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Making cc payments in time for reporting: last business day of month, or before statement cut?

Established Member

Making cc payments in time for reporting: last business day of month, or before statement cut?

Hello all.

 

In this thread, http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/50-Point-Drop-And-I-Am-An-Idiot/m-p/479603, Sidewinder made the following statement on 4/12/09 regarding making a credit card payment in time to impact one's credit report: "Make sure and pay it down before the last business day of the month, because whatever your balance is on that day is what is reported."

 

Is this true - is the balance on the last business day of the month what is reported?  Or, should one be focused on paying several days before a Statement cuts?

 

I'll be calling my card issuers tomorrow to see if they can tell me, but I'd like to check with you folks as well Smiley Happy

 

Thanks!

Message 1 of 7
6 REPLIES
Senior Contributor

Re: Making cc payments in time for reporting: last business day of month, or before statement cut?

Some cards report end of month balances. Most post the statement balance. Some have even been known to post mid cycle with no warning. One reason I dumped BofA. 

Message 2 of 7
Established Member

Re: Making cc payments in time for reporting: last business day of month, or before statement cut?

Thanks Smallfry!

 

I'll be paying off my BoA balance this Friday anyway, but this potential "roving reporting" is definitely something I'm glad to learn of. 

 

I just posted another post about making multiple monthly payments - doing so could possibly help negate the impact of a roving reporter, if one were concerned about getting balances paid off in time for apartment hunting or whatnot.

 

Thanks again, I'm aware of something else to keep an eye on Smiley Happy

 

Message 3 of 7
Moderator Emeritus

Re: Making cc payments in time for reporting: last business day of month, or before statement cut?


Dekker wrote:

Hello all.

 

In this thread, http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/50-Point-Drop-And-I-Am-An-Idiot/m-p/479603, Sidewinder made the following statement on 4/12/09 regarding making a credit card payment in time to impact one's credit report: "Make sure and pay it down before the last business day of the month, because whatever your balance is on that day is what is reported."

 

Is this true - is the balance on the last business day of the month what is reported?  Or, should one be focused on paying several days before a Statement cuts?

 

I'll be calling my card issuers tomorrow to see if they can tell me, but I'd like to check with you folks as well Smiley Happy

 

Thanks!


Sidewinder said that in that thread because OP makes mention that his/her card was an Orchard Bank CC. HSBC (non-store) and Orchard both report the balance you had on the last business day of the month. AFAIK, these are the only cards that report like that. 99% of the CCs out there will report the balance you had on your statement date.

Message 4 of 7
Established Member

Re: Making cc payments in time for reporting: last business day of month, or before statement cut?

Thanks, Llecs! 

Message 5 of 7
Regular Contributor

Re: Making cc payments in time for reporting: last business day of month, or before statement cut?

Well, I got a Cap One card a couple of weeks ago and I paid the balance before the statement date.  I'm trying to build my credit score, but is reporting a zero balance to the CRA good?

 


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Message 6 of 7
Highlighted
Contributor

Re: Making cc payments in time for reporting: last business day of month, or before statement cut?

     My USbank card reports the balance as of the last business day of the month,. not the balance when the statement cuts ( unless they're the same ).

Message 7 of 7