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New Member
brettinok
Posts: 5
Registered: ‎12-13-2013
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When do I need to pay off my card so it will report to the bureaus?

I am checking on stuff for my fiance's credit.

 

We have a bank of america card and I need to pay it down so I can pre-qualify for a mortgate loan. The due date is 1/11/2014 but it says the next closing date is 1/14/2014. When do I pay it off so that it will report soon? Also, when can I use it and pay it off again so that the big balance never reports to my credit? I use this for my business so it will sometimes have a high balance and then get paid off in less than two days. I have a business where I purchase things and then get reimbursed in less than 24 hours.

 

He also has a credit one card but I don't know the due date on that one bc it's new and he used it to get my engagement ring so I was not aware of the charges and stuff. When do they usually report and how can I pay this one down so it will report. We need both cards to be at 20-30% for a mortgage loan. 

 

Please break it down for me bc this part is really confusing. I have worked really hard since this summer getting all this stuff deleted from his credit and he's right on the edge of a qualifying score. We just need these paid down and we had them before December but then Christmas came and we needed to loan money to family so the balance got high and reported.

Established Contributor
chwebb1
Posts: 529
Registered: ‎10-11-2013
0

Re: When do I need to pay off my card so it will report to the bureaus?


brettinok wrote:

I am checking on stuff for my fiance's credit.

 

We have a bank of america card and I need to pay it down so I can pre-qualify for a mortgate loan. The due date is 1/11/2014 but it says the next closing date is 1/14/2014. When do I pay it off so that it will report soon? Also, when can I use it and pay it off again so that the big balance never reports to my credit? I use this for my business so it will sometimes have a high balance and then get paid off in less than two days. I have a business where I purchase things and then get reimbursed in less than 24 hours.

 

He also has a credit one card but I don't know the due date on that one bc it's new and he used it to get my engagement ring so I was not aware of the charges and stuff. When do they usually report and how can I pay this one down so it will report. We need both cards to be at 20-30% for a mortgage loan. 

 

Please break it down for me bc this part is really confusing. I have worked really hard since this summer getting all this stuff deleted from his credit and he's right on the edge of a qualifying score. We just need these paid down and we had them before December but then Christmas came and we needed to loan money to family so the balance got high and reported.


As far as the BoA CC is concerned, you should pay that before 14 January 2014 to make sure it doesn't report a balance.

 

As far as the CC he bought the ring on, you can call and ask when the statement closes.

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Valued Contributor
gdale6
Posts: 9,263
Registered: ‎12-13-2013
0

Re: When do I need to pay off my card so it will report to the bureaus?

Pay if off on or before the due date to avoid any interest charge on purchases. You have to make at least a minimum payment by the due date.

EX Cred Ses 08/14: 767 ; EX Fico 04 V2 06/14: 775; EX Fico 08 07/14 778 ; EX Fico 08 BC 07/14: 800
EQ Fico 05/14 781 ; EQ MPM 07/14: 721
TU Fico 8 07/14: 719; TU MPM 06/14 706
Frequent Contributor
LearningMoreAboutCredit
Posts: 472
Registered: ‎11-08-2007
0

Re: When do I need to pay off my card so it will report to the bureaus?


brettinok wrote:

I am checking on stuff for my fiance's credit.

 

We have a bank of america card and I need to pay it down so I can pre-qualify for a mortgate loan. The due date is 1/11/2014 but it says the next closing date is 1/14/2014. When do I pay it off so that it will report soon? Also, when can I use it and pay it off again so that the big balance never reports to my credit? I use this for my business so it will sometimes have a high balance and then get paid off in less than two days. I have a business where I purchase things and then get reimbursed in less than 24 hours.

 

He also has a credit one card but I don't know the due date on that one bc it's new and he used it to get my engagement ring so I was not aware of the charges and stuff. When do they usually report and how can I pay this one down so it will report. We need both cards to be at 20-30% for a mortgage loan. 

