Reply
Frequent Contributor
Posts: 268
Registered: ‎01-23-2009
0

Making a BOA payment on the day before statement closes

[ Edited ]

If I make a payment to my BOA card using BOA online system before 3:30 EST on the day before the statement closing date, will the payment decrease my outstanding balance in time before BOA reports to the CRAs?

 

I want to decrease my utilization before BOA reports to the bureaus for this cycle.

 

A different question I have is: do purchases that are still listed as pending at the end of the day before the statement closing date get counted towards the balance that gets reported to the CRAs?

 

Would if the purchases change from pending status to finalized transactions on the statement closing date? Are they  counted towards the balance that gets reported to the CRAs?

Message Edited by urgent_help_needed on 02-19-2009 07:52 AM
Message Edited by urgent_help_needed on 02-19-2009 07:53 AM
Established Contributor
Posts: 640
Registered: ‎09-02-2008
0

Re: Making a BOA payment on the day before statement closes

Not sure about your first question. I guess I would assume that since you paid on BofA site that the payment might go through that day. If not, and you really need to get you utilization down this month, you could a ask them to do an intercycle update to the CRAs.
Pending charges are not reported to the CRAs. If an pending charge is finalized on the statement closing date it will appear on your statement and will be included in the report to the CRA.  

urgent_help_needed wrote:

If I make a payment to my BOA card using BOA online system before 3:30 EST on the day before the statement closing date, will the payment decrease my outstanding balance in time before BOA reports to the CRAs?

 

I want to decrease my utilization before BOA reports to the bureaus for this cycle.

 

A different question I have is: do purchases that are still listed as pending at the end of the day before the statement closing date get counted towards the balance that gets reported to the CRAs?

 

Would if the purchases change from pending status to finalized transactions on the statement closing date? Are they  counted towards the balance that gets reported to the CRAs?

Message Edited by urgent_help_needed on 02-19-2009 07:52 AM
Message Edited by urgent_help_needed on 02-19-2009 07:53 AM

 

TU 810: EQ 813: EX 814 (9/16/09--Loan officer pull)

Helpful Threads
Frequently Requested Threads
Understanding your Fico Score
Frequent Contributor
Posts: 268
Registered: ‎01-23-2009
0

Re: Making a BOA payment on the day before statement closes

I never knew you could request an intracycle CRA update.  Does BOA always allow this?  I worry that it could make me look desperate to BOA, and these days you don't want to look desperate as it could trigger an AA.
Established Contributor
Posts: 640
Registered: ‎09-02-2008
0

Re: Making a BOA payment on the day before statement closes

I do not know about BofA specifically but some ccc will do an intercycle update for good customers. You will likely have to give them a reason. I assume you have a good reason for wanting to do this (Home purchase etc).

Cheers 

TU 810: EQ 813: EX 814 (9/16/09--Loan officer pull)

Helpful Threads
Frequently Requested Threads
Understanding your Fico Score

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.