Credit Cards

[pozativelyliving]

When a credit card company reports to the CBs, it is the balance when the statement closes or balance on the day that they report? I believe it's the balance on the statement closing date but just want to make sure. Trying to keep the balance on cards that I paid down/off low until they report but I'm going to need to use them soon for normal expenses.

Thanks!

[john398]

depends, but most report the same balance thats on your statement

[SwampSystems]

Generally it is the statement balance that is reported, but there are sometimes exceptions. For instance, my Discover card did not report at all in July and then reported just a few days ago mid-cycle.

[Wolf3]

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pozativelyliving wrote:

When a credit card company reports to the CBs, it is the balance when the statement closes or balance on the day that they report? I believe it's the balance on the statement closing date but just want to make sure. Trying to keep the balance on cards that I paid down/off low until they report but I'm going to need to use them soon for normal expenses.

Thanks!

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Almost always, it is the statement balance.    There are some exceptions, you may want to pull you reporst and verify.

[tbolt2]

I've experienced both. I forget which CC did it, but one reported the actual balance on the reporting date instead of the statement balance from a few days before. At the time the statement cut, there was a pending charge or two that had not posted. Between the statement cutoff and the report to the credit bureau, the items posted.

My suggestion, don't use the card(s) for about a week, maybe longer,  after the statement cutoff, unless you have a CMS and can tell for certain that the CC has reported. Right now I am challenging myself to see how long I can go without using a CC for anything....I paid off several cards at the beginning of this month, paid one big one down by 50%....some of these will not generate statements or report to the bureaus for another week or more.....the anticipation of the potential score increase is driving me crazy....my utilzation will drop from 80% or so to less than 30% an none of the few with balances remaining  will be maxed out.

And no, I'm not anticipating app'ing for anything for at least another year to year and a half when i try for a home loan, i just want to see my score go up