PSECU Credit Card Reporting this month

[grussell70]

I thought this was interesting the close date for psecu credit card is at the end of each month like clock work. it states the close date on the statement. they always report what the statement says. for some reason this month they reported the credit card balance totally different from the statement balance. my utilization is gonna be sky high this month. I wonder what happened. they were even late putting out the e-statements this month. normally on the first of every month they are ready for the credit card this time it wasn't. just the checking account statement was ready. i'm contacting them now to find out what happened. hope I get someone and don't have to wait until monday to find out.

UPDATE: i got a customer svc rep. she told me that they had a reporting issue on the 1st that was noted. the credit card and credit bureau reporting dept are closed today. so, monday i am gonna call and see if they will correct this. the amount they reported is gonna drop my score big time because of utilization being high. i did some serious shopping over the past two days. so what was reported was todays credit card balance to the credit bureau.

[Anonymous]

Are you planning to apply for credit in the next 28 days?

[grussell70]

no, but i like to have the option to. i'm looking to trade in my car if the price is right on what i'm looking for.i got a feeling it will be well into next year before i find what im want at the right price.

[stan_the_man]

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@grussell70 wrote:

no, but i like to have the option to. i'm looking to trade in my car if the price is right on what i'm looking for.i got a feeling it will be well into next year before i find what im want at the right price.

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Statements like this make me cringe.

Too many buyers get caught up in the value/offer/price of only 1/3 of the vehicle purchase transaction.  Assuming you are going to trade/sell a car and finance the purchase, the three transactions are:

• Purchase new vehicle
• Sell vehicle
• Finance vehicle

Each of these should be viewed as independent transactions, but also together as one final cost/price.

Too many people walk into a dealership focused on their trade-in value or payment amount, and don't realize they just got hoodwinked on the final price. For example:

• In order to reach your target payment amount, the dealer offers 72-month financing instead of 48-month financing -- not only are there more payments, but the longer term usually comes with a higher rate and the likilyhood of negative amortization.
• For buyers focused on the value of their trade in, they pump up that price while doing little to nothing to discount the purchase price -- so, because the buyer was focused on the $2K more for the trade in value, they missed the $5K more they paid for the vehicle purchase.
• Low interest rate offers can end of backfiring if you to trade in the vechicle, or pay down the loan balanced before the loan is paid off on the loan schedule.

The moral of the story is:

• Know what financing you should be able to get (or get your own from a good CU) before you walk on to the dealer's lot.
• Know what you should really get for your car for a trade in or private party sale.
• Know what others are paying for a car, and what manufacturer incentives there are at the time.

Finally, be honest with yourself about what you can afford -- that also means figuring out what it is really going to cost to own the car before you buy it):

• Purchase/Financing
• Fuel
• Repairs
• Insurance
• Parking
• Tickets (if you're going to do stupid stuff if you own the car)

Sorry if that's stuff you already know and follow.

[grussell70]

thanks stan_the_man for the great advice and yes this is information i already know and follow. that is why i am waiting for the best deal to come along. someone that is willing to meet me on my terms.  i'm a member of three great credit unions PSECU, NFCU, and FEDEX.