Recently I was approved for my first credit card, Secured US Bank Visa. 1,000 Limit. I received the card at the end of September and had my first statement close of 10/7.. I put quite a few charges on it the first week I had it and paid it down to 135.00 so that I would have roughly 13-14% util. I just look at my TU report and it shows that for that statement my Balance was 461.00 but yet my High Balance was 135.00. Why would US Bank not report what my statement closed at, which was 135.00, im fairly new to this so if I have made a mistake please let me know, Thanks! It did drop my TU score by 6 pts, and my next statement closes tonight and I will be letting it close at roughly 80.00. Am I doing something wrong?
My understanding is that US Bank reports at the end of each month rather than when your statement cuts. So whatever your balance is on November 30th will be reported to the CBs. I am not 100% sure this is what they do with secured cards, but this is what they do for unsecured cards (I have one).
I actually just got off the phone with them and the rep said that they report the first week of every month rather than the close date.. ouch gotta start watching it even more now.