I am so glad someone started a thread on this. I have never really understood the statement/due date thing. Obviously, the due date for the payment is easy to understand. But, what exactly is the "statement date" in relation to the balances that are posted on your credit report. I use 2 of my cards regularly and make atleast 2 payments a month to PIF, but I don't want my balance to be caught on my credit reports. I've been flying by the seat of my pants on this, and for the most part been lucky.Is there a definitive way to do this?
I always pay my statement balance in full (or at least make the minimum payment) as soon as the statement generates. That way I won't forget and I won't be scrambling to get my payment in on time at the last minute.
Does that help?
So, since I paid HFCU the full balance today, I should not use the card again until after the due date of 7/6? I think the next statement is 7/11. I noticed, though, that my payments are credited to my account the same day I submit them (as long as I do it early morning). I would love to use this card on my trip this weekend.
I read the steps, but since I am new to this, I got to admit that I will still have questions until I've done this for at least 6 months and gotten used to it. In the past, I've always waited until I got my statement before I made any payments, thus the reason why my util was so high. I had no clue about that then.
As far as HFCU, I think I understand now. The statement date of 6/11 shows no transactions and no balance due. My statement on 7/11 will show all transactions and balance due from the date I first activated and used the card (6/12 I believe). So, I can let a balance report on my 7/11 statement (if I want, which I doubt), but that balance will need to be paid by 8/6 which is the cut-off date for the 25-day grace period.
I'll be using this baby like crazy on my trip.