Reply
Regular Contributor
Angko
Posts: 115
Registered: ‎04-23-2013
0

Confused about reportings...

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). :-)



Current MyFico Scores as of Dec 2013: Fico EQ: 768 | Fico EX: 775 | Fico TU: 744
*** CSP: 5000 | BoA MC: 6400 | BoA Travel Rewards: 5000 | City TYP: 6500 | Discover IT: 7800 | Amex BSP: 6000 | Amex PRG: NPSL | Macys: 1500 ***
Super Contributor
enharu
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Confused about reportings...

They usually report when your statement cuts, or a couple days after that. Your due date is generally 3 days before your statement is out.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Established Contributor
TimeToRecover
Posts: 658
Registered: ‎03-21-2013
0

Re: Confused about reportings...

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

 


Starting Score: 570 ish
Current Score:EX (694) 10/2/2014, EQ (686) 10/2/2014, TU (684) 10/2/2014 (ALL MORTGAGE PULLS)
Goal Score: 750
In My Wallet: GE Care Credit (8K) BestBuy (6K) BofA Cash Rewards Signature Visa (5K) Cap One Quicksilver (4.5K) Chase Freedom (4K) Lowes (2.8K) VS Angel Card (1300)
Regular Contributor
Angko
Posts: 115
Registered: ‎04-23-2013
0

Re: Confused about reportings...

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.

 

Thanks again!!! :smileyhappy:



Current MyFico Scores as of Dec 2013: Fico EQ: 768 | Fico EX: 775 | Fico TU: 744
*** CSP: 5000 | BoA MC: 6400 | BoA Travel Rewards: 5000 | City TYP: 6500 | Discover IT: 7800 | Amex BSP: 6000 | Amex PRG: NPSL | Macys: 1500 ***

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}