topic Re: Discover It Secured Card Statement Question in Credit Cards

Discover It Secured Card Statement Question

Anonymous — Mon, 15 Mar 2021 15:10:11 GMT

Hello, as the title suggests, I have a question about Discover It Secured Card's statement and when they report your utilization to the credit bureaus.

My "minimum payment date" is April 8, 2021. Would I show 1% utilization for the entire 24 hours of April 8th to report a 1% utilization to the credit bureaus?

Thank you in advance!

Re: Discover It Secured Card Statement Question

AnimatorProcrastinator — Tue, 16 Mar 2021 05:59:34 GMT

I think it's more so related to your statement Closing date, not your minimum payment date. So you would need to be at 1% util all 24 hours of your statement closing date for Discover to report the desired usage.

Re: Discover It Secured Card Statement Question

Anonymous — Tue, 16 Mar 2021 20:00:55 GMT

@AnimatorProcrastinator wrote:
I think it's more so related to your statement Closing date, not your minimum payment date. So you would need to be at 1% util all 24 hours of your statement closing date for Discover to report the desired usage.

Okay, thank you!

I just got the card and I'm fairly new to understanding credit but if my last statement ended on the 13th of March, then my next statement and the day I should I should show 1% utilization would be April 13th right?

Re: Discover It Secured Card Statement Question

Remedios — Tue, 16 Mar 2021 21:40:48 GMT

@Anonymous wrote:
@AnimatorProcrastinator wrote:
I think it's more so related to your statement Closing date, not your minimum payment date. So you would need to be at 1% util all 24 hours of your statement closing date for Discover to report the desired usage.
Okay, thank you!

I just got the card and I'm fairly new to understanding credit but if my last statement ended on the 13th of March, then my next statement and the day I should I should show 1% utilization would be April 13th right?

Discover will report statement balance, so whatever is present on the closing day (13th for you), is what will be reported to CRAs

Re: Discover It Secured Card Statement Question

HeavenOhio — Tue, 16 Mar 2021 22:45:25 GMT

@Anonymous, make sure your closing date is the same from month to month. With Discover, I think it would be. That isn't the case with every bank, though.

As mentioned, Discover reports the statement balance on or soon after the statement date. You can expect the updated balance to show up on your credit reports a few days after the statement cuts.

A small handful of cards report something other than the statement balance. As you acquire more cards, you'll want to double-check just in case they deviate from the norm.