Credit Card Company Reporting Dates

[Anonymous]

Hello myFICO,

Great product but it could be better.

I have very good credit but was still dinged because the amount owed on my revolving accounts was too high (your website says that FICO High Achievers owe less than $600, $1200 or use only 7% of total their total credit - all cards combined).

So I set about finding a way to solve the problem and came up with finding out WHEN my credit card companies REPORT to the three bureaus and having my card balances paid down within the above parameters a week before they report.  Wells Fargo for example reports monthly to the bureaus on the statements CLOSING date not the date when the minimum or full amount is due.  Amex reports their Starwood and Gold credit programs on the 22nd of each month.  If I am right, please make this solution easily accessible to other clients.

The main reason for this post is inn order to find out the reporting date for my Amex cards I had to have the identification number that is not my social or account number that Amex gives to the bureaus.  Luckily I had an old report from TransUnion with such a number.  Until myFICO provides that information the service is not as complete as it could be when a client is attempting to learn a few simple tricks to improve their FICO score while still maximizing their rewards card.

Cheers,

(Removed personal information -- please restrain from typing personally identifiable info in your msgs.  -Peas)

Message Edited by WhirledPeasPlease on 12-05-2008 06:17 PM

[haulingthescoreup]

Hi, cfarris, welcome to the forums.

Glad to hear that you worked it out on your own, but this is hardly a secret --it's all over the forums. Do let one report a very small balance, though; most find that their scores are better than if all report $0.

American Express reports right at four weeks after the statement date, reporting the balance that was on the statement. Then a few days later, the next statement drops, and off you go again.

So in effect, if you let a balance report, it will be nearly two months before you get the thing out of your hair. This, along with AmEx's recent and ongoing nervous breakdown, is an excellent reason to PIF these cards several days before the statement is due to drop.

They are good about posting a payment on the statement date and showing it on the statement, if you ever find yourself coming right down to the wire.

[Anonymous]

Thanks htsu about the advice on keeping a small balance instead of 0.  Much appreciated.  It's great to hear that what I found out is hardly a secret on the forums for everyone who visits them.  Unfortunately for the few remaining folks who are like me and rarely participate in online forums it just might remain a secret.  It wouldn't if myFICO included this common sense part of credit cards as part of their service.  Oh well.

[Barry]

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cfarris wrote:
Thanks htsu about the advice on keeping a small balance instead of 0.  Much appreciated.  It's great to hear that what I found out is hardly a secret on the forums for everyone who visits them.  Unfortunately for the few remaining folks who are like me and rarely participate in online forums it just might remain a secret.  It wouldn't if myFICO included this common sense part of credit cards as part of their service.  Oh well.

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Good idea, cfarris! We'll add a version of this to the credit management advice in our Credit Education Center. Thanks!