For me it is the 13th, but it varies depending when you open your vard, usually when they send an email about your statement, they usually are getting ready to report, sometimes its the next day or week. So be on the look for that email they usually send every month and then see when they report on your reports
@SuperKirby wrote:
@navyox wrote:
@Themanwhocan wrote:First you should realize that there are 2 groups that you are trying to impress, and they are to some extent complete opposites.
You want to impress the credit card companies. You want to show them that you have credit cards, that you are using them, and that you are paying them off regularily (ideally every month). These companies will decide if they want to loan you more of their money, and they are concerned with risk, and return on investments, etc. So usually for these companies you want to have your monthly charges report to the credit bureaus, then pay in full before you are charged any interest. And don't use too much of any one card, ie, don't rack the card up close to 100%, that can be interpreted as you are finding it difficult to meet your expenses, etc. Appearing desperate is never good.
The second group you want to impress is FICO. They generate a credit score. They don't loan you money, they don't care about your credit history. All they care about is the present moment, the current snap-shot of your credit risk. They will sum up your entire credit worthiness in the form of a number. And only a number.
So, when you want to 'play the game', remember that you are not just a number (except to FICO, and they don't give you a loan or a credit card, now do they?).
Most of the time, just use your card a reasonable amount, let it report, and immediately pay in full. Create that rich, robust credit report that the credit companies want to see. Sure they look at that Fico number, but thats not all they look at, so give them what they want.
As to the FICO score, why its always fluxuating a bit, so why not try to optimize it right before you apply for more credit. At that time, and only that time, try to get one credit card to report 1% - 9% and the rest of them report 0%. You have to figure out what date each card reports to the credit bureaus and pay off each cards just before that. For some credit cards that will be approximately the date that the new statements are created. For others it will be a different date (example: US Bank and ELAN cards report your balance near the last day of the month).
Its really as simple as that.
In a forum full of great information, this post is amazing. Super clear and concise and really explains a concept that many people could benefit from understanding. +100!
+101!
+102 Very accurate information, thats exactly what you should read.
Thanks for that.
The amount you owe when your monthly statement is generated, is the amount that wil be on your statement, and is the amount that is reported to the credit bureaus (except US Bank and Elan cards).
If you want to manipulate the amount reported, you have to stop using the cards days before teh statement is generated (so that any pending charges have a chance to post, so that you can pay them). then once everything has posted, you pay whatever amount you want before the statement date and soon enough before that date for your payment to clear.
You want a card to report 0 amount due? Pay the full bill a couple days before the statement. You want a small amount to report? Pay all except a small amount before the statement date.
