Credit Card Reporting Date and Statement Cycle
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- เผยแพร่เมื่อ 24 พ.ค. 2021
- The Credit Statement Cycle and Reporting Date - one of the most complicated components to credit when in the beginning of your credit education.
The credit statement cycle is basically a one month period in which you spend money on a card for approximately 30 days, then 12-20 days later, you pay the bill.
The bill will show your Statement Balance - this is the total amount you spent in that given cycle, let's say from the 1st - 30th of the month. The statement may show the following:
Statement Balance - $1,000
Minimum Amount Due - $25
That is the very moment and place where most Americans get into trouble. They see the minimum amount due and only pay that, and that is where credit card debt and high interest rates come into play.
What people should do is develop the discipline to only put on a credit card what they can afford to pay at the end of the month. This way, their balances never run away from them and they never pay credit card interest (US Average - 17%). Credit Card Interest being the cancer of consumer finances.
Also, it is extremely important to realize that ever account has what is called a reporting date. That is the date that the Credit Card Company reports to the credit bureaus. This typically takes place at the end of the statement cycle.
It is extremely important to understand the reporting date for each account and make sure to pay that card down to $0-10 three days before the reporting date. This will ensure your balance is low which will result in a Low Credit Utilization Factor.
Credit Utilization accounts for 30% of your score and is one of the leading causes for low credit scores.
Have more questions or want to learn more?
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info@iteachcredit.com
This dude might never know it but him and his video of 7 minutes and 51 seconds just changed the trajectory of my life, thank you.👊🏼
I’m so grateful to know that I would jump on a call with you if you wanted to talk about more credit questions… 267-651-9006
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Still haven’t forgotten you… how are you making out?
I really appreciate your video.Other youtubers just talk about it. As a visual learner, the graphic really explains your point.
Thanks so much... would you please mind subscribing and sharing? I would greatly appreciate it!
I'll be applying for my first credit card and this video went straight to the point not like other videos I've been watching this entire week 😂
Out of 4 videos I watched on this subject, yours is the most clear.
Well Done and Thanks!
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exactly that John guy talked a lot but hard to visualize what he was talking about. this vid is so clear
Mannnn, this was the best video that explained what I needed to know. Thanks you!
Thank you!!! This video breaks everything down to layman's terms.
So happy it helped… Please make sure to subscribe and share so I can help others as well!
Very well explained…great job!
Wonderful information, very much appreciated ! Had wondered for a while how and when the credit utilization was reported , now I know! 👍🏻👍🏻
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You definitely did the best job explaining this.
Thanks so much... would you please mind subscribing and sharing? I would greatly appreciate it!
THANK YOU for EXPLAINING this in a manner that is EASIER to UNDERSTAND 👏👍👏👍👏👍! I greatly appreciate this 😊👍
Thanks for sharing, any other topics I can cover for you?
Thank you...I've watched about 15 videos on this subject and yours explained the process the clearest!!!
Thanks so much! Anything else I can cover for you?
Your the only video I found that explained it in a way I can understand thank you 🙏
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Literally listened to this on multiple video's and you have helped me get it! So easy to understand!!! Thanks so much!
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this is one of the best breakdown I have heard online thanks
If there is anything else I can cover for you, please let me know
Wow I watched so many videos to understand when my statement date was and now I finally get it! Thanks so much!!
That makes me so happy, are there any topics I could cover for you?
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out of almost 20 videos on credit statements, your video is the best! super clear!!! you have a grace to teach.. keep it up.. thank you! ❤
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Such valuable information…this is like gold! I learn this about 1 yr ago and wow, this info changed my life!
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you really clarified this for me. Thank you so much. Love the whiteboard also
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Best video I’ve watch thanks mayne
Out of several videos on the credit card statement cycle, yours is the most informative and clear.
Well Done and Many thanks
I appreciate the kind words… If you want to learn more about this, you should join my 700 credit class
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First and foremost I watch a lot of educational YT videos and you are one of the ONLY influencers/teachers that answer almost ALL comments. Bravo to you! I'm impressed.
My question: Almost all my cards report several days after the due date? For example Cap One is due the 27th and the cycle closing date is the following month on the 2nd. This reflects on my bureaus. So If I pay it off on my "Due Date" and don't use it until after the following month on the 2nd, I have a zero balance showing on my report.
First of all, thanks for the kind words. Happy to help people and educate society so we can all live better.
Pertaining to your situation, if the bill is due on the 27th and reports on the second, yes, paying on the 27th and not using your card will show zero balance as long as you do not put any spend on until the third of the month.
Feel free to reach out with other questions
info@iteachcredit.com
I watched so many videos this one is the best by far..
That makes me so happy to hear, please make sure to subscribe and share!
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Literally the easiest explanation on YT. Capital One didn’t even explain it like this over the phone
Thanks so much for the kind words, please make sure to subscribe and share please
The best example 🗣EVER!!!!
Awesome explanation..thank you!
Thank you! This is just what I needed to see! 🐐
Any other credit questions?
The best explanation on TH-cam
Thanks for the kind words… You should see the rest of my explanations and teachings in my online classroom
My third or fourth time watching this video, this video shows u how to play the credit score game with the card companies. It tells and show how important it is to keep up with ur credit dates.
Happy that you learned from it!
Please make sure to share it!
