05-19-2010 03:23 AM
Hi. I have an orchard card 300/limit(24 bal). I made my payment on May 12, with the due date the 15th. I'm curious when the next bill will be because as of today,
the May 15 statement is still showing online. I have read that they report at the end of month, does this mean that I need to be careful with my balance til then?
Or do you think the statement will be cut shortly? I don't want to increase my balance, and have it show. Any experience would be appreciated.
05-19-2010 07:09 AM
I had Orchard once upon a time ago and it seems like their statement date was a few days to a week after the due date. Their statement date is consistent and easy to predict. If I recall correctly, they posted online when the next statement date would be. May be wrong on that though.
Yes, Orchard/HSBC will report the balance you carried on the last business day of the month and will often report that sometime the following month. If your due date just passed and you have $0 balance now, then it is OK to use again between now and the end of the month. If you want $0 to report, just make sure you pay them off right before the last business day of the month. BTW, Memorial Day is the 31st. I don't know how that'll play into their reporting. I'd personally assume that the last biz day is the Friday prior.
05-19-2010 09:45 AM
I was told that they recently changed the reporting dates and now the amount displaying on the day your statement is cut the amount that will report.
05-19-2010 03:32 PM
Thanks for the help. It's so confusing. I have my BOFA down pat, but Orchard is throwing me for a loop. I'm trying to make sure my util is low when reported to the CA's. Im sure I'll soon enough how they operate. Thanks again!
05-19-2010 03:36 PM
The main problem with HSBC/Orchard is heir CSRs are like playing Russian Roulette. Some are dead on with the information they provide, others are just clueless.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. 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.