Question About "Statement Closing Date"

[penman]

Is the balance on your credit card as of the date of the Statement Closing Date

is the amount that the credit card issuer reports to the CRA's for that month.

For example my statment closing date is the 25th of the month. So my balance owed on that date is the one reported to the CRA's. Not the balance at the end of the month. The reason I ask so that I can keep the balances low that are reported to the Cra's. Thanks

[LNY]

Is the balance on your credit card as of the date of the Statement Closing Date

is the amount that the credit card issuer reports to the CRA's for that month.

For example my statment closing date is the 25th of the month. So my balance owed on that date is the one reported to the CRA's. Not the balance at the end of the month. The reason I ask so that I can keep the balances low that are reported to the Cra's. Thanks

It depends on the card. Some report the day after your statement closes, and report that balance. Some, like Target, report the day your statement closes, so if you pay on the due date, your balance BEFORE the payment will be reported. Some, like Juniper, report the week after your statement closes. While HSBC cards report the last day of the month, regardless of when your statement closes. So your balance on the 30th/31st is what gets reported

Best thing to do is subscribe to TrueCredit. Not only can you do daily pulls for monitoring and bumpage purposes, but they have a useful little note with every account summary that tells you the exact day it reported. This way you can manipulate the situation to your benefit. That's what I do. I know when everyone reports, and I make sure all usage and payment is timed accordingly. Like I know my Union Plus card is reported at the end of the month, so I make sure my payment is in before then, even though it's not due until the following week.

[penman]

Thanks LNY . Great advice.

Penman

[wearedummed]

I'm a bit confused about how the payment strategy works when it comes to cc. Please tell me if I'm correct please.

this is for example purposes:

amex for 2,000, reports on the 30th/31st of each month. I charge whatever I want on the card, even if it's up to the full 2000, as long as I pay it before the 30th/31st down to a 35% or less balance. That way it shows at under 35% utilization and it will never show that I was maxed out to 2000.

Is that how it works? I'm sorry if it's a dumb question. I've been trying to figure out how to workout the payments for all my new cc. I've never had so many cc at once and I want to make sure I don't screw it up.

The above is assuming that I have access to the information of when they report, whether they report the credit line (I know I read something about some card that doesn't report the CL). I am going to subscribe to truecredit, I guess I'll use one of my new cards

[LNY]

I'm a bit confused about how the payment strategy works when it comes to cc. Please tell me if I'm correct please.

this is for example purposes:

amex for 2,000, reports on the 30th/31st of each month. I charge whatever I want on the card, even if it's up to the full 2000, as long as I pay it before the 30th/31st down to a 35% or less balance. That way it shows at under 35% utilization and it will never show that I was maxed out to 2000.

Is that how it works? I'm sorry if it's a dumb question. I've been trying to figure out how to workout the payments for all my new cc. I've never had so many cc at once and I want to make sure I don't screw it up.

The above is assuming that I have access to the information of when they report, whether they report the credit line (I know I read something about some card that doesn't report the CL). I am going to subscribe to truecredit, I guess I'll use one of my new cards

TrueCredit tells you the exact day the card reported. Capital One and most signature cards (the ones with no set spending limit) don't report limits and can kill your utilization. Basically they use your high balance (most you've ever spent) as your credit limit. Search for all the gory details on that.

Some cards (like Capital One) report your high balance as the most you've ever spent at any time in the billing period, so if your limit is $2000 and you spend $2000, that $2000 will show regardless of what your statement-ending balance is, and how long you had that balance... even if it was for only 5 minutes. But most cards will report high balance as the highest statement-ending balance you ever had, and that doesn't factor into your utilization. The high balance is only there for reference. What counts is your limit and current balance at the time it reports.

Did any of that make sense?

[wearedummed]

TrueCredit tells you the exact day the card reported. Capital One and most signature cards (the ones with no set spending limit) don't report limits and can kill your utilization. Basically they use your high balance (most you've ever spent) as your credit limit. Search for all the gory details on that.

Some cards (like Capital One) report your high balance as the most you've ever spent at any time in the billing period, so if your limit is $2000 and you spend $2000, that $2000 will show regardless of what your statement-ending balance is, and how long you had that balance... even if it was for only 5 minutes. But most cards will report high balance as the highest statement-ending balance you ever had, and that doesn't factor into your utilization. The high balance is only there for reference. What counts is your limit and current balance at the time it reports.

