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Question By
xieaaron

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When do credit card companies report balance to credit bureau?
I would like to pay off my balance right before my credit card companies report the balance to 3 credit bureaus. But how do I know when they report to the bureaus? Thanks.

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closing date

Helpful to 11 out of 13 people

Credit issuers report to the bureaus what the balance is on your closing date. Say your bill is due on the fifteenth of the month. The closing date will probably be the eighteenth (although the reporting may not actually take place until several days after this). On this day, a "snapshot" of your balance is taken and this is what is reported to the bureaus. 

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myFICO website poaching

Helpful to 2 out of 2 people

MyFICO website is obviously paying to have people post here to poach customers! How many replies are suggestling to go to that websites?! Those messages should be deleted from the thread to ensure member reviews are not biased!

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2 cc equal 2 different closing dates?

Helpful to 2 out of 2 people

So if I have two different cc, Wells Fargo and capital one and they both have their own closing dates, does this mean that I get reported twice a month? If this is the case should I leave a small balance for the card that closing for that month? Help please.

Reply by
rja9823

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Helpful to 2 out of 3 people

you don't want to leave a balance on a card.  You cna have them both close on the same date...simply call and ask.

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Never know when bank is updating

Helpful to 4 out of 6 people

It seems impossible to determine when bank of america reports my Credit Card Balance to Transunion and Equifax.   I have called Bank of America about this and they said it is at end/beginning of every month.  Yet the inquiry is showing last update on the 19th of month.   I have a small secured credit card of $500.00 limit and it is impossible to keep my CC Utilization in the Excellent or Good Range.  I make several payments  per month since I can't pinpoint when the bank reports my balance to the credit bureau's.  it seems to be a guessing game and the banks and bureaus are reporting my highest balance of the month.  Is there a way to be notified by bank when they report my credit card balance to the bureau?

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MyFICO Website Poaching

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MyFICO website is obviously paying to have people post here to poach customers! How many replies are suggestling to go to that websites?! Those messages should be deleted from the thread to ensure member reviews are not biased!

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Most Helpful Response

Helpful to 65 out of 74 people

99% of credit card companies report to the 3 on your statement cut date.  If you are wanting to keep your score at it's highest possible, pay these before the cut date, but leave just one card with a low balance...like $10.  With every card posting zero, month after month, the FICO system sees this sort of as a fear of using your cards.  They like to see responsible use.

Right now, one of my positive FICO factors states "recent use of available credit".  Letting a balance of between 3 to 9% of TOTAL available credit, but only on one card seems to be the magic spot.  Several of us on the myFICO forums palyed with these 3's over a few months (we dicided to be the guinea pigs!)  and found those percentages to work in our best favor.

Hope this helped!  :0)

Reply by
Pythonette

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Helpful to 11 out of 16 people

I'm sorry, will you please define "cut date" for me? Do you mean the day the billing cycle ends, the day the invoice is issued, the day it's due, or what? Thanks! I PIF every month, sometimes more frequently. Is there any advantage to paying more than once a month?

Reply by
dragonbits

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Helpful to 6 out of 8 people

For those that don't know what is meant by statement cut date.

They mean the last statement balance, which is the total charges at the end of the billing cycle.  If you pay this in total, you will incur no interest charge but the last statement balance will be reported to the credit bureaus.

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Helpful to 7 out of 11 people

Cc companies are reporting my spending almost immediately, weeks before the due date...and now that I've paid them off (it's been over a week) they have not reported them as paid...ugh?

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Question about reporting balances

Helpful to 7 out of 11 people

I have a question about CCs reporting balances to credit bureaus. 

I noticed I had “balances/debt” that were affecting my credit score even though I pay off my cards in full.  I checked my credit report and figured that any new balance I have accumulated between the due date and closing statement of the card will be reported to the credit bureau.  (e.g.  I pay off my card in full on Oct 28th,  but the statement doesn’t close until Nov 4th or 5th or so.  I make new purchases on Oct 29th, the purchases go from pending to authorized charge by Nov 2nd/3rd, and these new charges get reported to the credit bureaus as a ‘balance’ on my card).

So I’ve recently changed all my credit card due dates to the 1st of the  month, so that the statement closing date will fall around the 5th or 6th (varies by credit card).  I’ve decided to use my CCs after the 6th and pay it off in full by the 1st, and try not to have any activity between the 1st and 5th/6th just so I don’t have a ‘balance’ being reported and messing up my score.  Is this method ok??  You mentioned that having a $0 balance being reported every month isn’t good, but I am actively using my card, I’m just using them outside of the report-to-credit-bureau period so that I don’t have a positive balance being reported.  If I follow this method, will the credit bureau still be able to see that I’m actively using my card, or should I leave one card with a $10 balance as you have stated above?

Reply by
babydee78

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Helpful to 5 out of 10 people

I'm new to using a credit card but I read that you should always keep a small balance on at least one card on multiple websites. My husband and I are working to buy a home now and that's what our lender told us also.

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Helpful to 12 out of 15 people

baygiant11...It is always a pleasure to spread the information I've learned over the years.  My #1 source of information has come from the community forums on the myFICO website.  There is no such thing as a dumb question, everyone there is so helpful and they have some extremely smart moderators.  Even if someone posts misinformation, they are not bashed, but gently guided to the correct info.

Those folks ROCK!

Top Contributor
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798 People Helped

Helpful to 2 out of 3 people

OOPS!  typo up there....we played with those %'s over a few months.  sorry!  hehe

Reply by
baygiant11

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Helpful to 1 out of 1 people

Thanks, Bungalow! I didn't ask this question but found it to be quite useful.

Reply by
babydee78

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Helpful to 1 out of 2 people

Very helpful!

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