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In looking at my scores and reports for the last few months, I keep seeing that my U.S. Bank Secured Visa reported a balance of $97 on Jan 29. This is for all 3 bureaus and shows in MyFico, CK, and CS.
The statement / cycle close date was Feb 3 and the billing due date is the 1st of every month. The *actual* balance for Jan 6 - Feb 3 cycle was $0 and the balance for the Dec 5 - Jan 6 cycle was a $36 CREDIT.
Does anyone have any insight? I want to make sure I understand before I email/call anyone.
Thanks in advance.
Some cards close out at the end of the fiscal month, some don't. Can't remember which, but one in my deck does that to me as well.
OP, US Bank always reports at the end of the month regardless of the cycle/statement date. They are one in a few that do this as far as M/E reporting. Optionally, you can move/change the due date closer to the end of the month so that the timing is more optimal for reporting your balances.
@FinStar wrote:OP, US Bank always reports at the end of the month regardless of the cycle/statement date. They are one in a few that do this as far as M/E reporting. Optionally, you can move/change the due date closer to the end of the month so that the timing is more optimal for reporting your balances.
Thanks! That makes sense. Perhaps I should read my agreement a little more closely. Chalk it up as a lesson learned. I'll be sure to avoid that from now on.