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BobWang

The Master Credit Card Balance Reporting Sequence Thread

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Please feel free to add, modify, compile and debug

[PIF Scenario]
000 Previous Statement Balance is PIF sometime before Due Date
010 Charges are made during the billing cycle
020 Billing cycle closes
030 New billing cycle starts
040 Statement is generated
050 Statement balance is reported to CRAs (some report mid-cycle)
060 Manual PIF
070 Automatic PIF, usually on Due Date, but could be earlier
080 If Statement Balance is PIF by Due Date, no interest accrues
090 Due Date
100 GOTO 020


[Carrying Balance Scenario]
110 Charges are made during the billing cycle
120 Billing cycle closes
130 New billing cycle starts
140 Statement is generated, interest added to new charges (unless 0% offer)
150 Statement balance is reported to CRAs (some report mid-cycle)
160 Minimum payment required by Due Date to avoid late fee
170 Automatic min pmt, usually on Due Date, but could be earlier
180 Have to OVERPAY Current Balance to avoid additional interest due to accrued int
190 Due Date
200 GOTO 110

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ALTERNATE [Carrying Balance Scenario]


110 Charges are made during the billing cycle
120 Sufficient payment made by Due Date to avoid late fee and keep utilization below desired percentage when statement drops
130 New billing cycle starts
140 Statement is generated,
150 Statement balance is reported to CRAs (some report mid-cycle)
160 Charges are made during the billing cycle

170 Payments made during month as/if needed to control interest
180 Sufficient payment made by Due Date to avoid late fee and keep utilization below desired percentage when statement drops

200 GOTO 130

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[PIF Scenario AND Zero Balance Reporting]


000 Previous Statement Balance is PIF sometime before Due Date
010 Charges are made during the billing cycle

015 Payments made to make balance zero or negative
020 Billing cycle closes
030 New billing cycle starts
040 Statement is generated
050 Statement balance is reported to CRAs (some report mid-cycle)
060 Manual PIF
070 Automatic PIF, usually on Due Date, but could be earlier
080 If Statement Balance is PIF by Due Date, no interest accrues
090 Due Date
100 GOTO 020

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[PIF Scenario AND Zero Balance Reporting]

000 Previous Statement Balance is PIF sometime before Due Date

010 Charges are made during the billing cycle

015 Payments made to make balance zero or negative

020 Billing cycle closes

030 New billing cycle starts

040 Statement is generated

050 Statement balance is reported to CRAs (some report mid-cycle)

060 Manual PIF

070 Automatic PIF, usually on Due Date, but could be earlier

080 If Statement Balance is PIF by Due Date, no interest accrues

090 Due Date

100 GOTO 020

 

Note program step 015 which results in a $0.00 balance reported.

 

IOW, don't wait for AutoPay if you don't want a balance reported.

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