High Balance Question

[laboi_22]

This may have been asked before but here is my question:

I have a Signature card. What does it mean when it says it reports the high balance. Does that mean if I have a balance of 5000 but PIF the day before the statement cuts it will report 0 or 5000?

In other words does it mean the highest daily balance throughout the billing cycle. Or the balance of the day the statement cuts? If that's the case I owe 5000 but 5000 is the balance reported. Next month if I pay down then my high balance should be 5000 but current balance is 3000? Or does it report the highest balance ever? At one point in the month my balance was 6400. Will that be my reported balance? When the statement cut it was 5000???

Thanks in advance!

[LS2982]

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@laboi_22 wrote:

This may have been asked before but here is my question:

I have a Signature card. What does it mean when it says it reports the high balance. Does that mean if I have a balance of 5000 but PIF the day before the statement cuts it will report 0 or 5000?

In other words does it mean the highest daily balance throughout the billing cycle. Or the balance of the day the statement cuts? If that's the case I owe 5000 but 5000 is the balance reported. Next month if I pay down then my high balance should be 5000 but current balance is 3000? Or does it report the highest balance ever? At one point in the month my balance was 6400. Will that be my reported balance? When the statement cut it was 5000???

Thanks in advance!

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I think its the highest balance you've used on the card. Not sure if it's monthly or just in genera;, I'll leave that to the experts

[Anonymous]

it is the highest balance that u have had on the card if u let the statement cut b4 paying off

[IOBA]

Ours have reported that way.  Whatever the highest balance was on the card, when the statement closed, was what was reported.   What really looks bad is if the card drops the CL.   Then it can appear that you were over the limit, when at the time, you were not.

[visorboy1974]

I've had it happen both ways.  

Most cards, the high balance is the balance of any particular given statement.  

My Nordstrom Signature Visa posts the high balance no matter when I paid that high balance. 

[laboi_22]

So basically if my balance is 5000 currently and that is the highest my balance has ever been on this account, and I owe 5000, then I'm using 100% of open CL for this account. Next month if the balance is 2500 my high balance will remain 5000 unless I go higer than that. My UTL will drop at this point to 50%

Thanks for the input. Please advise if the above statement is incorrect. I was truly hoping that my high balance was my highest daily balance during the month because that would be much higher than 5000 and I would have a better UTL this month as a result!

Thanks for everything!!

[SevenNEW]

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@laboi_22 wrote:

So basically if my balance is 5000 currently and that is the highest my balance has ever been on this account, and I owe 5000, then I'm using 100% of open CL for this account. Next month if the balance is 2500 my high balance will remain 5000 unless I go higer than that. My UTL will drop at this point to 50%

Thanks for the input. Please advise if the above statement is incorrect. I was truly hoping that my high balance was my highest daily balance during the month because that would be much higher than 5000 and I would have a better UTL this month as a result!

Thanks for everything!!

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What counts is the balance that gets reported. For the vast majority of CCs, this is your statement balance.

So if you are concerned about util you need to let the card report a high balance and then PIF the day after the statement cuts.