Question about BofA Cash Rewards

[Anonymous]

Hey,

Closing date of this BofA CC is the 8th...

So, I would like to use the CC again once the updated balance is reported to the three bureaus, which I have no idea when they'll get the updated balance and then myfico will get it, I don't know when that is too. Anyone know when I can use the CC? If post is in the wrong forum, please move it, thanks.

[FinStar]

If the statement closing date is today on 1/8 (and not your due date), then it's safe to use it even this evening or first thing in the morning.

IME, when taking advantage of "float" with BoA, I've used any of their CCs on the closing date (or day after) without having any impact with reporting.

[Anonymous]

Hi,

Ya, that makes sense. Also, I believe I used BofA CC right after the closing date for emergency purposes, and then noticed the increase in the balance was noted on the myfico report, which is something I don't want to happen. Are you sure about using it right after the closing date?

[Eagered2succeed]

I can vouch for the closing date as well. Boa doesn't report your pending balance with the closing statement if it's still pending when the statement closes. Meaning any transaction charged today will not post today and will therefore not show on the statement closinng 1/8. i do it all the time and am glad they don't operate the same as chase which  post pending transactions with the closing statement.

[FinStar]

Personally, I've never had an issue with doing it that way, but if you want to be safe you can try using it a couple days after the closing date.

Now, that's not to say that BoA would likely report off-cycle which could happen with any CC I suppose.

Maybe others can share their own experiences.

[Anonymous]

Eagered,

So, you're saying it's ok to use the card after closing date and a new updated balance won't be applied to the myfico report once myfico gets the update from the three bureaus?

[kdm31091]

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@Anonymous wrote:

Eagered,

So, you're saying it's ok to use the card after closing date and a new updated balance won't be applied to the myfico report once myfico gets the update from the three bureaus?

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It is highly unlikely the report would be updated again after the statement closing date until the next closing date. I mean, I guess an issuer can choose to do a mid cycle report whenever, but it's not very likely. I look at it as, I have cards so that I can use them. Don't restrict yourself too much over things like this. Utilization has no memory anyway, so whatever does report will adjust itself every month.

[Anonymous]

Ok, thanks for that info

[Eagered2succeed]

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@Anonymous wrote:

Eagered,

So, you're saying it's ok to use the card after closing date and a new updated balance won't be applied to the myfico report once myfico gets the update from the three bureaus?

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Correct. I do it all the time. Once the statement has cut that is it. Like everyone says they could update a mid cycle, but that never happens with Boa. I wish as my statement closed with them at 30 bucks. It cleared the next day after the statment cut, but like I said anything pending payments or transaction when the statement close doesn't report til the next statement.

[imaximous]

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@Eagered2succeed wrote:

I can vouch for the closing date as well. Boa doesn't report your pending balance with the closing statement if it's still pending when the statement closes. Meaning any transaction charged today will not post today and will therefore not show on the statement closinng 1/8. i do it all the time and am glad they don't operate the same as chase which  post pending transactions with the closing statement.

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Chase won't post a pending transaction on your statement either if it hasn't been settled by the merchant. Merchants and payment processors control how quickly they move from pending to posted based on their batch timing too. That's one of the reasons why some charges remain pending longer than others and it may have nothing to do with the bank. With BofA, I've had charges that were in a pending status the day the statement closed, and they actually included them in the statement. Some times, only a few pending charges make it to the statement and others stay pending till they're processed.

OP, it's almost safe to assume that purchases made the same day a statement closes won't be included, but if you really want to play it safe and you're not on a deadline, make the purchase very late in the day or the day after closing.