topic Re: CFU statement cut & requested new due date in Credit Cards

CFU statement cut & requested new due date

Anonymous — Mon, 28 Oct 2019 17:57:44 GMT

I have a Chase Freedom Unlimited that, on the 24th, had its 3rd statement close. Well, it was supposed to anyway. As of today, the 28th, the website still shows all transactions ("activity since last statement") since the 9/24 statement, including a new one that I made on the 26th. It also still shows my "next payment due" on 10/21 (though with a $0 amount due since I made the payment), and "next closing date" of October 24.

I know it can take a few days for the statement itself to be produced, but shouldn't the website have reflected the statement close and the new cycle? I paid it down to a specific balance I wanted reported and now, if it closes late, the charge on the 26th might report. I also thought it was because of the weekend, but the 24th was a Thursday. It should have turned over to a new statement period on the 25th.

The other added variable was, a couple weeks ago I put in a request to change the due date to the 1st of the month (from the 21st). I haven't seen any indication that this has been processed, but maybe this delay in statement close is related to this? Has anyone else requested a new due date from Chase, and how did it progress, and how did it affect statement closes in the interim?

Thanks...

Re: CFU statement cut & requested new due date

Anonymous — Mon, 28 Oct 2019 18:08:26 GMT

Asking for the change to the 1st is probably the stem of your whole post resulting in a longer than normal period.

Now, if the balance they report isn't what you want then all you have to is pay to $0 and give them 2-3 days to refresh what they reported and problem solved.

Is there a specific reason for reporting the balance on this card? Are you trying to max your points for a big app?

Re: CFU statement cut & requested new due date

Anonymous — Mon, 28 Oct 2019 18:13:14 GMT

@Anonymous wrote:
Is there a specific reason for reporting the balance on this card? Are you trying to max your points for a big app?

I'm on the 0% intro period and am carrying a balance, so this is my current "non-zero" AZEO card, and I'm trying to get reported utilization down. My scores are in the roller coaster period after a couple apps in July so I'm trying to stabilize things as much as I can as I garden. No apps planned currently.

Assuming you're correct and the delay is due to the new requested due date, I'll probably see a statement close and report a few days after 11/1. It would be nice if the website would reflect this by showing the new statement close date instead of 10/24, but anyway. I can always pay down any new charges I make around 11/1 to get my reported utilization where I want (and maybe toss in some extra if I can spare it).

Re: CFU statement cut & requested new due date

Anonymous — Mon, 28 Oct 2019 18:22:49 GMT

Hmm... ok... so this is 0% into + you're adding charges to it but, trying to bring your %'s down.

When you say it out loud does it make sense?

If that were the case with me I wouldn't be using the card for additional charges while trying to bring down your UTIL numbers. If I'm reading this correctly this is your only card with a balance then and it must be somewhat significant. If you could pull back the curtain to expose the overall view of your cards / usage it might help others that come across this thread later on and help provide a better response now.

Scores are only important when you're getting ready to app for something again so long as they're not droping to the floor between apps due to the changes. So, in your signature your TCL is ~$8K?? 3 cards? and avg scores of 750's?

Maybe you're just over thinking it?

Re: CFU statement cut & requested new due date

Anonymous — Mon, 28 Oct 2019 18:43:24 GMT

It's all planned (cue Dr. Evil voice). In addition to having the intro 0% period there is also 3% cash back (instead of 1.5%) for the 1st year, so there's incentive to use this card for the rewards. I have it all set up in an Excel sheet where I take every charge and decide whether to apply it toward the 0% balance or pay the charge in full each month, and the spreadsheet calculates the amount I need to pay on the carried balance plus the amount of all charges I'm not going to carry. I made some larger purchases in August and September which I'm carrying the balance for, and the more everyday things I PIF. So, it's the best of both worlds... I pay down a carried balance and I also use the card everyday and pay those charges in full. Since it's 0% it doesn't matter interest wise as long as I keep paying it down.

The CFU is also my highest limit card... my other 2 are quite a bit less, so between that and the 0% period it makes sense at this point to let those other 2 cards report zero (I use these cards for things that reward well and PIF before statement cut).

The reported balance on the CFU in September was over 28.9% so I made sure to pay it down to below that this month in anticipation of the next statement cut, which is delayed now. No problem though... I'll just make an 11/1 payment instead of the 11/21 payment I would have made if I hadn't requested a new due date.

Re: CFU statement cut & requested new due date

Anonymous — Mon, 28 Oct 2019 18:52:30 GMT

That makes a whole lot more sense but, 28.9% isnt' the greatest but, it's manageable to keep control of.

As long as you have a plan to pay it all off before they kick in the normal APR you should be fine and it ticks the boxes for generating activity with the payments. 3% for the first year is a decent deal as the only other option is Disco Miles which is uncapped vs the 20K cap on CFU.

Re: CFU statement cut & requested new due date

Anonymous — Mon, 28 Oct 2019 19:13:23 GMT

As for overthinking things, when one is broke it's pretty much a necessity to micro manage things.

