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Established Member
Posts: 16
Registered: ‎10-04-2012
0

Intro and CC statement question

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!

Starting Myfico Scores: 574/571 (9/2012)
Current MyFico Score: 625 (10/22/2012)
Goal: 640 mid score for home purchase by October 2013

App free since 10/23/2012




In the garden until 9/2013!
Credit 1 $300/ Cap1 $500/ Cap 1 Rewards $1000


New Contributor
Posts: 70
Registered: ‎11-05-2011
0

Re: Intro and CC statement question

For me my 1 of my CC's is due by the 25th but it doesn't report to credit bureau until the 2nd. For another its due on the 1st and then reports on the 8th.

What I did was just waited a few weeks to check for a pattern. Now I know I have to PIF by due date, then PIF again before the report date.

Starting Score: 560 on 11/1/11
Current Score: 578 on 10/04/12
Goal Score: 650 for starters

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Valued Member
Posts: 36
Registered: ‎06-23-2007
0

Re: Intro and CC statement question

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.


Starting Score: 624
Current Score: 691
Goal Score: 750+


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Established Member
Posts: 16
Registered: ‎10-04-2012
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Re: Intro and CC statement question

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.

Starting Myfico Scores: 574/571 (9/2012)
Current MyFico Score: 625 (10/22/2012)
Goal: 640 mid score for home purchase by October 2013

App free since 10/23/2012




In the garden until 9/2013!
Credit 1 $300/ Cap1 $500/ Cap 1 Rewards $1000


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Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Intro and CC statement question

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. 

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