Moving Balances Before Statement Close

Anonymous · ‎11-17-2016

This may be a silly/weird question but I have a lot of credit available on various different credit cards and they all offer balance transfers/direct deposits.

If I have a debt amount that I want to keep off of my credit report for a few months (and I don't care about balance transfer fees), would it work to constantly move this debt from one card to the next so that the payment clears before it's statement closing date. I would pay one card off down to zero (before it's statement closes) with another card that has a later closing date and then pay that one off before it's closing date.

Would this method effectively "hide" the debt for a bit or do credit card companies ever do balance reports mid-month or before the statement closes?

Anonymous · ‎11-17-2016

First of all welcome to the forum. 2 problems I see. 1 the time it take to do a BT. 2. Some CCC report mid cycle in some circumstances I.e. chase.

Dont be afraid of a balance posting. You will need that now and again to show usage to lenders other then the ones that are posting the balance.

Scores recovers quite nicely after the balance has been paid down. Utilization has no memory. I purposely allow some to report. Then pay off. My system works for me. Good luck.

Anonymous · ‎11-17-2016

Balance transfers are never instant so it's almost impossible to do what you want. In fact, there is more of a chance that the balance will show on both accounts instead of neither. That's why you should continue to make pyments on the balace you are transferring until it shows for sure that it was transferred out. Constantly trying to shift balanes from one account to another isnt worth it and doesnt really fool anyone. Definitely not worth the fees to do so.

Anonymous · ‎11-17-2016

Thanks!

Yeah, the cards I was thinking of do a 1-3 day BT direct deposit into a checking account so it's not really a balance transfer exactly as I know those can take up to 2 weeks.

Do you know of what card companies usually issue mid-statement reports to the bureau?

Yeah the balance transfer fees aren't really worth it( even though some don't have a BT fee) but I'm considering trying to refinance my car loan or get a personal loan so it is more valuable to me at the moment to keep my credit score unaffected to get the beest offers (only for a short period of time)

Anonymous · ‎11-17-2016

Some of it depends on which lender you are going to refi or get a personal loan from.

SouthJamaica · ‎11-17-2016

@Anonymous wrote:
This may be a silly/weird question but I have a lot of credit available on various different credit cards and they all offer balance transfers/direct deposits.

If I have a debt amount that I want to keep off of my credit report for a few months (and I don't care about balance transfer fees), would it work to constantly move this debt from one card to the next so that the payment clears before it's statement closing date. I would pay one card off down to zero (before it's statement closes) with another card that has a later closing date and then pay that one off before it's closing date.

Would this method effectively "hide" the debt for a bit or do credit card companies ever do balance reports mid-month or before the statement closes?

Mostly it would keep the money out of the utilization computation if you time it right, but using cards with balance transfer fees will cost you a small fortune.