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Regular Contributor
Posts: 369
Registered: ‎02-01-2010
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Reported Balance Higher Than Statement Balance

Hello Every one!

 

Thank you for the great tips & advice. I've been reading these boards for several years and have learned alot. I actually registered about two years ago with the intention of posting but never got around to it.

 

I just discovered something that I thought I would share just in case it helps someone like I've been helped here.

 

I usually pull my FICO scores here once each quarter but use Credit Karma frequently. Though I know it's FAKO, it least gives me an idea of whether my score is climbing of falling. Anyway, lately I've been paying more attention to the CK details besides the score. I noticed that one of my credit cards is consistently reported with a balance that's higher than it should be. I've been double-checking against my statement and the balance was definitely wrong month after month.

 

This is a card I use heavily as it has a cash-back feature. The payment is always due on the 5th of the month and the statement always cuts on the 10th. HOWEVER....they report the balance as of the 24th of the month to the credit bureau. Not the statement balance.

 

I would usually run about 1000.00 through the card and pay about 1200.00 because I carry a balance. Since I can't pay off the balance right now, I make sure not to add to it.

 

I know many think that the statement balance is what gets reported to the credit bureaus but I found that not to be true in this case. When I made my 1200.00 payment, I would wait for the statement to cut, so I can get back to earning my rewards. I had no idea I was actually hurting myself. I have a clean credit file. Absolutely nothing negative except my utilization which is @ 60%. This is mainly due to my daughter getting married and some medical expenses. I've been working hard to reduce my utilization but realize that one card was working against me. LOL!

 

Thanks for reading and for all the help I receive here daily.

Meg.

FICO: 03/2015 - TU 768 | EQ 783 | EX 775

FNBO 15,100 | Barclays / Sallie Mae World MC 13,000 | Lowes 10,000 | LOC 9,300 | Amex BCP 7,200 | BOA Platinum+ 6,000 | Amex SPG 5,700 | Achieva CU 5,500 | Discover IT 5,500 | Citi Simplicity 5,200 | Chase CSP 5,000 | Sam's Club 3,000 | Sears 900
Established Contributor
Posts: 731
Registered: ‎02-15-2012
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Re: Reported Balance Higher Than Statement Balance

While it's common for lenders to report the statement balance to the bureaus, not all of them always do.  Sometimes they use the balance on another date.  You can just keep the other date in mind if you want to have a lower reported utilization.  Of course, utilization really doesn't matter unless you are applying for new credit very soon.  Past utilization doesn't affect one's FICO.  I would go so far as to say that worrying about reported utilization is a waste of time and energy unless you are about to apply for another loan.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Regular Contributor
Posts: 369
Registered: ‎02-01-2010
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Re: Reported Balance Higher Than Statement Balance

Thank you for your response, Koop.

 

I simply had no idea that it wasn't always the statement balance. I'm glad I found out yesterday. I'm not extremely concerned about my utilization except that I'm paying interest, so I need to bring it down.

Meg.

FICO: 03/2015 - TU 768 | EQ 783 | EX 775

FNBO 15,100 | Barclays / Sallie Mae World MC 13,000 | Lowes 10,000 | LOC 9,300 | Amex BCP 7,200 | BOA Platinum+ 6,000 | Amex SPG 5,700 | Achieva CU 5,500 | Discover IT 5,500 | Citi Simplicity 5,200 | Chase CSP 5,000 | Sam's Club 3,000 | Sears 900
Valued Contributor
Posts: 1,671
Registered: ‎05-24-2007
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Re: Reported Balance Higher Than Statement Balance

The statement balance is the amount reported for almost every CC out there. However, there are a few that report on a certain day of the month. It is unusual, but you can find one here and there.

Member
Posts: 9
Registered: ‎05-15-2012
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Re: Reported Balance Higher Than Statement Balance

Barclay told me they report between a set time frame like the 10-14th of the month, regardless of when your statement may cut, just food for thought. You can always contact your creditor and ask when they report and how often. 

Contributor
Posts: 101
Registered: ‎07-30-2010
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Re: Reported Balance Higher Than Statement Balance

Is it unethical to FORCE them to report a balance by disputing the amount owed on the card via CBs? Just thinking for future posters...



