No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hey Guys..I need help
I got a notification today saying that the balance on one of my accounts increase $197.
I opened a Self Lender Account to help build up positive credit history after my BK and so far it has been beneficial, and when you meet certain criteria, you're able to move the saved amount to a Secured Credit Card.
First month was in March $92, because they cut the statement earlier than I expected. April, statement balance was $0, as well as May's statement balance.
Today I got the notification from MyFICO, and it said my balances increased $197 from last months balance of $82, to $279. My payment of $0 isn't due until the 18th of June, and today, June 5th, it reported my running balance.
I don't know what I need to do, I'm literally fuming with anger because it dropped my EQ score 21 points!!! Why is it reporting my running balance, and not my statement balance!?
Not all cards report on the statement date
You could probably just avoid using the card if it's that big of a deal
Unless you're applying for more credit soon it's not too important though
@Anonymous wrote:Hey Guys..I need help
I got a notification today saying that the balance on one of my accounts increase $197.
I opened a Self Lender Account to help build up positive credit history after my BK and so far it has been beneficial, and when you meet certain criteria, you're able to move the saved amount to a Secured Credit Card.
First month was in March $92, because they cut the statement earlier than I expected. April, statement balance was $0, as well as May's statement balance.
Today I got the notification from MyFICO, and it said my balances increased $197 from last months balance of $82, to $279. My payment of $0 isn't due until the 18th of June, and today, June 5th, it reported my running balance.
I don't know what I need to do, I'm literally fuming with anger because it dropped my EQ score 21 points!!! Why is it reporting my running balance, and not my statement balance!?
You might be able to call and ask about their reporting practices.
Is it the statement closing balance?
Do they choose to update the balance on a certain date of the month?
Another thought, did you just add extra funds to your card to increase the CL? That could also be it.
Good luck!
@Anonymous Yes actually, I'm trying to get a new car by the end of the year. My current car is giving me issues and it has been in the shop twice since I bought it in October. So I'm practically throwing money at my loan company to cover the negative equity.
@Anonymous thank you, I'm going to do this.
I wasn't aware that people had different reporting habits, but that was just a foreign concept to me. Like why would they report the balance 2 weeks after a payment has been made... and believe me, I've gotten a few other credit cards, finally 1 unsecured, so I may just end up being done with it anyway. I want the longevity though, so we will see!
@Anonymous wrote:Hey Guys..I need help
I got a notification today saying that the balance on one of my accounts increase $197.
I opened a Self Lender Account to help build up positive credit history after my BK and so far it has been beneficial, and when you meet certain criteria, you're able to move the saved amount to a Secured Credit Card.
First month was in March $92, because they cut the statement earlier than I expected. April, statement balance was $0, as well as May's statement balance.
Today I got the notification from MyFICO, and it said my balances increased $197 from last months balance of $82, to $279. My payment of $0 isn't due until the 18th of June, and today, June 5th, it reported my running balance.
I don't know what I need to do, I'm literally fuming with anger because it dropped my EQ score 21 points!!! Why is it reporting my running balance, and not my statement balance!?
I had a self SSL account for 2 years and it reported every month a couple of days after payment with no deviations.
They have been doing the SSL for a few years but the secured credit card is relatively new.
I would not utilize it too often if it has a tendency for varying reporting dates, some credit cards (a few) report off cycle due to various reasons. If this turns out to be one of those (or one with growing pains) I would be careful utilizing it when major apps or big purchases are planned in the near future.
Hello! Your Self credit card status is reported to the three credit bureaus in the first week of the month and includes the previous month's information. For example, the submission in May would include April's information.
For more detailed information about our credit card reporting, please check out our FAQ page here: https://help.self.inc/en/articles/283-credit-reporting-and-the-self-visa-credit-card