Credit Card Center Advertiser Disclosure†
10-04-2012 02:27 PM
Hello all! I have been lurking around the boards for a few weeks and gaining alot of knowledge! My question is about when to pay my CC so that it does not report a balance to the credit bureau. I have read that you need to pay before the statement "cut date"? Is this the same date that the statement is posted? Or another date before that? Thanks for any advice!
10-04-2012 02:48 PM
10-04-2012 03:17 PM
I have found that my due date is about two to three days before my new statement cut date. As long as I pay off my balance the day before my statement date, it will show a zero balance when it reports to the credit bureaus. Even if I can't payoff the card until the day before the statement date, I make sure to pay the minimum payment by the due date to avoid any extra fees. With my experience, the credit cards report the last statement balance to the credit bureaus. I assume that it will vary based on which card(s) you have.
I hope that this is helpful to you.
10-04-2012 03:25 PM
Thanks to you both, I just looked at it it seems liek my due date is the 15th and statement date is the 18th, So I'll PIF on the 15th.
10-04-2012 04:26 PM
Ditto to everyone. CCs typically report the balance oyu had on the statement date and will often report that 2-3-4 days following the statement date. YMMV on the CC of course. So, if you want $0 to report, make sure it says $0 before the statement date. Sometimes you might need to push an extra payment through your bank's billpay service. Some CCs will add interest that had been accrued prior to the statement date and will only show that on the statement date when it's too late to get your CC to $0. YMMV on the CC of course.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.