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Hey -
I have a question. I've Googled and Googled and searched through the forums on here but haven't found a specific answer, which makes me believe that there isn't a specific answer to this question. When and what exactly do credit card companies report to credit bureaus? My Capital One statement was available on 01/26. On 01/27 I paid my balance completely off so now it reflects a zero balance, but that's of course, not what my statement shows. So my question is, will Capital One report my last statement balance or will they report my zero balance? Is there any way to find out when our credit card companies actually report to the credit bureaus? Any help would be appreciated! Thanks so much.
Capital One reports ending statement balance.
There are a few companies that do not do this, and report actual balance on a particular day each month. I don't recall exactly, but I think Juniper (Barclay's) reports our balance last day of the month, not on statement cut, and it is the balance as of the last day of the month, not the statement balance.
But generally, most CCC's report the statement ending balance. And this is why many on this board PIF prior to the statement cut off, so that the ending balance is reported as zero.
I have a total of 22-26 accounts reporting to the CRAs. Experian has the 26 accounts showing so most creditors seem to report to them.
I use 2-3 monitoring services such as myFICO's Scorewatch.
ALL of them report the statement balance. I have heard some wierd ones will report at the last day or some such but have never seen it with my accounts with:
Amex
BofA
BMW
CapOne
Chase
Citi
Discover
Home Depot
Honda
Kohl's
Lowes
Sears
I have seen an "extra" report on a CLI that was in addition to the statement balance. I have also seen some companies skip reporting for a month or even two and then report again as normal.
Looks like your new statement date is on the 26th of the month. The new balance of zero will not report to the CRA's until 2/26/2010. If you decide to use your CC at anytime during February, make sure you pay your entire balance back to zero by 2/21/2010 if you want a "O" balance to be reported to the 3 Credit Bureau's.
someone else may chime in with more beneficial info regarding this issue!
@GregB wrote:I have a total of 22-26 accounts reporting to the CRAs. Experian has the 26 accounts showing so most creditors seem to report to them.
I use 2-3 monitoring services such as myFICO's Scorewatch.
ALL of them report the statement balance. I have heard some wierd ones will report at the last day or some such but have never seen it with my accounts with:
Amex
BofA
BMW
CapOne
Chase
Citi
Discover
Home Depot
Honda
Kohl's
Lowes
Sears
I have seen an "extra" report on a CLI that was in addition to the statement balance. I have also seen some companies skip reporting for a month or even two and then report again as normal.
you are thinking of orchard bank. they report whatever your balance is on the last day of the month. i can usually find it on my reports by the 3rd.
to answer the OP, different credit card companies report at different times. they don't all report the same day.
dcw0405 wrote:
Hey -
I have a question. I've Googled and Googled and searched through the forums on here but haven't found a specific answer, which makes me believe that there isn't a specific answer to this question. When and what exactly do credit card companies report to credit bureaus? My Capital One statement was available on 01/26. On 01/27 I paid my balance completely off so now it reflects a zero balance, but that's of course, not what my statement shows. So my question is, will Capital One report my last statement balance or will they report my zero balance? Is there any way to find out when our credit card companies actually report to the credit bureaus? Any help would be appreciated! Thanks so much.
Great!! Well, I may have missed the Capital One deadline by a day but the good news is I also completely paid off my HSBC card yesterday, which should (hopefully) report this at the end of this month. Yay! Thanks guys. You've been so helpful. I'm staying on TOP of my credit now instead of the other way around.