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Can someone help me understand how/when balances report?


futurehomeowner?
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Now that I am getting my reports clean it is time for me to worry about balances reporting on my CR. I know I know, I should have always been worrying about this but I was focusing my energy elsewhere. I use MPM as my daily checker. In the first picture it shows that it was updated on 03/14/14. My due date on this account is the 9th. Does that mean it updates the balance as of the 9th but doesn't report it until the 14th? If not what date is it using for the balance?

WAL_zps0f33ebc5.jpg

 

In this next picture it says that it hasn't been updated since 9/13. She has not used the card since last summer. I know there is a chance that they could close it but that is not my current concern. I am wondering, since it has not been updated that long is it a(e)ffecting her score? We plan on using it tonight so it doesn't get closed.

 

LANE_zps164161dd.jpg

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most cards update when the statement cuts, not when the due date is. your statement cuts on the 14th and it reports then.

 

however, there is a master thread with a lengthy list of mid-cycle reporters that don't follow this protocol.

 

as far as "last reported" that has no effect whatsoever.

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Since you pull your reports daily, watch for when the balance changes on your report. That's what's important. Write the date down. It's usually about the same every month for a particular card. Some show up a day or two after the statement cuts. Others usually take a week or so. The weekend or a holiday can affect it sometimes. There is also variation based on which report you are looking at. For me Experian usually reflects the balance change first, then Equifax a day or two later, then TU maybe a couple days after that. For example, I can get it down to a couple of days range like for the last 12 months the statement for one of my cards cuts on the 10th, new balance for the card is usually reflected between the 11th and the 13th of the month on Experian, between 12th and 15th for Equifax, and between 12th and 17th for TU. YMMV. A few don't report right after the statement cuts, they report at the end of the month or some other day. You learn by pulling your reports and observing and writing down their reporting habits.

Edited by Tyra
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most cards update when the statement cuts, not when the due date is. your statement cuts on the 14th and it reports then.

 

however, there is a master thread with a lengthy list of mid-cycle reporters that don't follow this protocol.

 

as far as "last reported" that has no effect whatsoever.

 

I did look at that master thread so I will try to figure that out. I just pulled out my statement for walmart for this month. The statement date was 03/14 and due date is 04/07. So in order for the card to report as a $0 balance I would have needed it to be paid in full by 03/13. I paid it off on the due date this month but on 3/11 I used the card. So the amount that I spent on the 11th would show up on my report? So basically I need to pay off cards on my due date but then not use them again until after the next statement is cut?

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futurehomeowner?, everyone has their own methods I am sure. And not by any stretch do I claim my system is the best way to manage payments and utilization. But here is the spreadsheet I use:

 

 

CBtemplate.jpg

 

Now these aren't my real accounts or CLs or dates or history. I changed the names and numbers just to create a sample to show here.

 

The top table lists all open accounts with columns that automatically update my available credit based on manual entries of new transactions made in column C. I edit column F with "MADE" or "NEED" based on whether or not I need to make a payment. Listing the possible statement cut date ranges in column G always lets me know when a payment must be made. Since I push all payments from my bank, I give myself ample time for the payments to reach the credit company. Columns I and J list the date each account was open and any CLI actions (or anything) else I want to record.

 

The bottom table is completely passive. It uses the data from the top table to compute my utilization at any point in time. It's a rather simple spreadsheet that can be created in 10 minutes with whatever variables you want. Or if you want a copy of this sample workbook, I can send you one. Although it is a simple spreadsheet, it allows me to easily stay on top of my credit accounts. I never miss a payment, I know exactly what my balances are in real time, and I can strategize my CLI requests.

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So basically I need to pay off cards on my due date but then not use them again until after the next statement is cut?

no.

 

forget the due date.

 

use the card as much as you want.

 

PIF on the day the statement cuts making sure to pay enough to cover any pending charges that may post that night.

 

the statement cuts with $0 balance and therefore $0 due.

 

repeat every month.

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So basically I need to pay off cards on my due date but then not use them again until after the next statement is cut?

no.

 

forget the due date.

 

use the card as much as you want.

 

PIF on the day the statement cuts making sure to pay enough to cover any pending charges that may post that night.

