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My statement will cut 14th of feb, and yet again they have managed to report my balances mid-cycle. Now i look like i am maxed-out on two of my CCs :-( the question is, can they legally do this? This is so mean :-(
I dont know if its legal or not, but many CCCs report mid cycle. Looks like each CCC reports on a particular date. My DCU reports far away from my statement date, so does my bofa. My cap1 reports on statement date though.
Part of the Credit Card Act 2009 says that the due date now has to be the same day every month and that statements must be mailed at least 21 days ahead of when they are due.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
It tends to mess you up if you're planning a big-ticket purchase requiring the review of your credit report, otherwise, it's a temporary 30-day display. It would irritate the heck outta me to have to shuffle and track dates almost every day of the month.
Which GEMB accounts are you referring to? I have Lowes and Amazon and they always report after the statement cuts.
marinevet, do u mean same date every month and not same day ? i ask because one of my GEMB accounts is always due on the same day of the week each month but rarely the same date. Also does the 21 days mailout apply to everyone except AMEX charge cards? mine is always due 12 days after it closes which is approx 6-7 days after it is mailed.
@Anonymous wrote:marinevet, do u mean same date every month and not same day ? i ask because one of my GEMB accounts is always due on the same day of the week each month but rarely the same date. Also does the 21 days mailout apply to everyone except AMEX charge cards? mine is always due 12 days after it closes which is approx 6-7 days after it is mailed.
This is copied word for word from the Credit Card Act 2009:
SEC. 106. RULES REGARDING PERIODIC STATEMENTS.
(a) In General- Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended by adding at the end the following:
‘(o) Due Dates for Credit Card Accounts-
‘(1) IN GENERAL- The payment due date for a credit card account under an open end consumer credit plan shall be the same day each month.
‘(2) WEEKEND OR HOLIDAY DUE DATES- If the payment due date for a credit card account under an open end consumer credit plan is a day on which the creditor does not receive or accept payments by mail (including weekends and holidays), the creditor may not treat a payment received on the next business day as late for any purpose.’.
(b) Length of Billing Period-
(1) IN GENERAL- Section 163 of the Truth in Lending Act (15 U.S.C. 1666b) is amended to read as follows:
SEC. 163. TIMING OF PAYMENTS.
‘(a) Time To Make Payments- A creditor may not treat a payment on an open end consumer credit plan as late for any purpose, unless the creditor has adopted reasonable procedures designed to ensure that each periodic statement including the information required by section 127(b) is mailed or delivered to the consumer not later than 21 days before the payment due date.
As far as I know there are no exceptions here for any company. You might ask Amex what is going on.
@MarineVietVet wrote:
@Anonymous wrote:marinevet, do u mean same date every month and not same day ? i ask because one of my GEMB accounts is always due on the same day of the week each month but rarely the same date. Also does the 21 days mailout apply to everyone except AMEX charge cards? mine is always due 12 days after it closes which is approx 6-7 days after it is mailed.
This is copied word for word from the Credit Card Act 2009:
SEC. 106. RULES REGARDING PERIODIC STATEMENTS.
(a) In General- Section 127 of the Truth in Lending Act (15 U.S.C. 1637) is amended by adding at the end the following:
‘(o) Due Dates for Credit Card Accounts-
‘(1) IN GENERAL- The payment due date for a credit card account under an open end consumer credit plan shall be the same day each month.
‘(2) WEEKEND OR HOLIDAY DUE DATES- If the payment due date for a credit card account under an open end consumer credit plan is a day on which the creditor does not receive or accept payments by mail (including weekends and holidays), the creditor may not treat a payment received on the next business day as late for any purpose.’.
(b) Length of Billing Period-
(1) IN GENERAL- Section 163 of the Truth in Lending Act (15 U.S.C. 1666b) is amended to read as follows:
SEC. 163. TIMING OF PAYMENTS.
‘(a) Time To Make Payments- A creditor may not treat a payment on an open end consumer credit plan as late for any purpose, unless the creditor has adopted reasonable procedures designed to ensure that each periodic statement including the information required by section 127(b) is mailed or delivered to the consumer not later than 21 days before the payment due date.
As far as I know there are no exceptions here for any company. You might ask Amex what is going on.
This does not requiire that statements be mailed not later than 21 days. It says they can not treat the payment as late, unless they comply with the 21 days.
I interpret this to mean ,that if Amex is late with the statement on a charge card, you can't be charged a late fee or anything else.
However, I don't think I would try it with them. In years past, if you were late on a charge card, they would give you a nice polite phone call reminder after a couple of weeks and they did not consider it late unless it went a whole month.
Maybe charge cards fall under different rules than credit cards?
@Wolf3 wrote:This does not requiire that statements be mailed not later than 21 days. It says they can not treat the payment as late, unless they comply with the 21 days.
I interpret this to mean ,that if Amex is late with the statement on a charge card, you can't be charged a late fee or anything else.
However, I don't think I would try it with them. In years past, if you were late on a charge card, they would give you a nice polite phone call reminder after a couple of weeks and they did not consider it late unless it went a whole month.
MyFICO says: Statements must be mailed at least 21 days ahead of when they are due.