USBank mid-cycle reporting? How to manage?

[designated_knitter]

So I got 2 secured cards 18 months ago and I would dutifully pay off the balance just before the statement would cut...and then I would start using it again.

I was surprised in early January to see that they reported my balances as of 12/31 -- by which time, the balances were nearly maxed out (not hard on 300/500 limit cards). Needless to say, my Scores took a hit.

wasn't sure if it was just because it was the end of the year or what...  but this time I made sure I had my balances as near to 0 as possible at the end of January... sure enough, those wer3 the balances that reported.

I really am not wild about this (not that they called and asked my opinion!)... it punishes you for  using the card even if you pay in full every month.

Is this a new thing?  My statement cuts around the 20th and I'm afraid to use th3 card for the 2nd half of the month.

How do y'all manage this?

[Anonymous]

Someone correct me if I'm wrong but isn't that BAU for USBank to report the last day of the month's balance?

[Anonymous]

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@designated_knitter wrote:

So I got 2 secured cards 18 months ago and I would dutifully pay off the balance just before the statement would cut...and then I would start using it again.

I was surprised in early January to see that they reported my balances as of 12/31 -- by which time, the balances were nearly maxed out (not hard on 300/500 limit cards). Needless to say, my Scores took a hit.

wasn't sure if it was just because it was the end of the year or what...  but this time I made sure I had my balances as near to 0 as possible at the end of January... sure enough, those wer3 the balances that reported.

I really am not wild about this (not that they called and asked my opinion!)... it punishes you for  using the card even if you pay in full every month.

Is this a new thing?  My statement cuts around the 20th and I'm afraid to use th3 card for the 2nd half of the month.

How do y'all manage this?

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US Bank always reports at the end of the month, not on the statement cut date. Something to keep in mind for your next reporting cycle!

Unfortunately, some creditors do this, so feel free to ask around or search the threads to see how each of your creditors report!

[M_Smart007]

I usually pay US Bank by the statement cut date,

and then if their is any balance left, pay that on the last business day of the month.

[blindambition]

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@M_Smart007 wrote:

I usually pay US Bank by the statement cut date,

and then if their is any balance left, pay that on the last business day of the month.

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This is what I do. While I don't have US Bank, most CU have same practice.

[dragontears]

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@designated_knitter wrote:

So I got 2 secured cards 18 months ago and I would dutifully pay off the balance just before the statement would cut...and then I would start using it again.

I was surprised in early January to see that they reported my balances as of 12/31 -- by which time, the balances were nearly maxed out (not hard on 300/500 limit cards). Needless to say, my Scores took a hit.

wasn't sure if it was just because it was the end of the year or what...  but this time I made sure I had my balances as near to 0 as possible at the end of January... sure enough, those wer3 the balances that reported.

I really am not wild about this (not that they called and asked my opinion!)... it punishes you for  using the card even if you pay in full every month.

Is this a new thing?  My statement cuts around the 20th and I'm afraid to use th3 card for the 2nd half of the month.

How do y'all manage this?

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You could try moving your due date to near the end of the month if you really want the statement balance to be more in line with the report date. As everyone else said, that is how they report.

As to how to manage the card so it reports 0. For me, I use my cash+ for utilities which hit the card during the first 2 weeks of the month. I get paid twice a month so pay the card after my second paycheck of the month. 

[Anonymous]

Yeah it reports the balance from the last business day of the month.

[calyx]

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@blindambition wrote:

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@M_Smart007 wrote:

I usually pay US Bank by the statement cut date,

and then if their is any balance left, pay that on the last business day of the month.

---

This is what I do. While I don't have US Bank, most CU have same practice.

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My CU posts the balance on the first business day of the month (took me a while to figure that one out), but yeah, there are plenty of banks with quirks.   This is a known USB thing.

[blindambition]

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@calyx wrote:

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@blindambition wrote:

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@M_Smart007 wrote:

I usually pay US Bank by the statement cut date,

and then if their is any balance left, pay that on the last business day of the month.

---

This is what I do. While I don't have US Bank, most CU have same practice.

---

My CU posts the balance on the first business day of the month (took me a while to figure that one out), but yeah, there are plenty of banks with quirks.   This is a known USB thing.

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Yeppers!! Cap One recently changed the statement closing date. Different every month... I have to count days now... utterly ridiculous. Hoping for US Bank and one more in July... both Crap One going bye bye. They offer nothing of value anymore.

These are the opinions of blindambition, and in no way represent the views of myFICO. 🤣 

[MakingProgress]

I'm lucky my Cash + statement cuts on the 1st of the month anyway, so I just pay by the last business day and I'm Golden.