topic Re: When cards report in General Credit Topics

When cards report

aesl1982 — Thu, 05 Sep 2019 01:36:41 GMT

So I have four credit cards. Trying to figure out the reporting dates or trying to figure out what they will report. For example my cap one cards. The payment is due on the 7th. So if I pay them down to $5 on the 6th. Will they report the $5 balance?

Re: When cards report

kdm31091 — Thu, 05 Sep 2019 01:43:23 GMT

@aesl1982 wrote:
So I have four credit cards. Trying to figure out the reporting dates or trying to figure out what they will report. For example my cap one cards. The payment is due on the 7th. So if I pay them down to $5 on the 6th. Will they report the $5 balance?

If you are trying to control what appears on your credit report I would not necessarily cut it as close as one day. If the payment is not fully processed, the lower balance may not report. To be safe I'd allow 2-3 days.

Also my usual disclaimer here -- unless your utilization is very high and you're making a payment to drop it substantially, there is usually no real reason to manipulate utilization reporting. It's fluid from month to month and has no memory.

Re: When cards report

aesl1982 — Thu, 05 Sep 2019 01:47:45 GMT

Yes they are maxed out, not much only $500 limits. But wanna get them paid off/down to get the score boost for a mortgage getting ready to apply for. I looked at my last statement and my payments due the 7th and statement cuts the 7th also. Noticed on the bill that it has the auto pay payments that come out on the 7th reported on bill. Just trying to wrap my head around how the reporting works

Re: When cards report

Anonymous — Thu, 05 Sep 2019 01:54:24 GMT

If you look at a free CMS like credit karma or wallet hub you'll be able to see the dates that your revolvers typically report. Most of the time this will be a few days after your statement ending date.

Re: When cards report

Anonymous — Thu, 05 Sep 2019 02:36:20 GMT

@aesl1982 wrote:
So I have four credit cards. Trying to figure out the reporting dates or trying to figure out what they will report. For example my cap one cards. The payment is due on the 7th. So if I pay them down to $5 on the 6th. Will they report the $5 balance?

If your "Due Date" is the 7th comprising of previous months activity + grace period, then your "Statement cut date" is likely 3 days after that for the following cycle. Cap One's timeline is usually.. Due date... +3-4 days = statement cut date +2-3 days = report date to the bureaus. If you call Cap One CSR they will tell you exactly when each date is.

ETA... You want to pay down your balance below 8.9% prior to the "Statement Cut date" and pay off in full the "outstanding balance" by the coming Due date, which will be the Cut date + your grace period.

1) Cut date = End of statement cycle

2) Report date = When CCC tells the Bureaus how much fun you had

3) Due date = When CCC wants their $$$

Re: When cards report

SEAlifer — Thu, 05 Sep 2019 03:54:18 GMT

@kdm31091 wrote:
@aesl1982 wrote:
So I have four credit cards. Trying to figure out the reporting dates or trying to figure out what they will report. For example my cap one cards. The payment is due on the 7th. So if I pay them down to $5 on the 6th. Will they report the $5 balance?
If you are trying to control what appears on your credit report I would not necessarily cut it as close as one day. If the payment is not fully processed, the lower balance may not report. To be safe I'd allow 2-3 days.

Also my usual disclaimer here -- unless your utilization is very high and you're making a payment to drop it substantially, there is usually no real reason to manipulate utilization reporting. It's fluid from month to month and has no memory.

Re: When cards report

HeavenOhio — Thu, 05 Sep 2019 19:33:17 GMT

The vast majority of banks report the statement balance on or soon after the statement date. The poster children among the exceptions are US Bank and Chase. US Bank reports one's balance as of the last business day of the month. Chase reports the statement balance like most other banks, but they also report zero whenever the cardholder pays to zero.

In addition to their regular reporting, Chase and Discover will report whenever you ask them to.

Some banks will report mid-cycle. The user doesn't have a lot of control over that. Synchony has been known to report out of the blue. Reporting when an address is updated is pretty common; the balance just happens to come along with it. And some banks may report when a card is replaced due to fraud or being lost.

As mentioned, you can check your credit monitoring services for report dates. If something isn't clear, be sure to ask about it here. Or if you'd rather list your banks, people here can tell you when to expect them to report.

