topic Re: My first statement cuts today got a question in Credit Cards

My first statement cuts today got a question

icyhot — Tue, 08 Mar 2016 17:13:33 GMT

Currently the balance on my Marriott card is $1303, with a $7 pending charge. I made a payment TODAY for $1300 and I'm anticipating a refund credit of about $50 any day now. BUT I SMd Chase about when my first statement cuts, and it's today. So, will the statement reflect the $1300 balance, or will the payment be posted since technically it was made on the statement close date? Don't want my UTL to take a hit when I just made the payment. It doesn't matter much because I'm not applying for anything any time soon, but its the principle.

Re: My first statement cuts today got a question

Appleman — Tue, 08 Mar 2016 17:20:25 GMT

I think it is likely to show the balance before the payment. It often takes a day for the payment to post.

If you were applying for other credit and needed the points I guess you could ask Chase to update mid-billing cycle. I have never done this and not sure that Chase would update mid-cycle at consumer request.

Re: My first statement cuts today got a question

takeshi74 — Tue, 08 Mar 2016 17:24:07 GMT

Not sure -- it may depends on how quicly the payment posts. Even if it does report high utilization you can get it down next cycle. Don't fret over it.

@Appleman wrote:
I have never done this and not sure that Chase would update mid-cycle at consumer request.

IIRC PIF'ing will cause a midcycle update with Chase. A few bucks more and it could have reported at 0 even if they payment didn't clear in time for the low balance to report.

Re: My first statement cuts today got a question

-Cal- — Tue, 08 Mar 2016 17:29:03 GMT

I can't say that this is guaranteed, but I've noticed a few times that when I pay my Chase bill in full on the morning of when the statement cuts that my statement balance reflects $0. I've been successful with this with payments from Chase checking and external accounts. It seems like the actual statement doesn't cut until the end of the day.

Re: My first statement cuts today got a question

lg8302ch — Tue, 08 Mar 2016 19:07:19 GMT

Don't worry about it because in case it will report with the balance it is only a matter of days. Chase will do a mid cycle reporting once you pay down to 0. If you do not have any other pending charges this should happen when the refund posts.

Re: My first statement cuts today got a question

SouthJamaica — Tue, 08 Mar 2016 22:57:36 GMT

@icyhot wrote:
Currently the balance on my Marriott card is $1303, with a $7 pending charge. I made a payment TODAY for $1300 and I'm anticipating a refund credit of about $50 any day now. BUT I SMd Chase about when my first statement cuts, and it's today. So, will the statement reflect the $1300 balance, or will the payment be posted since technically it was made on the statement close date? Don't want my UTL to take a hit when I just made the payment. It doesn't matter much because I'm not applying for anything any time soon, but its the principle.

If you made the payment online, it will probably be reflected in the balance.

Re: My first statement cuts today got a question

FinStar — Tue, 08 Mar 2016 23:18:41 GMT

@lg8302ch wrote:
Don't worry about it because in case it will report with the balance it is only a matter of days. Chase will do a mid cycle reporting once you pay down to 0. If you do not have any other pending charges this should happen when the refund posts.

Exactly. Chase is pretty good with updating balances to the CRAs once paid to $0. So, you could potentially have a high balance for a bit and then it will update soon afterwards.