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Sorry if this has been answered severtal times.......How do I know when each of my CC will report to the CRA's? What I mean is after I make a payment, how do I know if I pay off a card or significantly lower my balance, did I do it in time to get it reported befort the CC reports.
Thanks
Call them. Most will be able to tell you the actual date the card reports to the CRA's.
Generally its about 3 days after your statement date, but that's a rule of thumb. The CSR can give you the exact date it reports.
Almost all report the statement balance shortly after the statement has been generated. There are a small number that report on a certain day of the month like the 30th.
Which CC?
They all take a certain amount of time to report to the CRAs. BofA reports almost instantly - seems like minutes. Citi may be that fast also. Chase & CapOne take about a day. Amex used to take several days but now seem to report the next business day.
The CRAs take some time to update. EX is almost instant. TU and EQ take 2-4 days.
The combination of BofA and EX means that a BofA account statement that closes at midnight will be updated on EX by early the next morning. Their mortgage accounts are painfully slow, which seems strange to me. They are 1-2 payments behind.
@vader77 wrote:Sorry if this has been answered severtal times.......How do I know when each of my CC will report to the CRA's? What I mean is after I make a payment, how do I know if I pay off a card or significantly lower my balance, did I do it in time to get it reported befort the CC reports.
Thanks
when the new statement cuts, that's the time they will report your balances.... for example, capital ones statement cut is usually 3 days after the due date.... GE cards are usually 7 days after the due date and so on.... if you have an amex, it is the "closing date"...... i didn't know about this until I joined this forum... I would pay my first cap one in full for the first year but the balance always reports to the max..... now, I know better and would make sure I leave little or no balance before the statement cut date........
I have two CU CC's and they report on the 30th or 31st of the month. I assumed they reported right after the statement date but that was wrong. So I just make sure that my balance is as close to zero around those dates. The rest of my CC's seem to report the statement closing dates.