topic Re: Scores Just got whacked!!! Can someone please explain statement date vs due date? in Credit Cards

Scores Just got whacked!!! Can someone please explain statement date vs due date?

gmac11 — Thu, 12 Sep 2013 17:10:11 GMT

Scores just took a deep dive. Average 50+ per CRA

I just received 2 new cards Barclays $500 and WalMart $700

So from what I read here at the forum and went out and charged Barclays $450 and WalMart $ 600 with plans on paying in full to show can use and pay.

However looks like my 1st statements came and these high utilizations reported to the bureau and was I bummed. I new I'd take a hit for the new account but though if paid before the due date I would be alright?

Guess reporting goes off statement date rather than due date

Re: Scores Just got whacked!!! Can someone please explain statement date vs due date?

09Lexie — Thu, 12 Sep 2013 17:16:58 GMT

Yes, the amount reported to CRAs -for most lenders- is based on the amount posted to your statement. If you want to correct the problem for next month (remember FICO doesn't have a memory) pay your balance before the statement date

Re: Scores Just got whacked!!! Can someone please explain statement date vs due date?

gmac11 — Thu, 12 Sep 2013 17:35:01 GMT

Thanks Lexie

Can I assume if the statement was cut the 8th that the 8th will always be statement date by which the report?

Re: Scores Just got whacked!!! Can someone please explain statement date vs due date?

KeithW — Thu, 12 Sep 2013 17:40:25 GMT

Most likely. I have had mine vary by a day or two though. So my advice would be to pay it 3 or 4 days ahead of the date it reported last month just to be safe.

Re: Scores Just got whacked!!! Can someone please explain statement date vs due date?

09Lexie — Thu, 12 Sep 2013 17:43:13 GMT

+1

And if we are talking about Walmart, they have a tendency of delayed posting of purchases for a few days. I wouldn't use the card for a week prior to the statement cut off.

Re: Scores Just got whacked!!! Can someone please explain statement date vs due date?

FinStar — Thu, 12 Sep 2013 17:44:41 GMT

@KeithW wrote:
Most likely. I have had mine vary by a day or two though. So my advice would be to pay it 3 or 4 days ahead of the date it reported last month just to be safe.

Some lenders generate a statement cycle on the same date every month while others have a 3-7 day leeway.

Re: Scores Just got whacked!!! Can someone please explain statement date vs due date?

myjourney — Thu, 12 Sep 2013 18:05:11 GMT

With Lexie and keith ways to approach this you won't have any more problems if you follow their advice

Re: Scores Just got whacked!!! Can someone please explain statement date vs due date?

Swapmeet — Thu, 12 Sep 2013 18:11:44 GMT

@09Lexie wrote:
+1

And if we are talking about Walmart, they have a tendency of delayed posting of purchases for a few days. I wouldn't use the card for a week prior to the statement cut off.

Me too....at least a week on Walmart, because they are famous for reporting a balance way after it was paid in full.... I rarely use the card now because of this--and no rewards. I do enjoy the free fico though....lol. they don't often approve my cli requests though.

Re: Scores Just got whacked!!! Can someone please explain statement date vs due date?

gmac11 — Thu, 12 Sep 2013 18:17:01 GMT

Thanks to all for the advice..

Does charging to 90% and paying off in full BEFORE THE STATEMENT DATE help with CLI's in the future?

Re: Scores Just got whacked!!! Can someone please explain statement date vs due date?

FinStar — Thu, 12 Sep 2013 18:29:58 GMT

@gmac11 wrote:
Thanks to all for the advice..

Does charging to 90% and paying off in full BEFORE THE STATEMENT DATE help with CLI's in the future?

Usage plays a big part with some lenders, some tend to peform SPs/(ARs) to provide an overall assessment and determine whether your accounts are elegible for an auto-CLI. Barclays can be odd with auto-CLI frequency, there is no right or wrong as far as utilization just make sure not to exceed your CL. Walmart can have some flexibility if you request a CLI (infamous love button or Credit Solutions as other have used) after your 4th statement.