Orchard Bank Statement/CRA Reporting Q. Going Crazy

[jbh]

Hey,

Although I did a search, I want to double check on something. I know that last month they reported the balance as of 7/31. Is it always the balance as of last day of the month that they report or last business day?

One 'csr' mentioned it's the last thursday but one lady in the backdoor # laughed at that and mentioned they report end of the month, but wasn't entirely sure. Thing is, I paid my balance off last 7/31 but it was missed in the reporting.

So, what is it? If my due date is 8/31 (which it is) should I always assume that payment that hits before the 30th/31 is what they report? Is there a set pattern I can rely on?

Thanks

[Anonymous]

They will report your statement balance. If you wish to have a lower balance reported, you must pay it down before your statement cuts.

[jbh]

I guess that is what confuses me. My due date is last day, but my last 'statement date'
was 08/06/2008 which reported 'last balance' of $289.71. That is what hit my credit report.

My due date is now 8/31 and it lists this month's new balance as $143+ for this statement. (I assume if I pay that $143 it reports $0 balance even though I have more of a balance on the card at this point. Is that correct?)

Sorry if I seem dense. I'm just confusing what they told me and what you are telling me (I trust you more than them, to say the least)

I also think my problem is I confuse "today's cc balance' with statement balance.
Since it offers me 3 payment options ($15, due on 31st, $143+ (this months' balance) and $xx, the current overall balance, I just wasn't sure what I pay for it to be reported as $0 on 9/6 or whatever.

Message Edited by jbh on 08-27-2008 09:46 AM

[Creditaddict]

most likely it reports to your credit report as of statement date 8/6/08.

so if you had made a paymennt for 140.oo before 8/6/08 it would report to your credit report a $4 balance would be great for util.

[Anonymous]

Orchard reports your balance as of the last business day of the month. Therefore, if your due date is the 31st, your payment needs to be posted prior to the 31st in order for it to reflect in what is reported to the CRA's. 

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jbh wrote:
Hey,

Although I did a search, I want to double check on something. I know that last month they reported the balance as of 7/31. Is it always the balance as of last day of the month that they report or last business day?

One 'csr' mentioned it's the last thursday but one lady in the backdoor # laughed at that and mentioned they report end of the month, but wasn't entirely sure. Thing is, I paid my balance off last 7/31 but it was missed in the reporting.

So, what is it? If my due date is 8/31 (which it is) should I always assume that payment that hits before the 30th/31 is what they report? Is there a set pattern I can rely on?

Thanks

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Message Edited by PurpleHaze on 08-27-2008 01:37 PM

[jbh]

Ah, thanks. So that means it must clear by Friday if I want it to reflect in early September, right? I'm glad I confirmed this today.

Message Edited by jbh on 08-27-2008 10:41 AM