Random Finance Charges

[Anonymous]

I have a credit card through Wells Fargo. I was going over my statements and I realized that every billing cycle for the last 8 months shows a utilization of around 1008/1000 USD. I know this is from the finance charge that accures every month for between 6 and 15 dollars. Right after the finance charge occurs my monthly statement is finalized - so every month it shows me as over the limit. I pay the finance charge every time within a couple hours (since I check my accounts everyday) but the date this happens is never the same (usually between the 10th and 20th each month).

The remainder of my financial aid will come in next week and I plan on paying off the entire card balance but I do have some questions.

Why does the "billing cycle" not end on the same day of the month? Is there a way to make it?

According to creditkarma (FAKO) this is affecting my score because it shows a utilization higher than my limit - is there anyway to fix the past damage? I hardly think I should be penalized for something I paid the same day I was randomly billed just because my statement is compiled the moment after the finance charge.  

Thanks for any responses

[SCF]

Hello bb,

You would have to ask Wells Fargo if they can set a fixed billing date for you each month.  Normally, you can choose the date your bill is due, and then the date your statement is cut will vary based on the month, but sometimes you can get them to fix the statement date.

Credit Karma is correct that having a card reporting "over-the-limit" is negatively impacting your score.  Fortunately, FICO does not have a "memory" regarding account balances.  Once you pay down this account, your new score will be based on the utilization % reported when you pull your report and it will not longer be impacted by the months it reported the very high utilization.

Hope this helps!

[Anonymous]

Glad to hear that the damage exists only while I care the balance. Hopefuly my score will shoot up when I pay this sucker off. I will call Wellsfargo tomorrow about setting up a regular day.

Thanks for the prompt reply

[creditwherecreditisdue]

WF most likely will not be able to accommodate your request until their systems are brought into compliance with the Credit CARD Act of 2009. This law requires that your credit card bill will be due on the same date every month. Compliance will be required by February 2010.