topic Re: When do credit cards report to CRA in Rebuilding Your Credit

When do credit cards report to CRA

kebeneezer88 — Tue, 22 Mar 2016 13:55:33 GMT

Hi, can anyone help me with this: when your credit card reports, is it the balance from your statement? Or the current balance?

I am rebuilding and I paid my balance down, but it is showing a little bit higher balance as the "statement balance" so wondering which one will report?

Re: When do credit cards report to CRA

Anonymous — Tue, 22 Mar 2016 14:11:45 GMT

Mine has always whats been on the balance of the statement. However it could have come through last minute before the 24 hour time frame was up and the statment was sent out? if it was mailed....Its likely the issue.

Re: When do credit cards report to CRA

AutoBot — Tue, 22 Mar 2016 14:10:44 GMT

The balance that reports is your balance the date your monthly statement was cut.

Re: When do credit cards report to CRA

Anonymous — Tue, 22 Mar 2016 14:11:27 GMT

usually they will report the amount thats on the statement. Not what currently shows in your account. Capital one is like clockwork. They cut your statement then 3 days later they report that amount.

Re: When do credit cards report to CRA

bubbles0605 — Tue, 22 Mar 2016 14:37:10 GMT

How do u know when they cut your statement?

Re: When do credit cards report to CRA

Anonymous — Tue, 22 Mar 2016 14:44:31 GMT

The statement is cut usually 3 days after your due date. Once your new due date appears, you will have known that they old statement cycle has been completed. Of course you can always call/chat with them to get an exact date if you are still unsure.

Re: When do credit cards report to CRA

bubbles0605 — Tue, 22 Mar 2016 14:45:47 GMT

Thank you! so the best time to pay balance is BEFORE statement is cut?

Re: When do credit cards report to CRA

Anonymous — Tue, 22 Mar 2016 15:08:15 GMT

For hubby and I Synchrony statement cut dates are 8 days after the due date, for 4 of the 6 accounts we have with them (2 haven't generated either yet). I don't know if all Synchrony cards do that though. Just thought I'd mention how it is for us.

Re: When do credit cards report to CRA

kebeneezer88 — Tue, 22 Mar 2016 15:16:13 GMT

Thanks, that's what I thought, that it was the statement, not what was currently showing as balance.

Re: When do credit cards report to CRA

Anonymous — Tue, 22 Mar 2016 17:08:40 GMT

It's usually the amount of the statement. That's how I'm able to use my card as much as possible, pay the balance down prior to when the statement cuts, and continue to keep my UTIL low.

Re: When do credit cards report to CRA

Anonymous — Tue, 22 Mar 2016 17:16:01 GMT

Most of my cards report the statement balance, which is 3 days after the due date, but Kohl/Cap 1 reported the balance on the last day of the month. Synchrony/Walmart closed almost a week after the due date so the balance at that time was reported.

Re: When do credit cards report to CRA

kebeneezer88 — Wed, 23 Mar 2016 02:42:39 GMT

Ok, one wrinkle.

This is for Open Sky Secured, fyi. My statement is due on 28th. The cut date is the 3rd. So last month I had balance of $65 reporting. My limit is $200. I have charged up and then paid back down to $30 balance. Unfortunately, it takes a week for those payments with them to clear and post. So the statement amount showing when it was cut on 3/3 was $67. But my balance now is $30.

So if last month it was $65 and it posts to CRA as $67, will it make my score lower/look bad as if I have not paid anything?

Sorry to be so obtuse and detailed. Just trying to get that score up to 600 and keep utilization low. They all seem stuck now at 560 to 580. Have Open Sky, Limited, Express, Brylane and Fingerhut, which I just paid off and waiting to see what limit they will give. About to fund Capital One secured for $200.

Re: When do credit cards report to CRA

kebeneezer88 — Wed, 23 Mar 2016 02:43:21 GMT

Oh, and Open Sky reports on last day of month, looks like.

Re: When do credit cards report to CRA

Anonymous — Wed, 23 Mar 2016 07:55:40 GMT

Don't about it showing IF you paid...as long as you paid at least your MINIMUM due you get the 35% regarding 'on-time' payment Where the rubber meets the road is the 30% given towards your until ratio or DTC (debt to Credit line ratio) Ex: 67/200 = 33.5% is higher than you'd like You want to have a reported ratio targeted below 30% 10-29% is ok 1-9% is ideal So a $57 bal / $200CL = 28.5% = Good But $17 bal / $200CL = 8.5% = Great If your GOAL is to BUILD...MHO is to NOT charge much of ANYTHING on a 'toy limit' card, especially one that takes long to process payments. Let's honest it's a building block or 'toy card' use it as such NEVER have more than $20-$30 bucks on that sucker anyway...that way you don't have to sweat it such much if they 'slow' process as you 'try' to pay down a 'high' ratio on a 'play card'....just don't 'play' with it. Keep the balance low as crap and pay it as soon as the statement cuts , thus showing 'some usage' but at a GREAT ratio that way you kill 2 birds with one stone the on time payments rack up + the ratios 'look' great and the score builds no fuss no muss... Ex: Statement cut the 2nd but Due Date is the 27th As soon as the statement cuts on the 2nd with say a $17 bal (that info is sent to CRAs) Go ahead and pay the $17 on the 3rd (now you've already collected your 'on-time' payment well before the 27th...remember that is all that was DUE by the 27th and the 'on-time' payment requirement has been met + your ratio % was already sent on the 2nd...you are GOLDEN) I always send in at least my MINIMUM due the day after the statement cuts (that way...there is NEVER a chance in heck of a 'late') THEN you still have 24 days or 3.5 weeks to pay towards your debt with regard to FREE money at no % etc (again that's once you start having cards with limits big enough to use....but again IMO with 'toy cards' just do yourself a favor and use them ONLY for building purposes NOT to actually 'buy' anything ....there is NO ROOM and the chances of doing yourself harm is too great to mess around with the ratios..... Think about the 'worst' case you want is to have 25% usage, so that's $50 bucks..so WHY play around..it's a 'toy gun' don't wave it around like you have a real one or you might get hurt....just saying