 

the statement cuts with $0 balance and therefore $0 due.

 

repeat every month.

Ahhh that makes sense. I was thinking there would still be a due date with money due for some reason. So I have a card that I just paid off yesterday. I guess I need to figure out when the statement date is and make sure I pay off any charges before it cuts and that would leave me with no payment for next month. I know I just repeated what you said but I had to think it out.

 

OK another question. Do the cards use the same statement date each month or does it change?

 

1 last question. If the statement date is the 14th do I need to make sure it is paid on the 13th or is the 14th ok?

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1 last question. If the statement date is the 14th do I need to make sure it is paid on the 13th or is the 14th ok?

The "Closing Date" is the last full day of charges that count in the current billing cycle. Check your card company - I know most post payments made before evening hours (PST) for the current day.

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futurehomeowner?, everyone has their own methods I am sure. And not by any stretch do I claim my system is the best way to manage payments and utilization. But here is the spreadsheet I use:

 

 

CBtemplate.jpg

 

Now these aren't my real accounts or CLs or dates or history. I changed the names and numbers just to create a sample to show here.

 

The top table lists all open accounts with columns that automatically update my available credit based on manual entries of new transactions made in column C. I edit column F with "MADE" or "NEED" based on whether or not I need to make a payment. Listing the possible statement cut date ranges in column G always lets me know when a payment must be made. Since I push all payments from my bank, I give myself ample time for the payments to reach the credit company. Columns I and J list the date each account was open and any CLI actions (or anything) else I want to record.

 

The bottom table is completely passive. It uses the data from the top table to compute my utilization at any point in time. It's a rather simple spreadsheet that can be created in 10 minutes with whatever variables you want. Or if you want a copy of this sample workbook, I can send you one. Although it is a simple spreadsheet, it allows me to easily stay on top of my credit accounts. I never miss a payment, I know exactly what my balances are in real time, and I can strategize my CLI requests.

I have been using a very similar spreadsheet. I did add columns yesterday for open date and statement date. I don't have the util part on there either. I may or may not do that. My spreadsheet also lists my other bills such as rent, utilities, and other expenses. As our credit profile grows I may need to separate them.

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I use a similar spreadsheet but also have a column for "date last used" so I can keep track of when sock drawered cards (mostly spouse's) need to be used.

 

I stop using a particular card about a week before the statement cuts so I don't have to worry about pending transactions. I need to set up checking so that I can push payments to avoid that trap. None of my cards will let me pay on the pending transactions directly.

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I've found that for example with my GE accounts, payments are due on the 13th...then 2 to 3 days later it updates on my report.

 

With my credit union lines of credit and credit cards, payments are due on the 12th and then 4 days later they update on the credit reports.

 

 

I have one card from Armed Forces Bank that takes forever to update... I'd close it but I'm afraid it'll hurt more than help... and sometimes it can take up to 2 weeks. Worst card ever... will likely close before the next annual fee.

 

Before statements cut, I try to have a $100.00 credit balance on all cards to allow for anything I might have forgot... this way I always have a zero balance.

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futurehomeowner?, everyone has their own methods I am sure. And not by any stretch do I claim my system is the best way to manage payments and utilization. But here is the spreadsheet I use:

 

 

CBtemplate.jpg

 

Now these aren't my real accounts or CLs or dates or history. I changed the names and numbers just to create a sample to show here.

 

The top table lists all open accounts with columns that automatically update my available credit based on manual entries of new transactions made in column C. I edit column F with "MADE" or "NEED" based on whether or not I need to make a payment. Listing the possible statement cut date ranges in column G always lets me know when a payment must be made. Since I push all payments from my bank, I give myself ample time for the payments to reach the credit company. Columns I and J list the date each account was open and any CLI actions (or anything) else I want to record.

 

The bottom table is completely passive. It uses the data from the top table to compute my utilization at any point in time. It's a rather simple spreadsheet that can be created in 10 minutes with whatever variables you want. Or if you want a copy of this sample workbook, I can send you one. Although it is a simple spreadsheet, it allows me to easily stay on top of my credit accounts. I never miss a payment, I know exactly what my balances are in real time, and I can strategize my CLI requests.

Where did you get this spreadsheet from? It looks great

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