topic Re: Reported High Balance Question in Credit Cards

Reported High Balance Question

masscredit — Fri, 29 Aug 2014 16:11:02 GMT

When our credit reports show a high balance, is it the high balance when a statement closes or the high balance at anytime and it didn't matter if the card was PIF before the statement closed?

Re: Reported High Balance Question

taxi818 — Fri, 29 Aug 2014 16:14:51 GMT

The high balance has nothing to do with when the statement closed or if you paid in full. It means what it says. The highest amount you ever used on the credit card and left the balance. So if you had 500 card. Used 499 of it. It will show. But. As you limit grows. It will not appear you maxed out card.

Re: Reported High Balance Question

masscredit — Fri, 29 Aug 2014 16:20:26 GMT

So it doesn't matter if you run that card up to $499. then pay it off before the statement closes at $0.00? It will still show a high balance of $499.

Re: Reported High Balance Question

Dw4250 — Fri, 29 Aug 2014 16:25:16 GMT

Yes that's correct.

Re: Reported High Balance Question

MidnightJester — Fri, 29 Aug 2014 16:29:41 GMT

THe High Balance is the higest you have let a statement cut. If you PIF before statement cuts they neve know you used the card to that balance. I have put 7K on my discover in a month and paid down to 3K at statement cut and it showes the 3k and the high balance.

Re: Reported High Balance Question

taxi818 — Fri, 29 Aug 2014 16:30:35 GMT

I had 300 card before. I used 268. Which could mean I maxed it out. Even I paid in full. When they gave me increase to 2 k. It still says high balance 268. That's the most I ever used at 1 time.

Re: Reported High Balance Question

sean23 — Fri, 29 Aug 2014 17:55:00 GMT

I thought it was only what you let report at statement closing, but Capital One Quicksilver One proved me wrong this month. I have never let the card cut withmore than 300 dollars. I will run the card up and pay it down periodically through out the month. This month I again made sure that the card was reporting at $0 Balance when statement cut, but my high balance was changed to reflect 753 dollars when the card reported- despite the fact that balance closed at $0 and I have been $0'ing it out for the past 2 months.

Re: Reported High Balance Question

MidnightJester — Fri, 29 Aug 2014 18:10:25 GMT

Seems mostly statement cut but YMMV. I wonder if capital one just mid cycyle reported your balance which would def set your high balance to its new level. I think if your card dosent midcycle report it wont set high balance until statement cut

Re: Reported High Balance Question

sean23 — Fri, 29 Aug 2014 18:40:53 GMT

@MidnightJester wrote:
Seems mostly statement cut but YMMV. I wonder if capital one just mid cycyle reported your balance which would def set your high balance to its new level. I think if your card dosent midcycle report it wont set high balance until statement cut

I thought that might be the case, but I update daily and Cap1 didnt show up on report until 2 days after statement cut and "Date Reported" lists the day after statement closing. The tradeline never updated until after the statement had closed.

Re: Reported High Balance Question

masscredit — Fri, 29 Aug 2014 18:42:35 GMT

So if it is the high balance when the statement cut, I wonder if it's benefical for me to alternate letting a balance post on different cards once in awhile. If not, lenders might look and think that I have credit, never use it and don't need anymore. Plus it will show that I use it and pay it off.

Re: Reported High Balance Question

Anonymous — Fri, 29 Aug 2014 18:45:03 GMT

@masscredit wrote:
So it doesn't matter if you run that card up to $499. then pay it off before the statement closes at $0.00? It will still show a high balance of $499.

Most time yes, but from my own experience, it really depends on the issuer. At least Citi doesn't report the highest REAL-TIME balance but uses the highest STATEMENT BALANCE for High Balance instead. I once extensively used my Citi Forward card last Thanksgiving and I believe the highest balance almost reached the CL, and yet it's not reflected in the High Balance on my credit report.

HOWEVER, Barclay, BoA and Chase DO record and report the highest REAL-TIME balance. That being said, I'm skeptical if there will be any impact on credit scores brought by the High Balance, since the official FICO algorithm does not seem to take High Balance into account; maybe the credit underwriter might have a different view, but we never know.