4/5/12 TU-635 Ex-634 Eq-646 (Kroll Fact. Home loan)
9/8/10 TU-654 Ex-627 Eq-638
8/1/10 TU-629 Ex-627 Eq-638


Starting Score: 526
Current Score: 635
Goal Score: 750


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Regular Contributor
Posts: 369
Registered: ‎02-01-2010
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Re: Reported Balance Higher Than Statement Balance


ssghandless wrote:

Is it unethical to FORCE them to report a balance by disputing the amount owed on the card via CBs? Just thinking for future posters...


I wish I knew the answer to that as well. I've heard that they can report either the statement balance OR the balance on the date of reporting. My CU Visa is the only one I have this problem with. They've been good to me, so I try to use their card as much as possible if it's a purchase that doesn't qualify for 5% cash back with Discover. Now, I stop using it for a full 10 days after the statement cuts to avoid a high balance reporting.

Meg.

FICO: 03/2015 - TU 768 | EQ 783 | EX 775

FNBO 15,100 | Barclays / Sallie Mae World MC 13,000 | Lowes 10,000 | LOC 9,300 | Amex BCP 7,200 | BOA Platinum+ 6,000 | Amex SPG 5,700 | Achieva CU 5,500 | Discover IT 5,500 | Citi Simplicity 5,200 | Chase CSP 5,000 | Sam's Club 3,000 | Sears 900
Contributor
Posts: 101
Registered: ‎07-30-2010
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Re: Reported Balance Higher Than Statement Balance

I dont know about others but I am looking to lower my DTI ratio on my CC. And I paid substansial amount on one particular CC (Cap One) and they are slow to post this. REALLLY slow. Now I am curious enough to DV a payment. They are kinda pissing me off now. LOL. I know, I know. The moderators have a crappy saying but it's overrated at best (sorry guys). Creditors here want some results that could help us so asking questions and other "techniques" that prompt creditors to move faster are what we look for. Hopefully, I didnt make them mad but you know what I meant by it.



4/5/12 TU-635 Ex-634 Eq-646 (Kroll Fact. Home loan)
9/8/10 TU-654 Ex-627 Eq-638
8/1/10 TU-629 Ex-627 Eq-638


Starting Score: 526
Current Score: 635
Goal Score: 750


Take the FICO Fitness Challenge

Valued Contributor
Posts: 1,671
Registered: ‎05-24-2007
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Re: Reported Balance Higher Than Statement Balance

[ Edited ]

ssghandless wrote:

I dont know about others but I am looking to lower my DTI ratio on my CC. And I paid substansial amount on one particular CC (Cap One) and they are slow to post this. REALLLY slow. Now I am curious enough to DV a payment. They are kinda pissing me off now. LOL. I know, I know. The moderators have a crappy saying but it's overrated at best (sorry guys). Creditors here want some results that could help us so asking questions and other "techniques" that prompt creditors to move faster are what we look for. Hopefully, I didnt make them mad but you know what I meant by it.


Capital One is slower than some, about the same as Chase. They usually take one day after the statement date but it can be two. It seems to be two only if the statement date is on a weekend but I can't be 100% sure about that since it doesn't happen all that often. You can see the delay in their end of month processing by looking at how long it takes for the statement to be available online in PDF format. Once it is available online in pdf, it is forwarded to the CRAs that night.

 

If you are seeing a delay beyond the day, possibly two, then you are likely seeing the delay for the CRAs to update. This is within a few hours for EX but can be several days for EQ and TU.

 

Rarely, you will have a CC fail to update at all for the current cycle. I've seen this mostly with Amex. They miss the report completely about 1 time out of 20-30. Installment lenders are much more erratic, particularly when it comes to updating the final payment.

Established Member
Posts: 17
Registered: ‎05-25-2012
0

Re: Reported Balance Higher Than Statement Balance

Thats not always true, i have a cap one secured card that i have had for 2 months now that hasnt even shown up on my credit report yet.  Also my orchard bank credit card is only showing reporting for may and june, no july or even august yet.

 



Starting Score: 525
Current Score: 678
Goal Score: 720 for now


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