@Poorboi wrote:It's showing on my trans report, it's for my three secured credit cards, I pay in full by statement date. Why do it show all the times I used it combined
Not all companies report statement balances at the due date, many companies like to do it mid month or on random
Bank of America
Barclays
Capital One
Discover
Elan
GEMB
HSBC
UMB
All report mid month so don't assume your statement balance will report, this is why I send multiple payments a month, although that won't matter too much now since NavChek and NFCU with over $30,000 in limits =)
@distantarray wrote:
@Poorboi wrote:It's showing on my trans report, it's for my three secured credit cards, I pay in full by statement date. Why do it show all the times I used it combined
Not all companies report statement balances at the due date, many companies like to do it mid month or on random
Bank of America
Barclays
Capital One
Discover
Elan
GEMB
HSBC
UMB
All report mid month so don't assume your statement balance will report, this is why I send multiple payments a month, although that won't matter too much now since NavChek and NFCU with over $30,000 in limits =)
Capital One always reported statement balance for me. It's been a while since I've had Discover or BofA, but I thought they did the same.
OP, are you talking about the "High Balance" field? That is not used for utilization purposes.
Starting Score: ~500 (12/01/2008)
@Walt_K wrote:
@distantarray wrote:
@Poorboi wrote:It's showing on my trans report, it's for my three secured credit cards, I pay in full by statement date. Why do it show all the times I used it combined
Not all companies report statement balances at the due date, many companies like to do it mid month or on random
Bank of America
Barclays
Capital One
Discover
Elan
GEMB
HSBC
UMB
All report mid month so don't assume your statement balance will report, this is why I send multiple payments a month, although that won't matter too much now since NavChek and NFCU with over $30,000 in limits =)
Capital One always reported statement balance for me. It's been a while since I've had Discover or BofA, but I thought they did the same.
OP, are you talking about the "High Balance" field? That is not used for utilization purposes.
lol good catch, but Capital one depending on product is different it's weird, but anyways misread the post, but highest past balance should not factor into your utilization. Highest past balance was nessasary because in the past many companies did not report credit limits, so the credit companies used the highest amount used to determine your credit limits. Although this was bad because if you never spent past $500 on a $1,000 limit card you would never get anything fixed and if you only used $200 you would look like your using 40% of your limit.
Highest balance reported has nothing to do with your score or it shouldn't anyways. Although I have to say in my subprime days last year for this purpose I maxed out each of my cards for 1 whole month then paid it all back the next month and got around a 10 point Fico increase each month I did that, ymmv.
What does it say in the "Balance" field on your CR? Not the "High Balance" field.
What was the balance on your last bill?
ETA: When you say you pay in full by the statement date, do you mean you pay in full before your bill is generated, or do you mean you pay in full by the due date. For most cards, which report the statement balance, if you are trying to get it to report $0, you need to pay in full so that the payment posts before the date your bill is generated. The easiest way to look at it is whatever number is on your bill, that is what is getting reported. Of course, as mentioned, there are some cards that report at a different time. But I want to make sure we are speaking in the same terms when talking about statement dates and when you make payments.