Reporting balance between closing statement and actual reporting date

[Superduper2014]

Hello guys, 

Just wanted to ask. 

If I make a payment on my credit card in it posts right after closing date, but before they report to the bureaus.

Will they report the reduced balance or whatever the closing date had as balance.

I understand US bank will report whatever balance right before they report, but was curious about other lenders. 

Thanks

[gdale6]

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@Superduper2014 wrote:

Hello guys, 

Just wanted to ask. 

If I make a payment on my credit card in it posts right after closing date, but before they report to the bureaus.

Will they report the reduced balance or whatever the closing date had as balance.

I understand US bank will report whatever balance right before they report, but was curious about other lenders. 

Thanks

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No.

[Slabenstein]

Assuming by "actual reporting date" you mean the date you see the balance show up on your CRs, not the actual reporting date, no.  Whatever your balance is on the actual actual reporting date (statement close, for most lenders) is what they will report to the bureaus.  Chase will off-cycle report whenever your balance is $0, though, and some other lenders like Discover let your request off-cycle reporting.

[Superduper2014]

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@Slabenstein wrote:

Assuming by "actual reporting date" you mean the date you see the balance show up on your CRs, not the actual reporting date, no.  Whatever your balance is on the actual actual reporting date (statement close, for most lenders) is what they will report to the bureaus.  Chase will off-cycle report whenever your balance is $0, though, and some other lenders like Discover let your request off-cycle reporting.

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Hi, by actual reporting date I mean the date in which they send the info to the credit bureaus. 

I have read and been told by some customer service reps from some of my cards that they send the reporting information to the bureaus within a couple of days of the closing statement date. So that is why I was wondering if you pay and posts right after the closing statement date and just before they send the information to the bureaus.

So you are saying that if my payment posts one day after the statement closes, they will still report the higher balance that I had at closing statement date. Correct?

How does the off cycle reporting work?

For Discover, for example, if I have a closing statement date of the 6th may I request they report by the end of month, or how does this work?

This is new to me.

Thanks for pointing it out.

I know US bank reports by end of month and reports whatever balance is right before they report regardless of what was on the statement closing, but that is as much as I know. Is this off cycle reporting?

[longtimelurker]

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@Superduper2014 wrote:

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Hi, by actual reporting date I mean the date in which they send the info to the credit bureaus. 

I have read and been told by some customer service reps from some of my cards that they send the reporting information to the bureaus within a couple of days of the closing statement date. So that is why I was wondering if you pay and posts right after the closing statement date and just before they send the information to the bureaus.

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My guess is that the process is a simple batch: the issuers gather all the data for the accounts that closed on date X and, once assembled, send that to the CRA and this could indeed be a day or two after close, simply because of data size.   They don't try to update any recent activity since statement close, as, for most issuers, what they are reporting is that state of the account on that date.

This works both ways of course,  balances increased because of purchases that post just after closing don't get reporting to the CRAs either

[UpperNwGuy]

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@Superduper2014 wrote:

If I make a payment on my credit card in it posts right after closing date, but before they report to the bureaus.

Will they report the reduced balance or whatever the closing date had as balance.

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They will report the balance that is shown on your statement.  Later payments will not be included.

[Slabenstein]

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@Superduper2014 wrote:

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@Slabenstein wrote:

Assuming by "actual reporting date" you mean the date you see the balance show up on your CRs, not the actual reporting date, no.  Whatever your balance is on the actual actual reporting date (statement close, for most lenders) is what they will report to the bureaus.  Chase will off-cycle report whenever your balance is $0, though, and some other lenders like Discover let your request off-cycle reporting.

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Hi, by actual reporting date I mean the date in which they send the info to the credit bureaus. 

I have read and been told by some customer service reps from some of my cards that they send the reporting information to the bureaus within a couple of days of the closing statement date. So that is why I was wondering if you pay and posts right after the closing statement date and just before they send the information to the bureaus.

So you are saying that if my payment posts one day after the statement closes, they will still report the higher balance that I had at closing statement date. Correct?

Yes, if the statement close is the reporting date for that issuer, they will report the balance on your statement close date, not the day after, regardless of any account activity.

How does the off cycle reporting work?

For Discover, for example, if I have a closing statement date of the 6th may I request they report by the end of month, or how does this work?

Off-cycle reporting is just the issuer reporting your balance to the bureaus on a date other than the usual reporting date.  So, on a day where you have the balance you want to report, you call the issuer and ask for an off-cycle report so that balance posts.  It would be an extra report to the bureaus, in addition to the statement close/usual reporting date.  If you want a card to regularly report on a different date, such as the end of the month, you could talk to the issuer about moving your due date so that the statement close date falls where you want it.

This is new to me.

Thanks for pointing it out.

I know US bank reports by end of month and reports whatever balance is right before they report regardless of what was on the statement closing, but that is as much as I know. Is this off cycle reporting?

No, that's just their regular reporting date.  Not all issuers use statement close date for the reporting date.

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[Anonymous]

@Superduper2014 Here’s my two cents because that hasn’t been my experience. If your closing or statement date is on the sixth, then it seems like at 11:59 PM your information along with everybody elses that closes on that day is sent to the bureaus.

Now it may take a couple days for the bureaus to insert that into their live datasets, which we call the interstitial delay. And they vary and how quickly they do that in my experience Experian has been the quickest.

But to answer the original question whatever is on that statement is what the majority of lenders report; there are a few like US Bank they have quirks, so if you pay it by whatever cut off time on the sixth, they should report the night of the sixth and you may even see it on Experian on the seventh; if not, as soon as they update their datasets.

[Superduper2014]

thanks everyone! I appreciate your insights. Have a great evening!

[Anonymous]

Most things are done in batch processing, I think, so keep in mind that the bureaus insert things during the day, so sometimes it’s better to make your pull later in the day, if you are trying to verify something.