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!
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.
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.
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.