Credit Balance to Generate Statement...Bad?

[indiolatino61]

Hello all...when there is a zero balance reporting, most lenders do not generate a statement, so being that GE counts statement cuts and not months (correct?) this can stall your CLI's. However, when you pay Walmart, for example, in the store, they cannot access your actual balance, so I take that opportunity to pay $1 more than the balance. Therefore, I always get a statement because there is always a credit balance on the account. Now...is this helping, hurting or is GE just going to get annoyed? Thanks for your help.

[enharu]

huh that's kinda strange. is it just GE?
Chase, US Bank and Wells Fargo generate statements even when balance is 0.

[indiolatino61]

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@enharu wrote:

huh that's kinda strange. is it just GE?
Chase, US Bank and Wells Fargo generate statements even when balance is 0.

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Well, so far all my GE stuff (Walmart, PayPal and Amazon Store) had not been generating statements for me in the beginning. I called to ask and CS said if there is no balance, no statement is generated. So if for example I do not buy anything, no statement will cut. But if there is a slight balance (less than $1 for me), I guess they have to generate one. I'm just trying not to get that, "ineligible for lack of experience" letter they always send...lol!

[broseph23]

I've never heard of a lender not generating a statement on a zero balance when statement cuts. I'm pretty sure they're required to if there is activity regardless of the statement balance. However if there was no activity at all during a billing cycle, then a lender will not generate one. Sure you're not mixing the two up?

[enharu]

if u have the amazon card, you could always order something on amazon, and then cancel it before it ships? there'll be an authorization charge, but not sure if that counts as activity. this is kinda weird though.

I had no activity on my US Bank account for the 1st month and it just sends a statement saying "NO BALANCE" on top right and doesn't list anything else. 

[TimeToRecover]

I think the OC is asking about how the negative will look on the CR not literally the statement.  IE she/he wants the trade line to appear on her credit report so she get the amount of the TL to count for the overall value.

I don't have an answer for you but I do understand your question. 

[fltn]

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@indiolatino61 wrote:

Hello all...when there is a zero balance reporting, most lenders do not generate a statement, so being that GE counts statement cuts and not months (correct?) this can stall your CLI's. However, when you pay Walmart, for example, in the store, they cannot access your actual balance, so I take that opportunity to pay $1 more than the balance. Therefore, I always get a statement because there is always a credit balance on the account. Now...is this helping, hurting or is GE just going to get annoyed? Thanks for your help.

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The way that I avoid all of this with all of my GE accounts is to say if I have a balance of $342.38, I will pay $342.00 1 week prior to statement closing. That way it has time to clear payment. A statement will generate with a balance of 38 cents, the awesome part is that it also reports a ZERO BALANCE TO THE CR'S because balance is under a $1, so once that statement comes out make sure that you buy something so that you have a balance above a $1 so that you can make a payment online before the due date.

Just keep in mind that anything you do with a GE account - purchase, payment, almost always take a week to stop "PENDING payment or charge". I olny use my GE accounts during a 1 week period each month almost exactly right after new statement.

If you do it this way, you always get a statement, you always get a zero balance reported, and almost always (pending rest of CR's and score) get a CLI at 4 months.

I think this looks better than a negative balance.

[fltn]

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@enharu wrote:

huh that's kinda strange. is it just GE?
Chase, US Bank and Wells Fargo generate statements even when balance is 0.

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GE does this, and so does my 1st savings cc and my firestone. No balance no statement.

[culture]

@fltn  but do you have like a particular quantity ? how small ?