@Anonymous wrote:Since the CL is only $300 and there was already a $39 charge, I paid iit off right away, immediately after I activated the card --- I did it online, and BoA credits payments on your account the day of payment as long as it's received before midnight. So my thinking is that 1. since I paid the $39 balance, 2. will ostensibly get credit for it on 4/8/15, and 3. the balance is reported to the CRA on or about 4/8/15, the reporting balance *should* be zero. Is this correct?
If you paid and your payment posted before the statement cut, then yes it should report as zero-- THAT IS... on any month following the first month of a new card. That first month is tricky as sometimes it reports before the statement cuts. Then when it cuts it would report again correctly. Try not to be as OCD as me about reporting unless of course you're apping for a mortage or something crazy like that. Just keep PIF and reap the rewards of a growing score over time. 
@kroberts67 wrote:
@Anonymous wrote:Since the CL is only $300 and there was already a $39 charge, I paid iit off right away, immediately after I activated the card --- I did it online, and BoA credits payments on your account the day of payment as long as it's received before midnight. So my thinking is that 1. since I paid the $39 balance, 2. will ostensibly get credit for it on 4/8/15, and 3. the balance is reported to the CRA on or about 4/8/15, the reporting balance *should* be zero. Is this correct?
If you paid and your payment posted before the statement cut, then yes it should report as zero-- THAT IS... on any month following the first month of a new card. That first month is tricky as sometimes it reports before the statement cuts. Then when it cuts it would report again correctly. Try not to be as OCD as me about reporting unless of course you're apping for a mortage or something crazy like that. Just keep PIF and reap the rewards of a growing score over time.
Actually, this is all moot because I just got an email from BoA telling me that before I can authorize my checking account to be linked with the CC and pay the $39 fee, they're doing that "within two or three days, we will make two microdeposits to verify account ownership" thing. This is coming 24 hours after their system allowed me think that my payment went through. I had a really bad feeling when I applied for this and should have listened to it.
@Anonymous wrote:
@kroberts67 wrote:
@Anonymous wrote:Since the CL is only $300 and there was already a $39 charge, I paid iit off right away, immediately after I activated the card --- I did it online, and BoA credits payments on your account the day of payment as long as it's received before midnight. So my thinking is that 1. since I paid the $39 balance, 2. will ostensibly get credit for it on 4/8/15, and 3. the balance is reported to the CRA on or about 4/8/15, the reporting balance *should* be zero. Is this correct?
If you paid and your payment posted before the statement cut, then yes it should report as zero-- THAT IS... on any month following the first month of a new card. That first month is tricky as sometimes it reports before the statement cuts. Then when it cuts it would report again correctly. Try not to be as OCD as me about reporting unless of course you're apping for a mortage or something crazy like that. Just keep PIF and reap the rewards of a growing score over time.
Actually, this is all moot because I just got an email from BoA telling me that before I can authorize my checking account to be linked with the CC and pay the $39 fee, they're doing that "within two or three days, we will make two microdeposits to verify account ownership" thing. This is coming 24 hours after their system allowed me think that my payment went through. I had a really bad feeling when I applied for this and should have listened to it.
Don't worry about the microdeposit thing. I was able to pay my first statement with an "unverified" checking account, prior to doing anything about the microdeposits. The payment did go through. If you'd try to use that checking account a SECOND time, however, after they do the microdeposits, that's when they won't let you, and it will clearly state that on the payment account screen. Be sure to verify those deposits, because if you don't, they will lock out that account from making payments unless you call customer service to unlock it. Bottom line, your payment almost certainly went through.
Thanks, that's good to know. But yout gotta love the robustness of a system that clears an initial payment through an unverified account, but won't let a second charge go through without verification. A banking system run by Kafka.
@Anonymous wrote:
@Anonymous wrote:
@kroberts67 wrote:
@Anonymous wrote:Since the CL is only $300 and there was already a $39 charge, I paid iit off right away, immediately after I activated the card --- I did it online, and BoA credits payments on your account the day of payment as long as it's received before midnight. So my thinking is that 1. since I paid the $39 balance, 2. will ostensibly get credit for it on 4/8/15, and 3. the balance is reported to the CRA on or about 4/8/15, the reporting balance *should* be zero. Is this correct?
If you paid and your payment posted before the statement cut, then yes it should report as zero-- THAT IS... on any month following the first month of a new card. That first month is tricky as sometimes it reports before the statement cuts. Then when it cuts it would report again correctly. Try not to be as OCD as me about reporting unless of course you're apping for a mortage or something crazy like that. Just keep PIF and reap the rewards of a growing score over time.
Actually, this is all moot because I just got an email from BoA telling me that before I can authorize my checking account to be linked with the CC and pay the $39 fee, they're doing that "within two or three days, we will make two microdeposits to verify account ownership" thing. This is coming 24 hours after their system allowed me think that my payment went through. I had a really bad feeling when I applied for this and should have listened to it.
Don't worry about the microdeposit thing. I was able to pay my first statement with an "unverified" checking account, prior to doing anything about the microdeposits. The payment did go through. If you'd try to use that checking account a SECOND time, however, after they do the microdeposits, that's when they won't let you, and it will clearly state that on the payment account screen. Be sure to verify those deposits, because if you don't, they will lock out that account from making payments unless you call customer service to unlock it. Bottom line, your payment almost certainly went through.