Credit utilization when applying for credit card

[Anonymous]

Thank You guys I will keep that in mind.

[marty56]

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@ibmrad7 wrote:

Sorry this sound like a dumb question but how to find out when exactly a particular bank or CCC reports to Crefit Bureau?

Is it few days after your Due Payment Date?

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If you don't have a credit monitoring service, I would recommend True Credit sicne their reports show the reporting date.   I would also try calling the CCC and asking them.  You could try the CRAs directly but I don't know if they would tell you but it's worth a shot.

[MarineVietVet]

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@ibmrad7 wrote:

Sorry this sound like a dumb question but how to find out when exactly a particular bank or CCC reports to Crefit Bureau?

Is it few days after your Due Payment Date?

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It's not a dumb question at all. Most CC issuers report to the CRA's on the statement date but a few report on the last business day of the month. As marty56 suggested you'll need to call and find out how your company does this.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[haulingthescoreup]

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@ibmrad7 wrote:

Sorry this sound like a dumb question but how to find out when exactly a particular bank or CCC reports to Crefit Bureau?

Is it few days after your Due Payment Date?

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Not a dumb question, because most consumers don't know this.

It has nothing to do with your due date.

For almost all lenders (known exceptions below), they send in the balance due that is on your statement, and they send it in on the statement date or the next day. That's why if you wait until your statement shows up online (or in the mail), as sensible people do, that balance is already reported, making it look like you carry debt even if you pay it off immediately.

Pull up your online statements, or go dig up your snail mail statements, and look for the statement date. This is usually maybe 2 1/2 - 3 weeks before the due date. So your statement date might be on the fifth, with the due date on the following 24th, something like that. Whatever balance showed when the statement dropped on the 5th, that's what is sent into the bureaus. If you pay this down or off several days before you expect your statement to drop again, that lower or $0 balance will report instead.

This means that every card potentially updates on a different date, depending on when each card's statement posts.

Known exceptions:

Although they're starting to change, many American Express cards (the one that are actually from AmEx) report the balance that shows on your statement, but they don't actually send it in until four weeks later, a few days before your next statement drops. In effect, this means that the balance showing on your credit reports is always about a month behind.

HSBC/ Orchard bank cards (not store cards like the HSBC Best Buy store card) and cards from US Bank report your balance as of the last business day of each month, not the balance on your statement. US Bank sends in this info right away. HSBC/ Orchard generally take a week or two, sometimes more, to send in the info, but it's still the balance as of the last business day of the month.

Once all the lenders have sent in their info, on whatever schedule they use, then you have to wait for each credit bureau to actually post it to your reports. Experian usually posts it that very night. Equifax and TransUnion typically take from 3-4 days to a week or more to post.

So in other words, just because you've paid off a credit card doesn't mean that lenders (and FICO scores) know this. If you're just starting to get all your balances to report low or $0, it's wise to allow 5-6 weeks for every account to cycle through and post the new balances.

eta: MVV outtyped me! Terse wins again.

btw, many CSR's have no clue when your account really updates, but they will earnestly tell you whatever they believe to be true. For instance, Discover often says that they update every Friday. They don't.

[MarineVietVet]

What do you mean "terse?"

1 : smoothly elegant : polished

2 : using few words : devoid of superfluity <a terse summary>; also : short, brusque <dismissed me with a terse “no”>

You mean I'm smoothly elegant and polished right?? 

[JM-AM]

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@MarineVietVet wrote:

What do you mean "terse?"

1 : smoothly elegant : polished

2 : using few words : devoid of superfluity <a terse summary>; also : short, brusque <dismissed me with a terse “no”>

You mean I'm smoothly elegant and polished right?? 

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I read this so quick and read it as superfruity!  LOL

[ibmrad7]

@ Marty, Marinevietvet and haulingthescoreup

Thanks a ton, You guys are great  

Cleared all my doubts and I got truecredit as well. So my payments for CAP ONE is 13 of every month and they report 16th of every month. I recently got a 3000 increase from them, waiting eagerly for my FICO scores to shoot up

[haulingthescoreup]

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@JM-AM wrote:

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@MarineVietVet wrote:

What do you mean "terse?"

1 : smoothly elegant : polished

2 : using few words : devoid of superfluity <a terse summary>; also : short, brusque <dismissed me with a terse “no”>

You mean I'm smoothly elegant and polished right?? 

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I read this so quick and read it as superfruity!  LOL

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Slick 'n' fruity!

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@ibmrad7 wrote:

@ Marty, Marinevietvet and haulingthescoreup

Thanks a ton, You guys are great  

Cleared all my doubts and I got truecredit as well. So my payments for CAP ONE is 13 of every month and they report 16th of every month. I recently got a 3000 increase from them, waiting eagerly for my FICO scores to shoot up

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Glad we could help!

Welcome to the funny farm.