 

Please break it down for me bc this part is really confusing. I have worked really hard since this summer getting all this stuff deleted from his credit and he's right on the edge of a qualifying score. We just need these paid down and we had them before December but then Christmas came and we needed to loan money to family so the balance got high and reported.


I'll use your information in this example:  Your due date is on the 11th of every month and your statement closing date is on the 14th every month.  In order for you to float your balances for an additional 25 days (+30 days until due date before interest is accrued), you will need to wait an additional 3-5 days after statement closing date as this is when creditors report to CRA's.  So you would probably be safe to use your card again on the 18th to avoid your cc to report any balances.

 

There are three dates to remember; due date, statement closing date, and reporting date.  CreditKarma is a good source of that information (reporting dates) for free but pay absolutely no attention to the scores they provide as they are FAKO's.



Any advice given is always YMMV...

Current FICOs: 730+ across the board | Goal: >760 FICO (1 down, 2 to go) | Total CLs: $59.8k/$60k Goal | Utilization: 14% | Last App: 05/01/2014 | INQ: EX: 10, EQ: 14, TU: 8, All Expire 06/2016; No Collections/Charge Offs/BK's | AAoA: 6yrs.
| All Reports Frozen!!! | No Apps til 12/2015 | Homeowner since: 06/28/13 | White Whales: CSP, Discover IT, Sallie Mae WMC
New Member
brettinok
Posts: 5
Registered: ‎12-13-2013
0

Re: When do I need to pay off my card so it will report to the bureaus?

Okay, thank you so much everyone. So, if I pay it off by the 10th or so it should report as paid. I say the 10th bc it take like three days for the payment to show up. So basically I shouldn't use the card between the 10th and the 18th of every month. Right?

Frequent Contributor
LearningMoreAboutCredit
Posts: 472
Registered: ‎11-08-2007
0

Re: When do I need to pay off my card so it will report to the bureaus?


brettinok wrote:

Okay, thank you so much everyone. So, if I pay it off by the 10th or so it should report as paid. I say the 10th bc it take like three days for the payment to show up. So basically I shouldn't use the card between the 10th and the 18th of every month. Right?


That would be correct.



Any advice given is always YMMV...

Current FICOs: 730+ across the board | Goal: >760 FICO (1 down, 2 to go) | Total CLs: $59.8k/$60k Goal | Utilization: 14% | Last App: 05/01/2014 | INQ: EX: 10, EQ: 14, TU: 8, All Expire 06/2016; No Collections/Charge Offs/BK's | AAoA: 6yrs.
| All Reports Frozen!!! | No Apps til 12/2015 | Homeowner since: 06/28/13 | White Whales: CSP, Discover IT, Sallie Mae WMC
New Member
brettinok
Posts: 5
Registered: ‎12-13-2013
0

Re: When do I need to pay off my card so it will report to the bureaus?

Okay, so I got the info on the Credit One card. The due date is the 17th but it doesn't show a closing date or anything. When does Credit one report to the bureaus?

Frequent Contributor
LearningMoreAboutCredit
Posts: 472
Registered: ‎11-08-2007
0

Re: When do I need to pay off my card so it will report to the bureaus?


LearningMoreAboutCredit wrote:

brettinok wrote:

 

He also has a credit one card but I don't know the due date on that one bc it's new and he used it to get my engagement ring so I was not aware of the charges and stuff. When do they usually report and how can I pay this one down so it will report. We need both cards to be at 20-30% for a mortgage loan. 

 


CreditKarma is a good source of that information (reporting dates) for free but pay absolutely no attention to the scores they provide as they are FAKO's.


 



Any advice given is always YMMV...

Current FICOs: 730+ across the board | Goal: >760 FICO (1 down, 2 to go) | Total CLs: $59.8k/$60k Goal | Utilization: 14% | Last App: 05/01/2014 | INQ: EX: 10, EQ: 14, TU: 8, All Expire 06/2016; No Collections/Charge Offs/BK's | AAoA: 6yrs.
| All Reports Frozen!!! | No Apps til 12/2015 | Homeowner since: 06/28/13 | White Whales: CSP, Discover IT, Sallie Mae WMC

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