008 07:29 AM
So, since I paid HFCU the full balance today, I should not use the card again until after the due date of 7/6? I think the next statement is 7/11. I noticed, though, that my payments are credited to my account the same day I submit them (as long as I do it early morning). I would love to use this card on my trip this weekend.
06-26-2008 07:46 AM
06-26-2008 07:48 AM
I read the steps, but since I am new to this, I got to admit that I will still have questions until I've done this for at least 6 months and gotten used to it. In the past, I've always waited until I got my statement before I made any payments, thus the reason why my util was so high. I had no clue about that then.
As far as HFCU, I think I understand now. The statement date of 6/11 shows no transactions and no balance due. My statement on 7/11 will show all transactions and balance due from the date I first activated and used the card (6/12 I believe). So, I can let a balance report on my 7/11 statement (if I want, which I doubt), but that balance will need to be paid by 8/6 which is the cut-off date for the 25-day grace period.
I'll be using this baby like crazy on my trip.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.