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U.S Bank Cash+ CR Reporting

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Anonymous
Not applicable

U.S Bank Cash+ CR Reporting

Back in November was approved for Cash+ for a whopping $500 SL. Recently
Applied for a CLI took the HP try get a higher CL more in line with my other cards also for UTI purposes to avoid what happened to me already. Not sure how long it takes usually get approved for a CLI with them. Anyway Pretty much know when all my statements cut for my credit cards to my reports to make sure they have low balances when they report to CR.
my first statement cut last month for my US Bank Cash+ card it had a 0 balance. This was around 12/15 it reported originally to the CR. Made couple purchase’s with the card. Balance was $482 paid some of that down already but today got notication that my EQ dropped 21 points from 760 to 739. I look and says my US bank balance now $482 and 96% UTI for that card , my overal UTI is 12% . I called U.S Bank I said doesn’t make sense because I thorought banks report balance only once every 30days, but it already reported within 30 days, why did it report again, and they had no answer. Just that well yes it reports once every 30 days. I said yes but but it reports 2 different balances before 30 days.
Is this how U.S Bank reports ? it just randomly reports balances to the CB at any day?
Message 1 of 11
10 REPLIES 10
imaximous
Valued Contributor

Re: U.S Bank Cash+ CR Reporting

They report your outstanding balance as of the last business day of the month. Not the same as the typical lender that reports your statement balance.
Message 2 of 11
Anonymous
Not applicable

Re: U.S Bank Cash+ CR Reporting

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.

Message 3 of 11
Anonymous
Not applicable

Re: U.S Bank Cash+ CR Reporting

Thanks for the help!
do you have to call to change statement due date or can you do it online?
Message 4 of 11
Anonymous
Not applicable

Re: U.S Bank Cash+ CR Reporting

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.

Message 5 of 11
Anonymous
Not applicable

Re: U.S Bank Cash+ CR Reporting


@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.

Message 6 of 11
zerofire
Valued Contributor

Re: U.S Bank Cash+ CR Reporting

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.

TU:837 09/19/23 Bank of America--EX: 841 09/20/23 Experian--EQ:832 09/21/23 myFICO--Gardening since N/A
Active:
Bank of America (Unlimited Cash Rewards WMC, Customized Cash Rewards WMC, Customized Cash Rewards VSC), Capital One Walmart WMC, Chase(Amazon Prime VSC, Freedom Flex WEMC [x2], Freedom Unlimited VC), Citi Dividend MC, Citizens GreenSense MC, Curve WEMC, Discover It C, FNBO Ducks Unlimited VSC, PenFed (Platinum Rewards VSC, Pathfinder Rewards VSC), Synchrony Bank PayPal Cashback MC, UMB Bank Simply Rewards VC[Milford Federal], US Bank (Altitude Go VSC, Cash+ VSC [x2], Pick n Save/Metro Market WEMC)
Wishlist: AAA Daily Advantage Visa, AOD Signature, Bellco Colorado Rewards, Citi Custom Cash, EBates, Nusenda Platinum Cash Rewards, Ollo Optimum, Redstone Signature, Security Service Power Travel Rewards, Vantage West Connect Rewards
Message 7 of 11
Anonymous
Not applicable

Re: U.S Bank Cash+ CR Reporting


@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.

Message 8 of 11
NRB525
Super Contributor

Re: U.S Bank Cash+ CR Reporting

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?

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 9 of 11
Anonymous
Not applicable

Re: U.S Bank Cash+ CR Reporting

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.

Message 10 of 11
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