I get paid the first of the month, and then a sub check the middle of the month. I pay all of my bill on the first just to get them paid and out of the way. I sent payment to B of A for 300.00, it was applied to my account on June 5th, so they shortly there after reorted to the CRA's. A little later on in the month, the interest was added on the account around $65 for the following month.. Obvisously they report twice a month. Fico sent me an alert saying that one of my accounts had an increase on it. It turned out to be B of A. They had to have reported it for FICO to know about it.
Was I making a mistake by paying the first week of the month? This month, July, I have my payment scheduled for the due date 7/20 on the website. They report aROUND THE 25th. Hoping to not get bounced around again.
The kicker is, I don't know how it was increased. The $300. dropped the balance down enough to cover the $65. interest fee. , I know they reported twice, because it was showing on my cr's with the correct bal after the $300. deduction then when the 25th rolled around they added the interest that made it appear to increase from my last month. So sometime after receiving my $300. payment in June they reported the new bal., then reported again.
I am going to keep a close eye on it this time and find out what is going on.
Any one evr have this problen. I know from now on, I will be paying my bills on their due date and not a couple of weeks early
That's curious, as BOA hasn't reported at all since 6/07 on me, and I sure wish they would, as I have about paid them off. Aside from that, I've never known them to report more than 1x per month, though I usually pay twice a month. Keep us posted and maybe give them a call? I called them when they raised my interest rate and they immediately reduced it.
Revike wrote: What's the statement date for the BOA account?
The statement says June, 2007 (closed out June 27)
below it shows previous balance 3744.78, then it shows my 300. payment made on June 05, it reports to all three cra's as balance of 3444.78. Then below they have the interest of $65.90, they didn't add that to my $3444.78. After the closing date of June 25, they must have reported the 3444.78 plus the interest 65.90 raising my balance to $3510.68. It caused me to get an alert from my fico that an increase in my B of A account. On this bill it says my payment is due July 20, 2007. After getting the alert from my fico, I discovered that they must be reporting twice. So I decided this month to pay my payment on the 20th (scheduled to pay via the internet). When they report on/after the 25th, I am going to check to see what they report. If it reports correctly then I won't be paying all of my bills the first of the month. I will start paying them on their due dates...no more early payments.
Your interest is applied on your closing date and the account is usually reported to the CRAs within a day or two after that. Normally, it wouldn't make any difference whether you paid on the 1st or the 20th - as long as you pay after each closing date and before the next due date. The only advantage to paying $300 on the 1st instead of the 20th, is that you save $1 or $2 in interest.
It would be very unusual for a bank to report your account balance a second time in mid-month, since every report costs them money. But score-wise, it shouldn't have any effect. The difference between your balance on the normal report and your balance on the extra report is only $60+, which isn't enough to affect the utilization for the BOA account or the overall utilization.
I'd just monitor your CRs to see if it happens again during the next couple of months. I'm guessing BOA just adjusted something in their reporting procedures and the extra report was a one-time fluke.