Re: When cards report

SouthJamaica — Thu, 05 Sep 2019 22:49:56 GMT

@aesl1982 wrote:
So I have four credit cards. Trying to figure out the reporting dates or trying to figure out what they will report. For example my cap one cards. The payment is due on the 7th. So if I pay them down to $5 on the 6th. Will they report the $5 balance?

Most, but not all, credit cards report the statement balance. Capital One reports the statement balance.

I would need to know who the lender is on the other cards, to know if they follow the general rule, or are exceptions.

Re: When cards report

aesl1982 — Thu, 05 Sep 2019 23:04:09 GMT

Thanks. The other two cards are total visa and merrick bank. The statements balance reporting helped clarify things. Basically statement cuts after payment is due. So payments will be reflected on the statement. My autopsy is on the 7th so if I pay on the 6th I should be fine

Re: When cards report

brandonm — Fri, 06 Sep 2019 03:46:19 GMT

@aesl1982 wrote:
Thanks. The other two cards are total visa and merrick bank. The statements balance reporting helped clarify things. Basically statement cuts after payment is due. So payments will be reflected on the statement. My autopsy is on the 7th so if I pay on the 6th I should be fine

I'm so sorry.

Re: When cards report

aesl1982 — Sat, 07 Sep 2019 04:01:45 GMT

Lol I meant autopay **bleep** phone

Re: When cards report

SouthJamaica — Sat, 07 Sep 2019 16:01:53 GMT

@aesl1982 wrote:
Thanks. The other two cards are total visa and merrick bank. The statements balance reporting helped clarify things. Basically statement cuts after payment is due. So payments will be reflected on the statement. My autopsy is on the 7th so if I pay on the 6th I should be fine

Sorry, I have no experience with either of those.

Re: When cards report

SouthJamaica — Sat, 07 Sep 2019 16:03:01 GMT

@SouthJamaica wrote:
@aesl1982 wrote:
Thanks. The other two cards are total visa and merrick bank. The statements balance reporting helped clarify things. Basically statement cuts after payment is due. So payments will be reflected on the statement. My autopsy is on the 7th so if I pay on the 6th I should be fine
Sorry, I have no experience with either of those.

Sorry to hear about your autopsy. You seemed to be doing so well, too

Re: When cards report

aesl1982 — Sat, 07 Sep 2019 22:12:50 GMT

Well I did it this morning. Paid off all four cards down to $10 each.
Cap one- 10/500 was 510/500
Cap one- 10/500 was. 508/500
Total visa- 10/300 was 278/300
Merrick bank- 10/550 was 548/550
Nfcu- secured not reporting yet - 10/200

Hope to see a nice jump

Re: When cards report

Anonymous — Sat, 07 Sep 2019 22:50:06 GMT

This is good info.

Re: When cards report

SouthJamaica — Sat, 07 Sep 2019 23:05:40 GMT

@aesl1982 wrote:
Well I did it this morning. Paid off all four cards down to $10 each.
Cap one- 10/500 was 510/500
Cap one- 10/500 was. 508/500
Total visa- 10/300 was 278/300
Merrick bank- 10/550 was 548/550
Nfcu- secured not reporting yet - 10/200

Hope to see a nice jump

It would be better for your mortgage scores, and possibly for your others as well, to have 3 of the cards reporting a zero balance.

But yes you should see a nice jump.

Re: When cards report

aesl1982 — Sat, 07 Sep 2019 23:06:36 GMT

That’s why I thought also. But my lender and real estate agent is totally against me doing that. They wanted it this way. I tried arguing with them but hey he’s getting the loan approved guess I gotta listen to him

Re: When cards report

aesl1982 — Sat, 07 Sep 2019 23:07:12 GMT

Every though I’m the AU on these cards. AZEO still work?

Re: When cards report

SouthJamaica — Sun, 08 Sep 2019 01:05:48 GMT

@aesl1982 wrote:
Every though I’m the AU on these cards. AZEO still work?

I don't know, sorry.

I just know that the mortgage scores like to see a lot of zero balances.

Re: When cards report

HeavenOhio — Sun, 08 Sep 2019 15:27:14 GMT

@aesl1982 wrote:
That’s why I thought also. But my lender and real estate agent is totally against me doing that. They wanted it this way. I tried arguing with them but hey he’s getting the loan approved guess I gotta listen to him

I'd ask them why they want it this way. If it's because they believe that you'll get the best possible scores, they're wrong. If they tell you that the bank perfers a lot of balances, that'd be different. But it makes no sense. In addition to hurting your score, balances on all cards will add to your DTI.