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Agreed. If you want to make it easier to micromanage what balance US Bank reports to the bureaus, they will have no problem changing your payment due date. I moved mine to the 28th every month but it did take 1 full cycle for this to reflect in my account.
Credit cards issued by US Bank and Elan Financial Services (Elan is a wholly-owned subsidiary of US Bank) report to the credit bureaus twice a month. On the first reporting date, which is the same as the Statement Close date, they report the Account Status and Payment Status of your account. That is, they indicate to the credit bureaus whether your account is opened or closed, and whether your payments are current or late. Then on the last business day of each month, they report your current balance to the credit bureaus.
So its simple to manage; just make sure that your balance is paid to zero or near zero on the last business day of each month. Utilization has no memory so as long as you pay down your balance by January 31, you will regain the points you lost.
@Anonymous wrote:
Thanks for the help!
do you have to call to change statement due date or can you do it online?
I called the number on the back of my card because I had other questions but I'm not really sure if you can or can't do it online. I will say that their call waiting "music" will make you want to jump off a cliff.
US Bank drops a hot and steamy report on the records for all accounts on either the first or last day of the month. Because of the closeness it is hard to tell but you get the idea. That is not necessarily every 30 days since some months are 31 and others are 28 or 29. As a smaller bank they can do this since there are not that many accounts to respond on and gets done very efficiently.
@zerofire wrote:US Bank drops a hot and steamy report on the records for all accounts on either the first or last day of the month. Because of the closeness it is hard to tell but you get the idea. That is not necessarily every 30 days since some months are 31 and others are 28 or 29. As a smaller bank they can do this since there are not that many accounts to respond on and gets done very efficiently.
US Bank is one of the largest banks in the United States. They rank in the top eight.
I have three US Bank cards. All just reported/alerted on EQ and EX and TU on January 3 or January 4. They all have different statement dates through the month.
The good news is that utilization doesn't have a memory, so once you get the statement better aligned with month end, this will be reduced.
Which Cash+ categories are you using?
I'm puzzled that this has become a point of contention. I have three credit cards that follow this process; two issued by U.S. Bank and one issued by Elan Financial Service. All three cards report "Balance Updated" on the last business day of each month. I have also confirmed this several times by speaking directly with U.S. Bank representatives.
Its irrelevant when the credit bureaus notify of the update since the bureaus tend to follow their own update schedules; the balance data is transmitted to the bureaus on the last business day of the month.