I'm trying to figure out what balance and when it is reported to the CRA(s).
I'm holding off using my card until I know. My payment was due yesterday, 6/20. Do most usually report the balance at time payment was due? If my balance is $25 of $300 on the day payment is due, will that be the amount reported? I made my payment way before the due date just trying to figure out reporting methods.
The CC is through Credit One, it's my first rebuilding card. I plan on applying for another soon. I'm waiting until it reports before doing so. I tried the numbers listed on the card and through get a human on the web to ask someone but was unsuccessful in reaching a live person.
In my experience, they report when the statement cuts.
@RCOH wrote:I'm trying to figure out what balance and when it is reported to the CRA(s).
I'm holding off using my card until I know. My payment was due yesterday, 6/20. Do most usually report the balance at time payment was due? If my balance is $25 of $300 on the day payment is due, will that be the amount reported? I made my payment way before the due date just trying to figure out reporting methods.
The CC is through Credit One, it's my first rebuilding card. I plan on applying for another soon. I'm waiting until it reports before doing so. I tried the numbers listed on the card and through get a human on the web to ask someone but was unsuccessful in reaching a live person.
Most credit card issuers report the balance that appears on your monthly statement. US Bank and Elan cards (Elan issued cards for over 1,700 banks and credit unions) report the balance that is on your card at the end of the month. Probably the last business day, but due to holidays, weekends and such, I cant state a specific formula.
Once the balance is reported, it takes each credit bureau several days or more before they update their records. So don't expect to see the balance updated immediately. And they usually don't update on the same day.
In order to effect the value that is reported, you have to pay a few days before the date that the balance is reported, so that your payments have time to clear. In order to pay, you have to stop using the card a few days before you intend to pay, in order to let the charges post so that you can pay them.
@Themanwhocan wrote:
@RCOH wrote:I'm trying to figure out what balance and when it is reported to the CRA(s).
I'm holding off using my card until I know. My payment was due yesterday, 6/20. Do most usually report the balance at time payment was due? If my balance is $25 of $300 on the day payment is due, will that be the amount reported? I made my payment way before the due date just trying to figure out reporting methods.
The CC is through Credit One, it's my first rebuilding card. I plan on applying for another soon. I'm waiting until it reports before doing so. I tried the numbers listed on the card and through get a human on the web to ask someone but was unsuccessful in reaching a live person.
Most credit card issuers report the balance that appears on your monthly statement. US Bank and Elan cards (Elan issued cards for over 1,700 banks and credit unions) report the balance that is on your card at the end of the month. Probably the last business day, but due to holidays, weekends and such, I cant state a specific formula.
Once the balance is reported, it takes each credit bureau several days or more before they update their records. So don't expect to see the balance updated immediately. And they usually don't update on the same day.
In order to effect the value that is reported, you have to pay a few days before the date that the balance is reported, so that your payments have time to clear. In order to pay, you have to stop using the card a few days before you intend to pay, in order to let the charges post so that you can pay them.
+1
Good explanation on this.
Themanwhocan wrote:
Most credit card issuers report the balance that appears on your monthly statement. US Bank and Elan cards (Elan issued cards for over 1,700 banks and credit unions) report the balance that is on your card at the end of the month. Probably the last business day, but due to holidays, weekends and such, I cant state a specific formula.
Once the balance is reported, it takes each credit bureau several days or more before they update their records. So don't expect to see the balance updated immediately. And they usually don't update on the same day.
In order to effect the value that is reported, you have to pay a few days before the date that the balance is reported, so that your payments have time to clear. In order to pay, you have to stop using the card a few days before you intend to pay, in order to let the charges post so that you can pay them.
Thanks for the reply.
My initial statement was dated 5/24. I just checked and there isn't one listed for June yet. Looking closer at the May 24th statement, it was for a 30 day billing cycle. Assuming they use that standard (30 days) for each cycle, that should make my last day of activity 6/23.
Just need to wait and see so I have a better understanding of when and what they will report.
I'm waiting until the CRA(s) update with my new balance and payment before I pull all 3 reports to get an updated score(s). Then I will apply for my second builder card. Looking at QuicksilverOne from Capital One. I'm hoping all three scores will be in the low 600 next pull. I've managed to pay off a couple debts and make some repairs since my last pull.
Thanks again.
@RCOH wrote:@Themanwhocan wrote:
Most credit card issuers report the balance that appears on your monthly statement. US Bank and Elan cards (Elan issued cards for over 1,700 banks and credit unions) report the balance that is on your card at the end of the month. Probably the last business day, but due to holidays, weekends and such, I cant state a specific formula.
Once the balance is reported, it takes each credit bureau several days or more before they update their records. So don't expect to see the balance updated immediately. And they usually don't update on the same day.
In order to effect the value that is reported, you have to pay a few days before the date that the balance is reported, so that your payments have time to clear. In order to pay, you have to stop using the card a few days before you intend to pay, in order to let the charges post so that you can pay them.
Thanks for the reply.
My initial statement was dated 5/24. I just checked and there isn't one listed for June yet. Looking closer at the May 24th statement, it was for a 30 day billing cycle. Assuming they use that standard (30 days) for each cycle, that should make my last day of activity 6/23.
Just need to wait and see so I have a better understanding of when and what they will report.
I'm waiting until the CRA(s) update with my new balance and payment before I pull all 3 reports to get an updated score(s). Then I will apply for my second builder card. Looking at QuicksilverOne from Capital One. I'm hoping all three scores will be in the low 600 next pull. I've managed to pay off a couple debts and make some repairs since my last pull.
Thanks again.
They usually report on the same day each month, with variances due to weekends, holidays, and acts of god (marge in accounting is sick? who remembers how to submit these balances...)