Did any of that make sense?

Ehhh...

Ok, let's see. I have two C1, they each have 2000 limits. they are both at about 1700 at the moment . So even if I pay them off to 35% or less, it will always report as 1700, no matter what??? They report the 1700 as the current balance even if I paid 65% of it off before they report? Is that what you said?

Other cards don't do this, so my example on my previous post would work out fine, right?

[LNY]

Ehhh...

Ok, let's see. I have two C1, they each have 2000 limits. they are both at about 1700 at the moment . So even if I pay them off to 35% or less, it will always report as 1700, no matter what??? They report the 1700 as the current balance even if I paid 65% of it off before they report? Is that what you said?

Other cards don't do this, so my example on my previous post would work out fine, right?

No. The high balance will always report as $1700 until you charge more one day... but your current balance will report as whatever it was when your statement closed. With C1 always think of the high balance as your credit limit. The higher the better.

So let's say you charged $1700 at one point in your C1 career and never went any higher. And this month you paid your balance down to $850 before the statement closed. It will report as 50% utilization... $1700 high balance/credit limit and $850 current balance.

Next month say you don't charge anything but pay another $200 before the statement closes. It will now report as $1700 high balance/credit limit and $650 current balance.

[wearedummed]

Ohhhhhhhh...So this would be that one case in which charging it up to the 2K at least once would be the smart thing to do..

And for the other cards, I do want to pay it down to 35% or less before they report? OMG...thanks for your patience in explaining this.

[LNY]

Ohhhhhhhh...So this would be that one case in which charging it up to the 2K at least once would be the smart thing to do..

And for the other cards, I do want to pay it down to 35% or less before they report? OMG...thanks for your patience in explaining this.

Ding ding ding! We have a winner!!!

Those pesky convenience checks are always good for faking up your C1 limit. But I can't type all that again for the zillionth time, so I'm afraid I have to send you to the search button for the tricks of the trade.

And yes, always pay down your cards as much as possible before they report.

[wearedummed]

Ding ding ding! We have a winner!!!

Those pesky convenience checks are always good for faking up your C1 limit. But I can't type all that again for the zillionth time, so I'm afraid I have to send you to the search button for the tricks of the trade.

And yes, always pay down your cards as much as possible before they report.

Yippie Meee!!! Finally understood the payment stuff. Been wrecking my brain this entire week, searching, browsing...afraid to ask and get sent to the "search" button.

I will check into the "C1 101" search. Although, in reality I'm not that far off from the 2K, only $300. I think 1 pair of pretty open toes heels and a Coach Tote Bag might do the trick.

[LNY]

Yippie Meee!!! Finally understood the payment stuff. Been wrecking my brain this entire week, searching, browsing...afraid to ask and get sent to the "search" button.

I will check into the "C1 101" search. Although, in reality I'm not that far off from the 2K, only $300. I think 1 pair of pretty open toes heels and a Coach Tote Bag might do the trick.

Max them babies out!

And if you end up feeling guilty about that Coach bag, I'd be happy to take it off your hands. Anything for a fellow CICer.

[wearedummed]

Max them babies out!

And if you end up feeling guilty about that Coach bag, I'd be happy to take it off your hands. Anything for a fellow CICer.

Such a silly lil girl! I wouldnt impose! After all I'm a mere "Member of the Club" and you are a "Moderator"::allhail:: . I couldnt!

[Quartermoon]

OK so I have two credit cards I had to use when I bought my new house.

CL 1700 and the other (orchard) 800

I maxed them both out because I was pulling everything I could until I sold my other house... thought we'd get more cash out of the house but didn't so I couldn't pay those off like I intened originally.

Now I'm paying as much as I can over the limit... so my at it's highest shows

1700 and the balance shows like 1200 currently... is bad?

I know it's higher usage than I need.. I got all those cards and they are all still zero. Should I use them once? or keep them in the drawer?

[LNY]

OK so I have two credit cards I had to use when I bought my new house.

