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ptr2593
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Statement Date

Is the "Statement Closing Date" the day that your balance is reported?  I'm trying to figure out the very last day that I can pay off enough so that my UTL will be <9%.

 

The only thing I understand is PIF before the due date to avoid interest.  I can't figure out what day I need to pay by to get the number I want reported. 

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fused
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Re: Statement Date

Almost all CCC's report your statement balance to the CRAs. I cannot say for sure if CCC's always report to the CRAs on the same day as your statement.

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MarineVietVet
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Re: Statement Date

[ Edited ]

ptrutkowski wrote:

Is the "Statement Closing Date" the day that your balance is reported?  I'm trying to figure out the very last day that I can pay off enough so that my UTL will be <9%.

 

The only thing I understand is PIF before the due date to avoid interest.  I can't figure out what day I need to pay by to get the number I want reported. 



For most cards yes it is. But I would (and do) make sure the balance is where i want it to be at least several days before the statements posts. You don't want to cut it too close.

 

ETA: Out typed once again!

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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ptr2593
Posts: 1,486
Registered: ‎08-14-2011
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Re: Statement Date

[ Edited ]

Ok, I'm sure you both are being very clear but I'm a little slow when it comes to this particular topic.

 

Here's my AMEX dates

 

Closing Date: 7/22/11

Statement Period: 6/23/11 - 7/22/11

Payment Due Date: 8/17/11

 

So for AMEX any spending I dd between 6/23 and 7/20 wasn't reported as long as I paid it before 7/22 and any charges I made between 7/23 and 8/16 won't be due or reported on 8/17?

 

CITI dates - This one is especially confusing because the closing date is after the due date.

 

Last statement balance: 7/19/11

Statement Closing Date: 8/17/11

Statement Due Date: 8/15/11

 

 

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ptr2593
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Re: Statement Date


fused wrote:

Almost all CCC's report your statement balance to the CRAs. I cannot say for sure if CCC's always report to the CRAs on the same day as your statement.


Ok, and the "statement balance" is the existing balance on the "statement closing date"?

 

Also, I'm planning on calling Citi, US Bank, Chase, and AmEx and asking them what date the balance gets reported it.  I'm not sure what or how to ask the CSR though.. will the CSR even know or will I need to call a backdoor number and speak to an underwriter?

 

Part of my confusion is how "date" is defined when we talk about the date the balance is reported.  Is it an actual date, like the 24th of every month, or is it something like the statement closing date (does the statement closing date fall on the same day every month), or is it X number of days before or after the due date?  

In My Wallet:
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AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
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haulingthescoreup
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Re: Statement Date


ptrutkowski wrote:

Ok, I'm sure you both are being very clear but I'm a little slow when it comes to this particular topic.

 

Here's my AMEX dates

 

Closing Date: 7/22/11

Statement Period: 6/23/11 - 7/22/11

Payment Due Date: 8/17/11

 

So for AMEX any spending I dd between 6/23 and 7/20 wasn't reported as long as I paid it before 7/22 correct and any charges I made between 7/23 and 8/16 won't be due or reported on 8/17? Correct: the 17th is your due date for whatever was reported on your statement on the 22nd. If you prepaid, then $0 was reported. Even if you had $100 report on the 22th, that's all that you would have to pay by the 17th, even if you had run up another $500 from the 23rd to the 17th. That figure would show up on 8/22, unless you go ahead and pay it early again.

 

CITI dates - This one is especially confusing because the closing date is after the due date. <--No, that's the closing date for the next statement. See below.

 

Last statement balance: 7/19/11 <--was this the date on your July statement? If so, it just means that your statement date varies by a few days every month. So one month the 19th, the next on the 17th, maybe the next on the 16th or 14th or 18th. Some CCC's do this; others always report on the same date each month. That's why you need to go back and look at your online statement for the last several months.

 

Statement Due Date: 8/15/11 <--I reversed the order on this and the next statement closing date. You're getting confused. 8/15 is the due date for whatever balance was reported on your 7/19 statement.

 

Statement Closing Date: 8/17/11 <--This is your next statement. It will include any charges that you have made since 7/19 (that didn't show up on that statement), plus any portion of the balance due that showed on the 7/19 statement that you haven't paid yet.

 

Statement date = posting date = drop date = closing date. These are all different from the due date, which is generally 2-3 weeks after the statement date. The due date is the date that your money (= the balance on the statement, or some portion thereof) is due.

