Credit One Bank and Orchard (HSBC) reporting questions HELP

reereetx — Wed, 16 Dec 2009 16:29:30 GMT

Hello

I have 2 credit cards that I've had for a couple of years and have kept in good standing (paying on time, no lates). However, I have usually always carried a high balance, never really understanding how high util affected my score also. Luckily I have discovered this site in my efforts to raise my FICO. I finally after paying off a lot of my other debts and personal loans, I have money to pay off my balances on my 2 cards. My Credit One limit was just raised from $200 to $275 a couple of months ago (out of the goodness of their hearts I guess). I wasn't expecting that since I had a high balance. I was once told they would not give me a cli until I paid in full. I was also told the same thing about Orchard. With them I have a $300 limit and have never been given a cli. Anyways, I actually did go a hair over my limit with Credit One which has the billing period ending on the 15th of the month. I have already set my payment up to pay in full on Friday when I get paid. Does anyone know when they report to the Credit Bureaus? Is it on the statement date? If so I guess I'm screwed this month since they would have reported my high balance.

With Orchard it seems like they report on the end of the month and I believe I have read that the "30th" is their "magic" day so to speak. I also plan on paying them in full this Friday. I'm hoping to do 2 things. 1) Hopefully get a CLI (at least with 1 of the cards) AND 2) Increase my FICO with a lower util.

Any advice on if this is a good plan of action? I'm hoping to not really need to use the cards if possible until January when we will be doing some travelling. Hopefully if I do need to utilize the cards, I can PIF BEFORE they report. I'm just trying to find some answers especially with Credit One as to when they report. Thanks for reading my jibberish and providing any thoughts!

I currently have an EQ of 629 (up from 543 just 6 months ago) 86 points YEEHAW!

Also as a side note and just a general FYI-I was approved for $300 Reward Zone MC the other day!

topic Credit One Bank and Orchard (HSBC) reporting questions HELP in Credit Cards

Credit One Bank and Orchard (HSBC) reporting questions HELP