topic Re: Beware of Elan mid cycle reporting in General Credit Topics

Beware of Elan mid cycle reporting

hzynneb — Fri, 07 Aug 2020 18:30:56 GMT

I never knew this unitl recently, because I have never seen this behavior from Elan/US Bank. If you are making a large purchase, they will report that huge balance to the credit bureaus in middle of billing cycle. I was 1.5 week from the next closing date.

Re: Beware of Elan mid cycle reporting

SouthJamaica — Fri, 07 Aug 2020 18:37:15 GMT

@hzynneb wrote:
I never knew this unitl recently, because I have never seen this behavior from Elan/US Bank. If you are making a large purchase, they will report that huge balance to the credit bureaus in middle of billing cycle. I was 1.5 week from the next closing date.

Wow, that is crazy.

Certainly creates a disincentive to using the card for large purchases.

Re: Beware of Elan mid cycle reporting

Anonymous — Fri, 07 Aug 2020 18:49:55 GMT

Are you sure that's what it was and that they don't just report on the last day of the month like US Bank does?

Re: Beware of Elan mid cycle reporting

gdale6 — Fri, 07 Aug 2020 19:28:47 GMT

Elan reports the balance on the last day of the month just like US Bank

Re: Beware of Elan mid cycle reporting

Credit12Fico — Fri, 07 Aug 2020 20:19:00 GMT

@gdale6 wrote:
Elan reports the balance on the last day of the month just like US Bank

Do they report current balance, or statement balance?

Re: Beware of Elan mid cycle reporting

cashorcharge — Fri, 07 Aug 2020 21:49:30 GMT

@Credit12Fico wrote:
@gdale6 wrote:
Elan reports the balance on the last day of the month just like US Bank

Do they report current balance, or statement balance?

Elan reports are "dated" as the last day of the month but as an example, it took until Aug 6th to get my July 30 update and my statement won't actually close until August 12th. On that date, they reported my balance at that moment in time....not my last statement closing date...as I had made some payments since then and they were part of the new total they updated

Re: Beware of Elan mid cycle reporting

sjt — Fri, 07 Aug 2020 21:57:51 GMT

@Credit12Fico wrote:
@gdale6 wrote:
Elan reports the balance on the last day of the month just like US Bank

Do they report current balance, or statement balance?

They report the balance as of the last day of the month.

Re: Beware of Elan mid cycle reporting

Credit12Fico — Fri, 07 Aug 2020 22:35:18 GMT

@sjt wrote:
@Credit12Fico wrote:
@gdale6 wrote:
Elan reports the balance on the last day of the month just like US Bank

Do they report current balance, or statement balance?
They report the balance as of the last day of the month.

Interesting. Would I be able to call in to move the statement closing to the 30th of the month? Or is statement closing linked to the due date?

The card agreement says due date is 24-30 days after statement closing. I've won't get the first statement until next week. Wondering if I should be phoning in now, so that the due date change request can apply to the first statement closing, thereby moving the next statement closing to the 30th.

I prefer to know that what is reported is just the statement balance there or thereabouts. And I like to avoid using the card until it reports the balance I'm looking to hit for utilization but it seems more finicky with the Elan card unless I move the statement closing to end of month.

Re: Beware of Elan mid cycle reporting

sjt — Fri, 07 Aug 2020 22:45:29 GMT

@Credit12Fico wrote:
@sjt wrote:
@Credit12Fico wrote:
@gdale6 wrote:
Elan reports the balance on the last day of the month just like US Bank

Do they report current balance, or statement balance?
They report the balance as of the last day of the month.
Interesting. Would I be able to call in to move the statement closing to the 30th of the month? Or is statement closing linked to the due date?

The card agreement says due date is 24-30 days after statement closing. I've won't get the first statement until next week. Wondering if I should be phoning in now, so that the due date change request can apply to the first statement closing, thereby moving the next statement closing to the 30th.

I prefer to know that what is reported is just the statement balance there or thereabouts. And I like to avoid using the card until it reports the balance I'm looking to hit for utilization but it seems more finicky with the Elan card unless I move the statement closing to end of month.

The payment due date is linked to your statement closing date. So if you move the statement closing date it will change based on your new statement closing date.

Re: Beware of Elan mid cycle reporting

hzynneb — Sat, 05 Sep 2020 05:15:03 GMT

Disregard what I said. I waited until end of August to comfirm my finding. Elan still reports your balance on last day of month. What happened to me is a coincidence; purchase was made on 7/30, they posted the transction on 7/31. I made several large purchases ($5000+) throughout month of August, the balance on my CR stayed the same as of 7/31.