PIF Question

[dragontears]

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@UncleB wrote:

I might be mistaken about this, but I recall reading on here a while back that U.S. Bank is an outlier... they are said to report to the credit bureaus at the end of the month regardless of the statement close date.

If you have an account with U.S. Bank it might be worth at least checking into... and if I'm mistaken or it's changed feel free to let me know (that's how we learn!) 

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Correct, they still report the balance on the last day of the month

[IncrsCreditScore1]

Thanks, Uncle B.  I do not have an account with US Bank.  I am going to check into my accounts about that though.  Because it seems to me I noticed one or two of them had not reported/deducted my payment when it was received and did not do so until the due date.  Will try to remember to let all of you know if that is accurate.

[Anonymous]

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@driftless wrote:
I just PIF on the due date. Sometimes a charge will change from pending to posted between the due date and report date, and that is fine.

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It just depends on your goals.  PIF on due date maximizes financial gains in the sense you get to keep your money the longest.  Paying before statement cut can maximize your score, but, IMO, some people here do it without considering the opportunity cost.   Unless you are applying, this month's score really doesn't matter.

[driftless]

Unless there is a long gap between the due date and the report date, I don't think there is much of a distinction. My two banks report either 2 or 3 days after the due date.

[Anonymous]

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@driftless wrote:
Unless there is a long gap between the due date and the report date, I don't think there is much of a distinction. My two banks report either 2 or 3 days after the due date.

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Right, but the choices are paying before the statement CUTS, or paying by the due date, and these are usually about three weeks apart.   Report for that cycle is shortly after statement cut (except for US Bank/Elan etc)

[driftless]

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@Anonymous wrote:

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@driftless wrote:
Unless there is a long gap between the due date and the report date, I don't think there is much of a distinction. My two banks report either 2 or 3 days after the due date.

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Right, but the choices are paying before the statement CUTS, or paying by the due date, and these are usually about three weeks apart.   Report for that cycle is shortly after statement cut (except for US Bank/Elan etc)

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Mine aren't, they are all a few days apart. If I PIF on the due date then report for the cycle is likely to show a 0 balance.