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Statement Closing Date

Regular Contributor

Statement Closing Date

Hello all,

I have been trying pay down my CC every month before the CC company reports to the credit bureaus.

Here is my question-
if my statement closing date is on the 24th-when should I pay the amount by? And when can I then start using it again for the next months charges?

Thank you,

 

Message 1 of 12
11 REPLIES
Super Contributor

Re: Statement Closing Date


Istherehope wrote:

Hello all,

I have been trying pay down my CC every month before the CC company reports to the credit bureaus.

Here is my question-
if my statement closing date is on the 24th-when should I pay the amount by? And when can I then start using it again for the next months charges?

Thank you,

 


First always pay it by the due date.  Most cards due date is a couple of days before the closing date.  After the closing date a new statement generates, and  the balance reported would be $0 if you paid in full.  You can start charging again after the new statement generates.  

Message 2 of 12
Regular Contributor

Re: Statement Closing Date

Thanks,

the due date is the 21st and yes due to my current situation I ALWAYS pay it by then.. LOL not trying to make my mess worse.. It's been 7 months of perfect payments. I can't wait until it ages a year and I hopefully see an increase in score then!

Message 3 of 12
Super Contributor

Re: Statement Closing Date


Istherehope wrote:

Thanks,

the due date is the 21st and yes due to my current situation I ALWAYS pay it by then.. LOL not trying to make my mess worse.. It's been 7 months of perfect payments. I can't wait until it ages a year and I hopefully see an increase in score then!


Have you not tried to see if you are able to get a CLI now?  Six months is all it takes to get the first CLI. 

Message 4 of 12
Regular Contributor

Re: Statement Closing Date

Ha! I have First Premier and when I asked them for a CLI they denied me! But they were more than happy to offer a second card with more fees of course. I hated to do it-but I did because I have seen increases in my score from the first card. I just keep telling myself I AM REBUILDING and as soon as I have enough I will scrap the FP card.
Message 5 of 12
Super Contributor

Re: Statement Closing Date

Ok. Good luck!    Hopefully you soon will get a prime card. 
Message 6 of 12
Senior Contributor

Re: Statement Closing Date

Six months may be long enough to wait for a CLI with some issuers. With others you may wait longer. With the remainder you will wait forever!
Message 7 of 12
Valued Contributor

Re: Statement Closing Date


Istherehope wrote:

Hello all,

I have been trying pay down my CC every month before the CC company reports to the credit bureaus.

Here is my question-
if my statement closing date is on the 24th-when should I pay the amount by? And when can I then start using it again for the next months charges?

Thank you,

 


 

ITH, if your statement closing date is the 24th and you want a zero balance to report, and assuming your CC is one of the ones that does report on the statement closing date, then PIF at least 3 days before your closing date.

 

Once you PIF, do not use the card until you are sure your statement has cut (probably the 25th would be safe, but statement closing dates can vary slightly from month to month, so do check every month so that you don't accidentally get a small balance reported due to a new purchase).

 

If you do the above every month, your payment due date won't really matter, as you'll be PIF'd before the statement cuts, have a zero balance when it does, and nothing due as a result.  Then, the next month, do it all over again.  Etc.

 

Once you start doing this, the only time your payment due date will matter is if you aren't able to PIF before the statement date and your statement cuts with a balance still on it; THEN you'll need to make sure you pay at least the minimum due by your due date.

 

Hope this helps.

_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Message 8 of 12
Senior Contributor

Re: Statement Closing Date


Scamp wrote:

Istherehope wrote:

Hello all,

I have been trying pay down my CC every month before the CC company reports to the credit bureaus.

Here is my question-
if my statement closing date is on the 24th-when should I pay the amount by? And when can I then start using it again for the next months charges?

Thank you,

 


 

ITH, if your statement closing date is the 24th and you want a zero balance to report, and assuming your CC is one of the ones that does report on the statement closing date, then PIF at least 3 days before your closing date.

 

Once you PIF, do not use the card until you are sure your statement has cut (probably the 25th would be safe, but statement closing dates can vary slightly from month to month, so do check every month so that you don't accidentally get a small balance reported due to a new purchase).

 

If you do the above every month, your payment due date won't really matter, as you'll be PIF'd before the statement cuts, have a zero balance when it does, and nothing due as a result.  Then, the next month, do it all over again.  Etc.

 

Once you start doing this, the only time your payment due date will matter is if you aren't able to PIF before the statement date and your statement cuts with a balance still on it; THEN you'll need to make sure you pay at least the minimum due by your due date.

 

Hope this helps.


This exactly. +1

Message 9 of 12
Senior Contributor

Re: Statement Closing Date

Make sure you can view your statement online before assuming the statement has actually cut. I agree with the previous two posts. Some issuers may foil your plans by reporting mid cycle before your statement date. Beware it can happen.
Message 10 of 12