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Regular Contributor
Desert-Rat
Posts: 220
Registered: ‎05-11-2009
0

PIF's and reporting dates

I've been holding off pulling my FICO's.  I PIF'd 10-18 days before due. (BofA, and Chase.)  Anyone know approximately how long from payment it takes for these to report?  I left a small balance on the CU just to see what happens.

 

When I pulled 5/19, I was disappointed in my scores but I'm now wondering if the problem may lay in the mix of credit I have?  I had a mid-range of 758 (TU & EQ) no EX pulled.  I fully expected it to be over 800.

 

Your experiences????

Thanks!

 

 

Frequent Contributor
tonsers
Posts: 431
Registered: ‎02-07-2008
0

Re: PIF's and reporting dates

Making a payment doesn't cause an update.  Your new balances will appear when your creditors report to the CRA's, usually the same day every month.  You can look at your statements to find this date.  For example - my BofA Visa updates on the 14th, my Discover updates on the 5th. 
Regular Contributor
Desert-Rat
Posts: 220
Registered: ‎05-11-2009
0

Re: PIF's and reporting dates

tonsers, Thanks for the quick response.  I will assume that it will be the closing dates.  

 

B of A; 5/08/09,  (due 5/28)

Chase; 5/03/09 (due 5/23)

CU; 5/06/09      (due 5/31)

 

Which means I'll just have to grit my teeth and wait until 6/9 to pull again.  lol   What about mortgage payments?  (I have 3, all due on the 1st with the statement date listed always as the date the received them.)

 

Thanks, again!

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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: PIF's and reporting dates

My mortgage payments are typically a month behind. So we pay on the first, and by the fifth or so, the reports will update showing that sure enough, we paid last month. But mortgage debt is treated separately from CC debt for your scores. As long as you're timely with your payments, that's pretty much all you need.

Yes, check your statements for their closing dates or posting dates, or basically, whenever they first update on line, or the date typed on the written statement. If you're trying to optimize your util (utilization; amount owed divided by total credit limit), pay all but one off 3-4 days before the next statement is due. With the one exception, pay it down to $10-20, let it post, and then don't forget to pay it off, or you'll get a late fee. Most of us have found optimal scores when all CC's report $0, except for one reporting a token amount. Oddly, you will lose points if all report $0, presumably because it looks like you're not using your cards.

Exceptions to the statement post date rule: HSBC/ Orchard bank (not store) cards, and US Bank cards, which report the balance that was on your account on the last business day of the month. When HSBC/ Orchard actually sends that info in is another story, so keep them at $0 as best you can. Also, American Express reports the balance on your statement, but they don't actually send in that info until 4 weeks after your statement drops (= a couple of days before the next statement drops), so in effect, they're always a month behind with their balances. So again, if you're playing the util game, AmEx is definitely a card to keep at a $0 balance.

Again, you can use the cards all you want. Just be sure to pay them off before the next date that they use to report a balance.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Contributor
IsleSeat
Posts: 69
Registered: ‎03-12-2007
0

Re: PIF's and reporting dates

[ Edited ]

Very helpful topic.

 

In my scenario, I have 4 CC's, one older HSBC, one Barclay's and two Citi. I paid the balance ( $899) off on the Barclay's and both balances on Citi ($ 1710 and $ 6707) leaving all at zero.

One automatic bill for $ 45.00 was deducted after I PIF the cards, so it will show a balance of $ 45.00. Should I leave it as-is? Limits on the Citi's are $ 3750 and $ 7800.

 

Latest reading are TU 694 and the other 698.

 

I wonder what I can expect after all new  balances post?


July 2014: EX 790, TU 810, EQ 828

Starting Scores: EX 521, TU 508, EQ 486

I came straight out of Hell

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