@KnowledgeSeekr wrote:I need to pay off my Navy Federal card which is currently maxed so it reports my updated balance when it gets reported to the bureaus.
The reporting date was the 16th last month, and my payment due date is 7/13 (no payment due). I will be using the funds from an outside account to make the payment which will not be available until tomorrow morning. It's imperative that this gets reported paid off.
Questions:
1. If I schedule a payment from an outside account tomorrow 7/14 to be paid on 7/14 am I safe with having the updated new balance reported on time?Not at all. It depends on the statement date, on the identity of the institution sending the payment, and on the projected delivery date of the payment.
2. Should I schedule the payment today for tomorrow 7/14 when the funds will not be available until 9am? (concerned it may pull prior to then)If you're 100% sure the funds will be available tomorrow. But I would never take that chance.3. Would I be better off trying to schedule an ACH transfer to get funds into the Navy checking account by 7/15 and then make a same-day payment?That's one way to do it. But nowadays you can't be guaranteed that NFCU will apply it to the balance that day even if the payment is internal.
From Navy's site:
When a transfer is made, it can take up to two business days for the payment to show in your credit card account balance. The payment is credited to your account on the business day that the transfer was made. Navy Federal Credit Union's end of business day is 8:30 PM (ET) Transactions after this time will post the next business day.
Updated credit card information is reported to the credit bureaus every month at the end of your billing cycle.
If you choose to pay from a Navy Federal account, you'll receive credit for the payment on the same day. However, keep in mind that if you make your payment using an external account, the payment could take 2 to 5 days to post to your account.
You are referencing a "reporting date". Is that date your statement ending date, the date your statement is produced? Because with NFCU, the reported balance is what is reflected as your most current statement balance.
The quickest way to get at least a portion of the balance paid, is to call in and make a debit card deposit when your funds are available at 9am. The deposit reflects as available in your NFCU checking acct immediately, so then you can make an immediate payment in the same amount to your NFCU credit card account. Unfortunately they have reduced the daily limit to $250 for telephone debit card deposits, but that would at least allow you to get $250 applied as of 2/14. Then you could just a phone rep what the quickest method would be to get the remainder of what you wish to have applied to the cc acct, confirming when the payments would be applied/if they will be reflected on this next statement.
@KnowledgeSeekr wrote:So as long as my payment transfers have been posted by the 15th then that is what I should expect to be reported to the bureaus?I'm paying off a lot more than $250k so I think my only option is to submit the transfer in advance today to show posted by Friday or get cash or an ACH transfer into the account so that funds are available for payment by Friday.
As long as the payment is shown as scheduled to be paid on the 14th, it should post to your cc acct and be on the statement ending on the 16th. If it were me, I would make the payment ON the 14th, as soon as you confirm funds are available after 9am. And I would call in to speak to a rep to confirm your payment will in fact post in time to make it onto statement to be reported this month. If you wait til the 15th, or "schedule" it for the 15th, that's a Friday and it can get tricky on if it will actually make it onto the statement. It will "post" as scheduled on your account, but may not be reflected until your August statement.
@KnowledgeSeekr wrote:
@SouthJamaica wrote:
@KnowledgeSeekr wrote:I need to pay off my Navy Federal card which is currently maxed so it reports my updated balance when it gets reported to the bureaus.
The reporting date was the 16th last month, and my payment due date is 7/13 (no payment due). I will be using the funds from an outside account to make the payment which will not be available until tomorrow morning. It's imperative that this gets reported paid off.
Questions:
1. If I schedule a payment from an outside account tomorrow 7/14 to be paid on 7/14 am I safe with having the updated new balance reported on time?Not at all. It depends on the statement date, on the identity of the institution sending the payment, and on the projected delivery date of the payment.
2. Should I schedule the payment today for tomorrow 7/14 when the funds will not be available until 9am? (concerned it may pull prior to then)If you're 100% sure the funds will be available tomorrow. But I would never take that chance.3. Would I be better off trying to schedule an ACH transfer to get funds into the Navy checking account by 7/15 and then make a same-day payment?That's one way to do it. But nowadays you can't be guaranteed that NFCU will apply it to the balance that day even if the payment is internal.1. So it seems only if I'm 100% sure funds will be available then option 2 would be the option with the highest probability for success?
2. If my due date is the 13th/today and Navy reports on the 16th/Sat, is it accurate to assume that whatever my posted balance is by the 15th/Fri is what will get reported to the bureaus?
I appreciate the help!
Yes. If it's posted on the 15th, it will get reported if the 16th is the statement date.
