topic Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance? in Credit Cards

QUICK!! Does US Bank report CURRENT or STATEMENT balance?

racer-x — Mon, 26 Jan 2015 20:09:44 GMT

I need to know ASAP if US Bank reports current balances or statement balances?

I know they report at the end of the month. A supervisor in UW had to ask somebody else 'cause she didn't know.

She came back and told me they report the current balance....for some reason, she sounded uncertain when I asked AGAIN, if it was the CURRENT STATEMENT BALANCE or the CURRENT BALANCE that is on the account 2 secs before it is sent to the CRA's.

Anybody?, thank you!!!

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

Anonymous — Mon, 26 Jan 2015 20:12:42 GMT

They report the current balance, not statement balance.

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

racer-x — Mon, 26 Jan 2015 20:16:21 GMT

Longtime - Positive? I'm about to be done with this PLOC.

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

Anonymous — Mon, 26 Jan 2015 20:20:39 GMT

US Bank reports my statement balance, but does so on the last business day of the month. (My statement closes on the 13th). So its over half the month from close to report

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

gmason — Mon, 26 Jan 2015 20:29:39 GMT

In my household, I have a Cash+ and DW has a Cash Rewards (old Sierra Trading Post card). I always let the statement cut with a balance (if we've used the cards) and then pay to 0 before end of the month, and I always show 0 balance on the credit reports. As far as I can tell, US Bank uses whatever your balance is on the last day of the month.

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

Anonymous — Mon, 26 Jan 2015 20:33:03 GMT

+1. They report current balance on the last day of the month. One of the few banks that does not report statement balance

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

racer-x — Mon, 26 Jan 2015 20:38:12 GMT

Wow, UW just called me back, the same one that I felt was uncertain about the info she gave me.

She made some more calls and came back with this....

US BANK REPORTS TO THE CRA'S THE HIGHEST BALANCE DURING THE CREDIT/MONTHLY CYCLE ON THE 1ST FRIDAY OF THE MONTH.

I told her if that's the case, then the only way to get a $0 balance on an account would be to NOT USE the card for a month. She said, uh yeah, I guess that's right.

That cannot be right. She is going to call me back if she finds anymore conflicting information.

Could this be a new 2015 policy, and since it's the lst month of the year, nobody has seen this happen yet?

Is this question really that hard even for a supervisor in UW that deals with the PLOC accounts specifically? wowowowowowowowowowowowow

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

Anonymous — Mon, 26 Jan 2015 20:38:28 GMT

I just checked some old statements and CRs and it is definitely not reporting statement balance.

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

gmason — Mon, 26 Jan 2015 20:42:54 GMT

We just went through the mortgage process last September and I watched US Bank balances on the CRs like a hawk. We used the Cash+ like crazy for restaurants and paid by end of the month and showed 0 every month last year on the credit reports. In some ways, US Bank was the easiest card for me to keep clear on the CRs since we just didn't charge restaurants after the 20th of the month (or thereabouts) each month. I monitored reports almost daily (as needed) through EIDT for most of last year. Mortgage process was a breeze since I knew exactly what was on my CRs at all times. (Thanks myfico forums for some badly needed education).

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

Anonymous — Mon, 26 Jan 2015 20:44:00 GMT

@Anonymous wrote:
I just checked some old statements and CRs and it is definitely not reporting statement balance.

I did the same, and mine is showing statement balance, but mine is a HD secured. They also show the total of my payments for the month on my report. They are the only company that does that on my reports. So perhaps it is different by product?

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

racer-x — Mon, 26 Jan 2015 20:52:59 GMT

But what do yas think about her telling me this....

US BANK REPORTS TO THE CRA'S THE HIGHEST BALANCE DURING THE CREDIT/MONTHLY CYCLE ON THE 1ST FRIDAY OF THE MONTH.

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

Anonymous — Mon, 26 Jan 2015 20:57:17 GMT

My CR doesn't show any balance higher than 18 bucks for US Bank, and I put a 1200 dollar car repair on my card in November. It does show that I made 1600dollars worth of payments however.

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

racer-x — Mon, 26 Jan 2015 21:07:53 GMT

Holy Jeebus....just got off the phone with ANOTHER manager.

They told me what most of you are saying and what I believed....THE BALANCE OF THE ACCOUNT ON THE LAST BUSINESS DAY OF THE MONTH, WILL BE REPORTED TO THE CRA'S DURING THE 1ST WEEK OF THE FOLLOWING MONTH.

All in favor, say AYE.

Everybody else who don't give a damn, say NAY. lol

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

Involver — Mon, 26 Jan 2015 21:09:08 GMT

They report whatever balance you are carrying at month's end. It has nothing to do with your statement balance.

At least this is the case for unsecured revolvers.

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

Anonymous — Mon, 26 Jan 2015 21:15:30 GMT

@Involver wrote:
They report whatever balance you are carrying at month's end. It has nothing to do with your statement balance.

At least this is the case for unsecured revolvers

I believe you have your correct answer. I only have experience with their secured card, so you have 5 days to make your balance look like whatever you want it to look like.

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

racer-x — Mon, 26 Jan 2015 21:27:43 GMT

I just can't believe that the lady gave me a HP today, denied my request to reinstate any of my previous CL, and then told me they report the highest balance during the billing cycle even if you have a $0 balance on the last day of the month. WT H.

I got the wrong UW for sure.

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

thelethargicage — Mon, 26 Jan 2015 22:05:36 GMT

@racer-x wrote:
I need to know ASAP if US Bank reports current balances or statement balances?

I know they report at the end of the month. A supervisor in UW had to ask somebody else 'cause she didn't know.

She came back and told me they report the current balance....for some reason, she sounded uncertain when I asked AGAIN, if it was the CURRENT STATEMENT BALANCE or the CURRENT BALANCE that is on the account 2 secs before it is sent to the CRA's.

Anybody?, thank you!!!

They report whatever the balance is on the last business day of the month!

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

Anonymous — Mon, 26 Jan 2015 22:24:34 GMT

@racer-x wrote:
I just can't believe that the lady gave me a HP today, denied my request to reinstate any of my previous CL, and then told me they report the highest balance during the billing cycle even if you have a $0 balance on the last day of the month. WT H.

I got the wrong UW for sure.

To be fair, knowing when the cad reports isn't really part of the UW job. If people aren't micromanaging utilization, it sort of doesn't matter, in high spend months it will probably eport high (more or less, depeing when the spending was in the month) and in low months low.

But yes, it would be good if they didn't actually give false information!

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

core — Tue, 27 Jan 2015 00:28:42 GMT

Charge $1.00,

and wait for the bill.

Then you will get

a heckuva thrill.

As has been stated they don't report statement nor highest balance. If your statement closing date is near the beginning of the month you've got a limited window.

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

Anonymous — Tue, 27 Jan 2015 00:24:51 GMT

@racer-x wrote:
I need to know ASAP if US Bank reports current balances or statement balances?

I know they report at the end of the month. A supervisor in UW had to ask somebody else 'cause she didn't know.

She came back and told me they report the current balance....for some reason, she sounded uncertain when I asked AGAIN, if it was the CURRENT STATEMENT BALANCE or the CURRENT BALANCE that is on the account 2 secs before it is sent to the CRA's.

Anybody?, thank you!!!

For my accounts, US Bank reports to the credit bureaus whatever is on their books the last business day of the month and it is no correlation to whatever is showing on my monthly statements.