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whisperdawg

1 Contribution
1 Person Helped
What information do the credit card companies send the bureaus each month?
Here's the scenario that keeps me up at night...
Let's say I have a $1000 credit limit and I've used $50. That translates to having a credit utilization of 5%, which is what I'm striving for. But let's say I get that statement on the 23rd of any given month. I then pay the balance in full 3-days later on the 26th. When the credit card reports to the credit bureau, what are they sending? Are they sending record of my statement and subsequent payment, or is the report a real-time reflection of my current account status? What I mean is that what happens if I've paid my balance and I'm back at $0, and a few days after that, the CC sends their report. What exactly are they sending? My statement and paid in full status, or my current balance (which is now back down to $0, thus making my credit utilization appear as zero, which is actually a bad thing I've been told on this forum.

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The balance you have at the moment they send a report. They say in most cases it is the same moment they prepare a statement for you. So the balance you see in statement will be the sum reported to bureau. But some banks send a report at some specific date not related to your statement. The advice I often see over internet: ask your bank directly. That will be the most accurate info.

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