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Confused about reportings...

Regular Contributor

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 ***
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3 REPLIES
Super Contributor

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.
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Message 2 of 4
Established Contributor

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

 


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Message 3 of 4
Regular Contributor

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!!! Smiley Happy



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 ***
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