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Regular Contributor
cobbson
Posts: 110
Registered: ‎03-05-2014
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Does Cap1 report to CRA's....

[ Edited ]

in a month where the only activity was a payment to reduce balance and a couple of dollars interest? Also, what is the general rule on this question for other banks?

 

Thanks



Back gardening in the mud since 7/15/2014 just collecting spades until June 2015
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jamie123
Posts: 779
Registered: ‎03-22-2012
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Re: Does Cap1 report to CRA's....

Yes, Cap1 will report that to all three bureaus because it caused a balance change.Most all other CC companies that I know of would be the same.

 

GE cards like Walmart do not generate a monthly invoice if the balance is zero. GE seems to like it if you let a few dollars report every month. Say if you used the Walmart card several times and ran the balance up to $150 but paid it off before a statement was generated, they won't generate a statement for that month and won't report anything to the credit bureaus.



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Regular Contributor
cobbson
Posts: 110
Registered: ‎03-05-2014
0

Re: Does Cap1 report to CRA's....


jamie123 wrote:

Yes, Cap1 will report that to all three bureaus because it caused a balance change.Most all other CC companies that I know of would be the same.

 

GE cards like Walmart do not generate a monthly invoice if the balance is zero. GE seems to like it if you let a few dollars report every month. Say if you used the Walmart card several times and ran the balance up to $150 but paid it off before a statement was generated, they won't generate a statement for that month and won't report anything to the credit bureaus.


Thanks for the heads up.

 



Back gardening in the mud since 7/15/2014 just collecting spades until June 2015

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