CL 1700 and the other (orchard) 800

I maxed them both out because I was pulling everything I could until I sold my other house... thought we'd get more cash out of the house but didn't so I couldn't pay those off like I intened originally.

Now I'm paying as much as I can over the limit... so my at it's highest shows

1700 and the balance shows like 1200 currently... is bad?

I know it's higher usage than I need.. I got all those cards and they are all still zero. Should I use them once? or keep them in the drawer?

So this is a non-Capital One card that shows a $1700 CL, $1700 high balance and $1200 balance? Obviously you need to get that balance down a lot. Like to about $500.

I'm not sure I understand what that last part refers to. All what cards?

[LNY]

Such a silly lil girl! I wouldnt impose! After all I'm a mere "Member of the Club" and you are a "Moderator"::allhail:: . I couldnt!

Gratuities are accepted. And this IS the holiday season... your generosity would be good karma!

[wearedummed]

I guess I can always give away my $10 old bag once I have my purrrtyyyy mesmerizing new leather Coach bag

[LNY]

I guess I can always give away my $10 old bag once I have my purrrtyyyy mesmerizing new leather Coach bag

[wearedummed]

Does somebody need a hug???

[LNY]

Does somebody need a hug???

[Quartermoon]

Yes, it's my goal to get it down as soon as possible.

After Christmas it should be down considerably. I had to use it

unexpectedly like I said... it's not my habit to have them that high but recently everything went haywire and I used free money for a few family emergencies.. father in law had a heart attack. fam was going back and forth to hospital, kid was home for 2 days up and left for GA on the fly.. hotels..

but it will be down. I wish, hope, pray to get a rifi on my mortage in March.

1 year after purchase.. so it's seasoned a little.. good payment history..

for most of my things. I have one 30 day late on a CR TL, one ChargeOff

that I disputed but it verified... thought I'd try DV the OC on payment history but not sure... couple medicals of 30.00 each... not sure how to approach those.. silly I should know.

I just wrote a book.

[wearedummed]

Yes, it's my goal to get it down as soon as possible.

After Christmas it should be down considerably. I had to use it

unexpectedly like I said... it's not my habit to have them that high but recently everything went haywire and I used free money for a few family emergencies.. father in law had a heart attack. fam was going back and forth to hospital, kid was home for 2 days up and left for GA on the fly.. hotels..

but it will be down. I wish, hope, pray to get a rifi on my mortage in March.

1 year after purchase.. so it's seasoned a little.. good payment history..

for most of my things. I have one 30 day late on a CR TL, one ChargeOff

that I disputed but it verified... thought I'd try DV the OC on payment history but not sure... couple medicals of 30.00 each... not sure how to approach those.. silly I should know.

I just wrote a book.

Oh wow! Love that pic!

I hear ya on paying off the cards! I didn't mean to either and now I'm struggling to pay them down. I'm having a hard time getting myself into a budget. Budgets were never my thing!

[wearedummed]

Oh wow! Love that pic!

I hear ya on paying off the cards! I didn't mean to either and now I'm struggling to pay them down. I'm having a hard time getting myself into a budget. Budgets were never my thing!

Whoaaaa missy! Not the meatloaf picture!!!!

[wearedummed]

You know you wanna

[Quartermoon]

I was doing perfectly fine until I met a mortgage broker that ripped my liver out when I bought this house.

I thought I was doing the right thing.

I only have those two and nothing else on anything.

I do have a loan with Beneficial I'd like to include in a re/fi

it's not a heloc though..

I just hate them. Pay pay pay and I never hit the freaking principal.

Meatloaf rocks! Now I can say easily to posters.. " You took the words right out of my mouth!"

[wearedummed]

Best thing to do is subscribe to TrueCredit. Not only can you do daily pulls for monitoring and bumpage purposes, but they have a useful little note with every account summary that tells you the exact day it reported. This way you can manipulate the situation to your benefit. That's what I do. I know when everyone reports, and I make sure all usage and payment is timed accordingly. Like I know my Union Plus card is reported at the end of the month, so I make sure my payment is in before then, even though it's not due until the following week.

Wow! Just went to their site, and it's not that cheap ey!

1st Month is Just $24.95

then just $14.95 per month

I guess I'll have to buy the bullet and pay it.