I could PIF this card by yanking some savings but I'm trying to build up the savings for emergencies (divorce is VERY expensive), so I'm taking advantage of the 0% in this way. And with only 3 cards with small to moderate limits utilization causes some crazy score swings. Things will stabilize over time as I pay down the CFU and (slowly) build up my nest egg again.

To boost rewards I'm paying some bills with it and then PIFing those charges (since they would have just come out of checking anyway, might as well earn that 3%). At my spend level I will never reach the $20K cap.

The spreadsheet I created handles things nicely. I put in the updated balance as I make charges, and it calculates my next payment for me, by treating the "carried" balance as separate from the new charges that I PIF. I have it set up to have the card hit a zero balance a month or two before the 0% runs out. Barring something catastrophic, I shouldn't have a pay a dime of interest... and I may earn a dime on my savings in the meantime.

Re: CFU statement cut & requested new due date

Anonymous — Mon, 28 Oct 2019 19:14:54 GMT

Cash is king when it comes down to it. Having a good chunk of change in the bank is worth more than dealing with credit scoring. Both help but, having a net to fall into is more valuable.

Never pay cash if you can get paid to use a card! The only use my debit card gets is Amazon reloads for the requirements of 15 debits/mo to get 2.5% APY on the cash in the bank.

Re: CFU statement cut & requested new due date

Anonymous — Mon, 28 Oct 2019 19:30:06 GMT

@Anonymous wrote:
Never pay cash if you can get paid to use a card! The only use my debit card gets is Amazon reloads for the requirements of 15 debits/mo to get 2.5% APY on the cash in the bank.

My CU has a checking account like that... earns 2+% APY on up to $10K but you have to do certain things such as direct deposit, log in to the website monthly, and the catch... do $500/month of debit card transactions. I call it the fraudster's special... lol. Let's just incentivize people to put their money into an account with easy debit card access and then make them use it where it can get skimmed/stolen/hacked.

No thanks... I'll stick with my 0% checking and my rewards credit cards.

One of my 3 CCs has a $500 limit and it's the only card I'll use in gas pumps. If it gets skimmed, they won't get very far with it. Bwahaha...

Re: CFU statement cut & requested new due date

Anonymous — Mon, 28 Oct 2019 19:45:44 GMT

Mine is 15 x $5 debits and a bill pay. 2.5% up to 50K.

They're all on the same premise of x/y/z requirements but, digging deeper yields less restrictions.

I bank the $75/mo into Amazon reloads, card never leaves the house, and get paid plenty in interest.

Re: CFU statement cut & requested new due date

Anonymous — Mon, 28 Oct 2019 19:55:57 GMT

@Anonymous wrote:
Mine is 15 x $5 debits and a bill pay. 2.5% up to 50K.

They're all on the same premise of x/y/z requirements but, digging deeper yields less restrictions.

I bank the $75/mo into Amazon reloads, card never leaves the house, and get paid plenty in interest.

That's a much better deal than mine. $500/month is a lot especially for me. Certainly more than I spend on Amazon most months (I do have the Chase Amazon Prime Visa for 5% CB there).

As long as Amazon's card database doesn't get hacked you should be good.

Re: CFU statement cut & requested new due date

Anonymous — Mon, 28 Oct 2019 20:11:53 GMT

Yeah, since I stopped taking it out in the wild though it hasn't needed to be replaced. When I was carrying it to hit those 15 swipes it was replaced no less than 3 times.

Amazon with their resources probably can mitigate things quite a bit. If they were to expose data though they would plummet in stock price which is all the more incentive to invest in security to prevent that and they're pretty good at what they do besides hawking items for sale.

Re: CFU statement cut & requested new due date

Anonymous — Tue, 29 Oct 2019 12:16:52 GMT

Just submitted a payment to hit around 11/1, covering my new charges made since my last payment plus my November share of paying down the carried balance. I can spin this to my advantage, by having it report an even lower balance than it would have if it had reported on the "original" date.

Re: CFU statement cut & requested new due date

Anonymous — Tue, 05 Nov 2019 10:49:27 GMT

Looks like the statement finally cut, and now it's showing my next due date as 12/1.

Should see lower cranberry reporting soon. We'll see what it does to my roller coaster scores.

Re: CFU statement cut & requested new due date

CreditInspired — Tue, 05 Nov 2019 12:37:08 GMT

OP

I suggest calling Chase and getting it from the horse’s mouth. Just ask Chase your new statement cut date—no sense in guessing.

Re: CFU statement cut & requested new due date

K-in-Boston — Tue, 05 Nov 2019 14:55:13 GMT

Sorry that I didn’t see this thread earlier. Yes, when you change Chase due dates they will extend your statement period out however many days to accommodate the date change rather than having a short cycle. So that it’s not abused there is a limit on how often you can change your due dates. When I got my Freedom Unlimited earlier this year I changed it so that it cuts the same day as my CSR and Freedom and think I had a 7 week statement period!

On both the app and website it is very easy to find your next statement closing date.