 


To break it down, here's what you do:

 

Focus on one account at a time.

 

On account A, go online and look at the last 4 statements, and see what date is printed on them (not the due date, but the statement date.) If you're in luck, it's the same date every month, as with your AmEx. Otherwise, it will vary by a few days every month, so between the 16th and 20th for instance, as on your Citi card. The more statements you look at, the more sure you will be of the date range.

 

For account A, pay whatever amount you want to reduce your statement by, 3-4 days before you expect the next statement to pop up. If your AmEx is always due on the 17th, plan to pay it on the 14th.

 

For account A, go back again on the day that you expect the statement to hit, and see if any extra charges snuck on there, and pay them off if you want. Your CCC will tell you what the deadline is to have payments post that day (by 5 pm Eastern, 6 pm Mountain, etc.)

 

For account A, pull up your account the day after you expect the statement to post, and see what showed up. If any balance did report, be sure to pay it before the due date. It's easy to forget to do that when you pay early, because you feel like you've done your duty for that month. But what's due by the due date is what showed up on the statement, even if it's $1.37.

 

For account B, and account C through X-Y-Z, do the same thing, for each account. The statement dates will vary by account, so your payment timing will vary.

 

Many (not all) CCC's will let you change your due date. <--Note: due date. They are often baffled at a request to change the statement date, but most will work with you. Some people who like to really work their CC's try to have them all report around the 15th, for instance, so that one paycheck takes care of the rent or mortgage at the beginning of the month, and the other gets the CC's. Of course, the whole 26 paychecks over 12 months messes that up slightly, but it works in a rough way.

* 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
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ptr2593
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Re: Statement Date


haulingthescoreup wrote:

ptrutkowski wrote:

Ok, I'm sure you both are being very clear but I'm a little slow when it comes to this particular topic.

 

Here's my AMEX dates

 

Closing Date: 7/22/11

Statement Period: 6/23/11 - 7/22/11

Payment Due Date: 8/17/11

 

So for AMEX any spending I dd between 6/23 and 7/20 wasn't reported as long as I paid it before 7/22 correct and any charges I made between 7/23 and 8/16 won't be due or reported on 8/17? Correct: the 17th is your due date for whatever was reported on your statement on the 22nd. If you prepaid, then $0 was reported. Even if you had $100 report on the 22th, that's all that you would have to pay by the 17th, even if you had run up another $500 from the 23rd to the 17th. That figure would show up on 8/22, unless you go ahead and pay it early again.

 

CITI dates - This one is especially confusing because the closing date is after the due date. <--No, that's the closing date for the next statement. See below.

 

Last statement balance: 7/19/11 <--was this the date on your July statement? If so, it just means that your statement date varies by a few days every month. So one month the 19th, the next on the 17th, maybe the next on the 16th or 14th or 18th. Some CCC's do this; others always report on the same date each month. That's why you need to go back and look at your online statement for the last several months.

 

Statement Due Date: 8/15/11 <--I reversed the order on this and the next statement closing date. You're getting confused. 8/15 is the due date for whatever balance was reported on your 7/19 statement.

 

Statement Closing Date: 8/17/11 <--This is your next statement. It will include any charges that you have made since 7/19 (that didn't show up on that statement), plus any portion of the balance due that showed on the 7/19 statement that you haven't paid yet.

 

Statement date = posting date = drop date = closing date. These are all different from the due date, which is generally 2-3 weeks after the statement date. The due date is the date that your money (= the balance on the statement, or some portion thereof) is due.

 


To break it down, here's what you do:

 

Focus on one account at a time.

 

On account A, go online and look at the last 4 statements, and see what date is printed on them (not the due date, but the statement date.) If you're in luck, it's the same date every month, as with your AmEx. Otherwise, it will vary by a few days every month, so between the 16th and 20th for instance, as on your Citi card. The more statements you look at, the more sure you will be of the date range.

 

For account A, pay whatever amount you want to reduce your statement by, 3-4 days before you expect the next statement to pop up. If your AmEx is always due on the 17th, plan to pay it on the 14th.

 

For account A, go back again on the day that you expect the statement to hit, and see if any extra charges snuck on there, and pay them off if you want. Your CCC will tell you what the deadline is to have payments post that day (by 5 pm Eastern, 6 pm Mountain, etc.)

