06-25-2013 03:00 AM
Does a lender/bank reports to a CRA twice - first is right after statement closing, and last after the due date? I noticed on my CR that each month is listed with its balance and the amount that was paid. I've been reading here that lenders only report after the statement closes. If that's the case, how does your payment gets reported if you pay it before the due date which is after the closing date?
Thanks again guys!!! Will check the forum again after an hour or two (piano practice). :-)
06-25-2013 03:04 AM
06-25-2013 03:51 AM
To follow up enharu's answer let me give an example.
My cap one due date is always the 4th of the month. my statement always cuts on the 7th of the month. My CR ususally show the new values between the 9th and 10th of the months.
June 4 Due Date
June 7 Statement is cut (This is where the snapshot is taken that is sent to the CRA's)
June 9-10 CR's show the new information
06-25-2013 04:05 AM
Thanks Enharu and TimeToRecover for the explanation and for the example. All the while I thought that the statement's closing date is when it gets available for viewing. Hahaha.
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.