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Trying to understand the 1 reporting a balance, other accounts at zero thing..

Valued Contributor

Trying to understand the 1 reporting a balance, other accounts at zero thing..

My Utilization is always 1-3%, overall. Cards are less than 9%. My scores are close to 800 but everytime I look on a new report I get "10 accounts with a balance." I pif every month on the due day... So how do I get my accounts to show report zero? Pay earlier, chance the due date? And how to others know the date a CCC reports? I can't seem to find that out.

 

Any help would be appreciated. Thank you.

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FICO® 8 Scores 790+
6 REPLIES
Contributor

Re: Trying to understand the 1 reporting a balance, other accounts at zero thing..

The key is to observe the precise date that the statement cuts.

If a card is used, in order to have a zero balance report... the balance must be paid prior to the statement being generated.

So, one can either just not use the card during the cycle; or one can simply use the card earlier in the cycle, and make payments that post prior to the statement being generated.

One strategy is to just rotate cards each month, making sure to use each card within a certain timeframe. Every quarter, or every six months. Most issuers will close cards not used within the year.

Each issuer will have unique expectations for usage, as it relates to maintaining an account in good standing. Naturally, obtaining credit line increases also tends to take usage patterns into consideration.
Message 2 of 7
Valued Contributor

Re: Trying to understand the 1 reporting a balance, other accounts at zero thing..


trusty wrote:
The key is to observe the precise date that the statement cuts.

If a card is used, in order to have a zero balance report... the balance must be paid prior to the statement being generated.

So, one can either just not use the card during the cycle; or one can simply use the card earlier in the cycle, and make payments that post prior to the statement being generated.

One strategy is to just rotate cards each month, making sure to use each card within a certain timeframe. Every quarter, or every six months. Most issuers will close cards not used within the year.

Each issuer will have unique expectations for usage, as it relates to maintaining an account in good standing. Naturally, obtaining credit line increases also tends to take usage patterns into consideration.

Thank you for the response. Understand a bit but the one thing that still confuses me "and make payments that post prior to the statement being generated." How do I know when the statement cuts? Is there a way to find that out. Obviously there is but I'm still lost on it. Thank you.

Amex Green • Amex BCP • Amex HH (Surpass®) • Barclay Rewards • Chase World of Hyatt • Capital One Quicksilver • Discover it • PENFED Platinum Rewards • Marvel MC • Amazon Store • Kohls Store • CL $92,130 • Car Loan (PENFED) 1.99%

FICO® 8 Scores 790+
Message 3 of 7
Valued Contributor

Re: Trying to understand the 1 reporting a balance, other accounts at zero thing..

Log in to each bank website.  Load the past 12 statements from that bank.  Print them out.  Highlight the statement date on each statement.  See if there is a pattern.

 

Do this for every account and make a note.

 

Some banks float their statement date, some are the same every month.

 

Pay off ALL balances reported (old and new) before the next statement date, and don't put any new charges on.

 

I moved all my due dates so I would have $0 on my cards at their statement dates (except for one AZEO card).

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Message 4 of 7
Valued Contributor

Re: Trying to understand the 1 reporting a balance, other accounts at zero thing..


ABCD2199 wrote:

Log in to each bank website.  Load the past 12 statements from that bank.  Print them out.  Highlight the statement date on each statement.  See if there is a pattern.

 

Do this for every account and make a note.

 

Some banks float their statement date, some are the same every month.

 

Pay off ALL balances reported (old and new) before the next statement date, and don't put any new charges on.

 

I moved all my due dates so I would have $0 on my cards at their statement dates (except for one AZEO card).


Thank you. I understand now, I needed some hand holding I guess. Have a nice day.

Amex Green • Amex BCP • Amex HH (Surpass®) • Barclay Rewards • Chase World of Hyatt • Capital One Quicksilver • Discover it • PENFED Platinum Rewards • Marvel MC • Amazon Store • Kohls Store • CL $92,130 • Car Loan (PENFED) 1.99%

FICO® 8 Scores 790+
Message 5 of 7
Valued Contributor

Re: Trying to understand the 1 reporting a balance, other accounts at zero thing..

Trust me, the entire system is bonkers and it is easy to understand why everyone gets confused about it.

 

With modern computers, it makes zero sense for there to be a separate due date and statement date.  But it's all from years ago when banks had to wait for your payment (on the due date) to show up so they could issue a new balance on statement date.

 

We're still stuck in 1956.

FICO8FICO8Visit my posts:
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570TU
559EQ
710EX
701TU
734EQ
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Message 6 of 7
Regular Contributor

Re: Trying to understand the 1 reporting a balance, other accounts at zero thing..

What you will find is that after a statement cuts at zero, the next statement will have no payment due. Sometimes they have a date listed (the normal due date) and an amount of zero due. Other times, they won't have a date at all, it will simply say "No Payment Due". In both of these cases, you can ignore the due date completely and just pay any new charges you make before the next statement cut off date.

Message 7 of 7