Scores Just got whacked!!! Can someone please explain statement date vs due date?

[gmac11]

Scores just took a deep dive. Average 50+ per CRA

I just received 2 new cards Barclays $500 and WalMart $700

So from what I read here at the forum and went out and charged Barclays $450 and WalMart $ 600 with plans on paying in full to show can use and pay.

However looks like my 1st statements came and these high utilizations reported to the bureau and was I bummed. I new I'd take a hit for the new account but though if paid before the due date I would be alright?

Guess reporting goes off statement date rather than due date

[09Lexie]

Yes, the amount reported to CRAs -for most lenders- is based on the amount posted to your statement. If you want to correct the problem for next month (remember FICO doesn't have a memory) pay your balance before the statement date

[gmac11]

Thanks Lexie

Can I assume if the statement was cut the 8th that the 8th will always be statement date by which the report?

[KeithW]

Most likely. I have had mine vary by a day or two though. So my advice would be to pay it 3 or 4 days ahead of the date it reported last month just to be safe.

[09Lexie]

+1

And if we are talking about Walmart, they have a tendency of delayed posting of purchases for a few days. I wouldn't use the card for a week prior to the statement cut off.

[FinStar]

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@KeithW wrote:

Most likely. I have had mine vary by a day or two though. So my advice would be to pay it 3 or 4 days ahead of the date it reported last month just to be safe.

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+1

Some lenders generate a statement cycle on the same date every month while others have a 3-7 day leeway.

[myjourney]

With Lexie and keith ways to approach this you won't have any more problems if you follow their advice 

+3

[Swapmeet]

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@09Lexie wrote:
+1

And if we are talking about Walmart, they have a tendency of delayed posting of purchases for a few days. I wouldn't use the card for a week prior to the statement cut off.

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Me too....at least a week on Walmart, because they are famous for reporting a balance way after it was paid in full.... I rarely use the card now because of this--and no rewards. I do enjoy the free fico though....lol. they don't often approve my cli requests though.

[gmac11]

Thanks to all for the advice..

Does charging to 90% and paying off in full BEFORE THE STATEMENT DATE help with CLI's in the future?

[FinStar]

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@gmac11 wrote:

Thanks to all for the advice..

Does charging to 90% and paying off in full BEFORE THE STATEMENT DATE help with CLI's in the future?

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Usage plays a big part with some lenders, some tend to peform SPs/(ARs) to provide an overall assessment and determine whether your accounts are elegible for an auto-CLI.  Barclays can be odd with auto-CLI frequency, there is no right or wrong as far as utilization just make sure not to exceed your CL.  Walmart can have some flexibility if you request a CLI (infamous love button or Credit Solutions as other have used) after your 4th statement.