Noob ? about payment reporting

[Anonymous]

U.S. Bank is a perfect example. I went through it with them regarding that exact issue after their CSR misinformed me that the statement balance is what would be reported and it was not. It’s definitely better to check than to assume.

[SouthJamaica]

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@Anonymous wrote:

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.

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I can think of other exceptions. DCU reports balance on the 1st, Vantage West reports balance on the 5th, Chase reports new zero balances off cycle, PenFed PLOC reports over a span of 8 or 9 days over beginning & end of month, Synchrony reports randomly.

[SouthJamaica]

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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 does not matter.

[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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@SouthJamaica is right - it doesn't matter. I've seen plenty of posts from students using a Discover secured card (with $500 limit) for all their spend in a month (way more than $500), making several payments a month, and they end up with very good (740+) FICO 8 scores in 7 or 8 months time.

A lot can be inferred from the statement balance and high balance as well: If statement balance was $1500 previously and your new monthly reported balance is $35, but your last payment received was $50, they know you made more than one payment and one or more of them totalled $1415.

[Anonymous]

My Amex Surpass card closed on 7/14, and reported yesterday with the new statement balance including its interest, not the balance at statement closing. I have two more Amex that close tomorrow, and can report back next week if they report the balance as of tomorrow although based on the Surpass, I assume it’ll be the new statement balance.

[Anonymous]

https://ficoforums.myfico.com/t5/General-Credit-Topics/Discover-Statement-Cut-0-00-Balance-Reported-...