Due Date, Statement Closing Date, Reporting Date??!

[ridgebackpilot]

I've researched the difference between these various dates on the Forums but remain confused.

I'm trying to keep my reported credit card utilization as low as possible (under 29% or 9% as the case may be). So which date should I be using as my deadline for each card?

For example, my Sapphire Reserve card is due for payment on the 14th of each month, statement closes on the 17th, and it reports to the credit bureaus on the 21st. By which date do I need to be below my current utilization benchmark?

Do credit card issuers always report the latest statement balance to the credit bureaus? If so, then my guess is that the statement date is the most important with respect to utilization. But I'm not certain. What do you think?

Thanks!

[MrDFinance]

They always report the balance that is held on the statement date.... So if you want to control your utilization for your credit file, You would want to pay off the balance before that date.......

Even if your statement date is the 17th and it reports on the 21st... On the 21st they are reporting the balance you held on the 17th..... And the due date is just the date you have to pay in full before you get charged interest...

Everything is always a month behind.... So your due date of the 14th you paying the charges that are on your previous month statement that cut on the 17th.... Hope that made sense...

[601flyguy]

I try and pay by the due date and dont use that card until after the statement cuts.That way I am sure the statement cuts with the balance I want.

Pay by  the14th, dont use the card until after the 17th to ensure the statement reports the balance you want.

[HeavenOhio]

@ridgebackpilot, Chase reports the statement balance on the statement date, which is typical of most cards. Chase also reports zero whenever you pay to zero. So if you miss the statement date, you have another chance to bring down your reported balance. Additionally, Chase will report whenever you call and ask them to. That's useful if you have a non-zero balance you'd like reported.

Some banks, most notably US Bank, report something other than the statement balance. US Bank reports whatever the balance is on the last day of the month.

[Anonymous]

Is there an end game reason you're doing this? If it's short term for an app, then I suggect paying everything before the statement cuts and no use until after they report. However, it's alwasy a good idea to let at least one card report a small balance for an optimum score. And to show use, otherwise they'll think you don't use credit and just collect cards.

If you're doing it to keep your score at a certain range just for GP, becaue that's what you heard to do. That's a lot of work to do every month all year long. Your score is alwasy in motion caused by any number of things. So for normal every day use, you simply need to PIF by the sue date like a regular person.

[Anonymous]

---

@Anonymous wrote:

Is there an end game reason you're doing this? If it's short term for an app, then I suggect paying everything before the statement cuts and no use until after they report. However, it's alwasy a good idea to let at least one card report a small balance for an optimum score. And to show use, otherwise they'll think you don't use credit and just collect cards.

If you're doing it to keep your score at a certain range just for GP, becaue that's what you heard to do. That's a lot of work to do every month all year long. Your score is alwasy in motion caused by any number of things. So for normal every day use, you simply need to PIF by the sue date like a regular person.

---

Not only it's a lot of work for nothing unless you're applying for new credit, you're also throwing away interest earning potentials through grace period by paying earlier than you're required to. Let your natural spending report to statements, set your CC autopay to pay the "full statement balance" and go enjoy your life, with one possible exception of making an extra payment before statement date to keep individual UTI in check after a large purchase. Put everything on auto pilot and make your life easier.

[tcbofade]

As mentioned above, MOST CC issuers report the statement balance...but WHEN they report it can vary.  You might want to watch your own credit reports for a while to see when YOURS report.

I've got a card with a local credit union that cuts statements around the 20th, but will NOT update that information to the CRAs until the first of the following month.

That caused me some confusion for a while. 

[Anonymous]

Typically they're only going to report the statement balance anyways, not anything that's charged after that. If the statement cuts at $500 balance on the 22nd, that's what they report. Not the next $500-$1K you charge on the 29th.  At least that's been my experience.

[Cici1957]

 I was wondering the same thing, post wouldnt go, then I saw your post. I have somewhat of a better understanding now. Tks for your post! And thanks to all for the great replies

[UpperNwGuy]

OP, your next due date will be Dec 14.  That’s the last day you can pay the balance on the Nov 17 statement without incurring interest.  The transactions that post from Nov 18 to Dec 17 don’t have to be paid until Jan 14.  There’s no reason to pay any of those charges by Dec 14.

However, if my due date were the 14th, I would probably pay on the 7th to allow a few days to verify that the payment was posted, leaving a more few days to correct any problems that might arise.

I pay no attention to the reporting date.  It’s not worth the trouble to micro-manage the amounts that report.