No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Just wondering about cc reporting. I thought that it was only reported what was on my statement. When I got my statement on July 14th, I had a balance of $12 on the statement. Today, I just got an alert that my score dropped 30 points because of a 5900% increase to $767 (Yes, I know that $12 times 5900% is not $767, but that is what it said on my alert). I had planned on paying this down in the next few days to get it zero'd out before my next statement.
Why did it report in the middle of statements?
Same thing here. Any answers would be appreciated.
This was US Bank if it makes any difference. It was a secured Harley card.
Have you ever checked before to see what balance this card reports. Most cards report statement balance, but not all cards. Some report the balance as of the last day of the month. I'm not familiar with your card and how it works, but can you look back at any old reports and determine whether it might be reporting end of month balance?
@bcdudley wrote:Just wondering about cc reporting. I thought that it was only reported what was on my statement. When I got my statement on July 14th, I had a balance of $12 on the statement. Today, I just got an alert that my score dropped 30 points because of a 5900% increase to $767 (Yes, I know that $12 times 5900% is not $767, but that is what it said on my alert). I had planned on paying this down in the next few days to get it zero'd out before my next statement.
Why did it report in the middle of statements?
USBank is one of the very few lenders who report the balance as of the last business day of the month. (The others are HSBC and Orchard bank cards, although it appears that they might be shifting to reporting the statement balance.)
USBank does send in the info that night, so it posts to your reports within the first week or so, whereas HSBC/ Orchard often delayed sending in the info for another week or more.
FWIW, the scores will be back where they were when it reports a low or $0 balance again, but I know it's maddening.
I had no idea that HSBC/ORcard Bank reported that way. It's a good thing to know! Thnx.
If that is the case that they report at the end of the month, they must also report at statement as well. The last day of June, my balance was around $800. I paid it down to the $13 around the 7th of July. My statement came out on the 14th and was reported to EQ as $13. Then went back up today to $700 something.
Oh well, now I know. I do not think it will be a problem on my home loan because when they initially ran my credit, the balance was higher. According to my LO, they have also already pulled my final report, even though we don't close for another 6 days. All the paperwork is already at the title company with a clear to close.
Thanks.