Noob ? about payment reporting

[snickerpedia]

Let's say I have a balance that reported of 1500.  If in between the statement closing dates I make a payment of 1500, charge another 300, then pay that off before the date will both payments get reported for the month?

[SouthJamaica]

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@snickerpedia wrote:

Let's say I have a balance that reported of 1500.  If in between the statement closing dates I make a payment of 1500, charge another 300, then pay that off before the date will both payments get reported for the month?

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The payments don't get reported. Only the balance as of the reporting date -- which is usually the statement date -- gets reported.

[snickerpedia]

Neither payment gets reported?

[SouthJamaica]

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@snickerpedia wrote:

Neither payment gets reported?

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No. What gets reported is the balance, not the payment.

The only thing mentioned in terms of payment is "paid as agreed".

So if your lender reports the statement balance, in the example you gave the balance would be zero. Because all the charges were paid off before the reporting date.

[pinkandgrey]

The issuer of the card will see both payments, but the credit bureaus will see only the balance as of the statement cut date. 

[Anonymous]

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@snickerpedia wrote:

Let's say I have a balance that reported of 1500.  If in between the statement closing dates I make a payment of 1500, charge another 300, then pay that off before the date will both payments get reported for the month?

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It's possible that the last payment made - the $300 in this case - will show up under 'Recent Payment' or 'Payment Received' on your full credit report obtained directly from the bureaus (like annualcreditreport.com).

It's also possible that TransUnion might record the exact date of the last payment made, like you can see on my full report from TU below.

This seems dependent on the card issuer from what others have posted here. I can tell you that at least TU tracks the amount received and date of last payment on both my credit union issued Mastercard (PSCU is the processor) and Citi Costco Visa card. They also keep track of utilization, high balance, and credit limit month by month.

[Anonymous]

@pinkandgrey: That isn’t quite correct. The balance on the reporting date is what is reported to the bureaus, not the balance on the statement date. If you make a payment after the statement cuts, but before it reports, the balance reported will be the balance on the day it’s reported, not the statement balance, for most CCC.

And as CassieCard reports, some CCC’s report payment information, as well. Not all CCCs do.

[Anonymous]

As a general rule, Statement Close date is also Reporting date.  The only exceptions, in my experience, are U.S. Bank and Elan Financial Services(a wholly-owned subsidiary of U.S. Bank); they both report account balances on the last business day of the month which doesn't necessarily coincide with the Statement Close date.

[snickerpedia]

thanks for all your inputs. So do you think it is wiser to make one large sump monthly payment incase the creditor does report the last payment received or does it not matter becuase the issuers are not really looking at that information for approvals?

[Anonymous]

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@snickerpedia wrote:

thanks for all your inputs. So do you think it is wiser to make one large sump monthly payment incase the creditor does report the last payment received or does it not matter becuase the issuers are not really looking at that information for approvals?

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It doesn't really matter. Most lenders only care that the account is "paid as agreed" which means that you made at least the Minimum Payment due by the Payment Due date.  Although its perfectly acceptable to make multiple payments, the normal behavior is to make a single payment after the statement is created, but on or before the Payment Due date. And especially at the start of a credit relationship you want to appear as "normal" as possible to avoid additional scrutiny.