 

For account A, pull up your account the day after you expect the statement to post, and see what showed up. If any balance did report, be sure to pay it before the due date. It's easy to forget to do that when you pay early, because you feel like you've done your duty for that month. But what's due by the due date is what showed up on the statement, even if it's $1.37.

 

For account B, and account C through X-Y-Z, do the same thing, for each account. The statement dates will vary by account, so your payment timing will vary.

 

Many (not all) CCC's will let you change your due date . <--Note: due date. They are often baffled at a request to change the statement date, but most will work with you. Some people who like to really work their CC's try to have them all report around the 15th, for instance, so that one paycheck takes care of the rent or mortgage at the beginning of the month, and the other gets the CC's. Of course, the whole 26 paychecks over 12 months messes that up slightly, but it works in a rough way.


That clears up SO MUCH, thank you!  I actually get paid every 2 weeks, not really on a certain day each month so I'd actually just like to get all of my cards on as similar a schedule as possible.  Right now I think they're all about the same but I'll certainly double check.  I've been in the habit of making a payment everytime I get paid and I thought this was a good habit, but for now it seems like a bad habit because it's contributing to my confusion about when I should pay by to keep my UTL down.
In My Wallet:
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haulingthescoreup
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Re: Statement Date


ptrutkowski wrote:
That clears up SO MUCH, thank you!  I actually get paid every 2 weeks, not really on a certain day each month so I'd actually just like to get all of my cards on as similar a schedule as possible.  Right now I think they're all about the same but I'll certainly double check.  I've been in the habit of making a payment everytime I get paid and I thought this was a good habit, but for now it seems like a bad habit because it's contributing to my confusion about when I should pay by to keep my UTL down.

Nothing wrong technically with making multiple payments every month, except that as you say, it can get confusing trying to figure out what you're actually paying on.

 

I also believe that there's a very real danger in forgetting to pay whatever does show up on the statement, due to the feeling (understandable) that you've already paid that month.

 

Long, long ago, it was very common for people to have their grocery bills, coal bills, doctor bills, stable bills (like I said, a long time ago) payable on a monthly basis. At the end of each month, or whenever, the merchants would present their bills, and the customers would settle their accounts. Credit cards are the modern version of this.

 

Actually, running a tab at the bar is the modern version of this, but that's a whole 'nother thing.

* 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
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ptr2593
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Re: Statement Date

This is another probably pointless question because I know both are good practices, but does regularly having a 1-9% balance produce higher scores than regularly having 0 reported balance?

 

I ask because come October, when I hopefully will no longer have a revolving balance on any of my cards, I'd like to do whichever one will help my score/report more. 

Right now 2/5 of my cards have a revolving balance, and at the end of this week only 1/5, while the other 3 report 0.

 

I know you've told me before that 0 is not bad, but is 1-9% better?  I'm going to, for sure, keep 1-9% reporting on 1 card (probably the AmEx Clear, for an obvious reason), but I haven't decided what to do with the other 4.

In My Wallet:
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MarineVietVet
Posts: 14,911
Registered: ‎07-14-2009
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Re: Statement Date


ptrutkowski wrote:

This is another probably pointless question because I know both are good practices, but does regularly having a 1-9% balance produce higher scores than regularly having 0 reported balance?

 

I ask because come October, when I hopefully will no longer have a revolving balance on any of my cards, I'd like to do whichever one will help my score/report more. 

Right now 2/5 of my cards have a revolving balance, and at the end of this week only 1/5, while the other 3 report 0.

 

I know you've told me before that 0 is not bad, but is 1-9% better?  I'm going to, for sure, keep 1-9% reporting on 1 card (probably the AmEx Clear, for an obvious reason), but I haven't decided what to do with the other 4.


Everyone's situation is different and there is no one size fits all approach to this but what seems to work well for most people is to have only one of their cards report a small (<9% of it's credit limit) balance each month and then pay in full before the due date. You can use it as much as you want during the month but what's important is the reported balance because for most cards whatever is reported on the monthly statement is what is used to calculate utilization for the month.

You might have to play around with the percentages for a few months to see what works best for you. Some people say that 1-3% utilization helps the most. For others it might be 5-9%. As I said it's not one size fits all.

On any other cards always try and have them report a zero balance each month. That doesn't mean you can't use them just make sure that the desired zero balance on these accounts is achieved several days before their statements post.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".





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