You explained it very well
best explainer yet. i've always plan AT closing date (reporting). BUT never due date (which is another problem people should never do)
It was good so you dont see a large sum and get a real sense of you spending
BUT doing it BEFORE it closes, helps so much for the reasons you listed
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Flashy power points, big words, man im 21 still tryna start life, no ones teaching me squat but im glad youve taken the time to teach ignorant people like myself, this has helped so much more than any other video, i feel more confident moving forward on my credit, thank you so much #likedandsubscribed
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Same here bro 21 & none of my family has ever talked to me about finances but they love running there mouths about the club lmao people these days
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@@ITeachCredit may seem like a dumb question, I fully understand ur video, and everything makes sence. My only question is that by the time u get your bill with due date the statement period is already closed for that past month. How will I know? Just add 30 days to month prior?
How will you know what? Either way just pay your Card 20 every two weeks and you will never have a problem
Thanks for this video, I’ve watched other videos and there was a lot of talk and no one gave a clear answer of when to pay, now it’s clear to me, because I use a lot of my credit cards but I pay all and I see than my credit doesn’t increase much so I know I was doing something wrong
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Great video! Thank you for sharing your knowledge and experience. God bless you.
Glad it was helpful!
Thanks for this video!
Thanks so much... would you please mind subscribing and sharing? I would greatly appreciate it!
I tried to watch others explain this. Thank you for a much simplistic process.
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Great video
Best vid EVER!!!!!!
This is an excellent video in the moral of the story is pay your bill five days before yourduedate start using your credit card on first pay it all off on the 30th
It is even better to start paying your credit card off to zero every single week or every two weeks… It makes managing the balance is significantly easier but thank you for the support!
Thank you !!💕
Very helpful
You just helped me figure out why my credit not going up , not going down but staying still . Because it’s 0.00 reporting every month 😭 I usually use it and pay it off every single time lol here we go lol
I am happy that helped you… If you want to join my actual credit classroom, you should check it out as you will learn a ton of other little tips and tricks about credit help!
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Thank you now I know the statement date the ending date so you said I should pay it when before the ending date
You still want to do your research and make sure the reporting date is the end of the statement cycle date, that is not always the case but many times it is.
Helped me out alot
That’s great! Did you subscribe?
How about sharing?
Happy to help answer any other questions you have!
thank you so very much!!
You are so very welcome. Please make sure to subscribe and share so I can help teach more people!
hey man i appreciate the clear explanation of something that is over complicated! just one question, can i and should i still use my credit card during the period of the end date to the due date?
4:05 - Make payment enough days before statement end date for automatic ACH to clear. Thanks!
Couple days before statement and date or reporting date and couple days before payment due date so essentially every two weeks
Thanks 💯
Great presentation!!! This is a very good presentation because your doing this for everyone to see (whiteboard) and explaining it very well. Besides, this is my same setup.
Thanks for the kind words and encouragement… Any other topics on credit I could cover for you?
I just wish I knew about credit like this ten yrs ago. But anyone that doesn’t know about credit and need step x step free instructions……. here it is!!!!
Another nice topic would be the medical one.
What about the medical?
@@ITeachCredit medical bills being deleted from people credit report
And another thing when you get your bill they will only require you to pay the bare minimum but you have to know that you have to pay the card off in full because you paying the bare minimum keeps you in good standing when they report to the credit bureaus when it comes to overall interest and finances you get into trouble just so you going to get the interest rate on the card
Best breakdown
Thank you! Anything else I can cover for you?
@@ITeachCredit im seeking to get more credit knowledge
Thanks 😎
Welcome 😊
This helped so much you covered everything even carry 1% over which my coworker explained but I didn’t get it
Just make sure to pay your credit cards to zero every week and never report more than 3% on the reporting date
I’m so sorry for being late to this. I happened to mess up big time by maxing out a couple of my credit cards. I pay them back on time but I had no idea why my credit score never improved and just keep sinking down. Thankfully I saw your video and happened to click on it. I printed out all my statements and started following along with you and even taking notes on each statement. I just have one question, having 0-9% of card utilization keep me from getting hit with interest on my next billing cycle?
You need to make sure to pay your Statement Cycle Balance to zero. That is the only way to not pay any interest! If you pay your cards to ZERO every 2 weeks, this should all happen!
If you have additional questions, message me.
info@iteachcredit.com
I used a variation of this for years. I use two cards. Visa due date is the 4th statement date the 7th. Mastercard card due date is on 18 and the statement date is the 21st
Simply rotate both cards every two weeks…. One card starts on the 4th, the other card starts on the 18th. Then I follow your method paying them off on the due date then make a small purchase …( utilization rate about 4.5)
Most people can’t understand the billing cycle because no one will explain it.. your picture really makes a difference!
Awesome stuff... amazing when you simply pay attention the impact it can have on your credit!
No one explained the cycle and how important it was. I kept getting confused with statement date and due date lol thank you so much!
Thanks so much for the feedback.
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Same here
I always use 2000 on my 7500 credit card but only 900 is reported every month and i didnt know why and how they did that.
I was like I use more why they only report 900 if I used 2000 ?
This guy explains everything very good.
But I still dont get how he said we get almost 2 months to pay off our monthly balance
I never get more than 1 month to pay my balance I only get one month
Every single 1st of the month I have to pay my monthly balance.
Im sorry sir your video was great but I still dont get how you said we get almost 2 months to pay off our monthly balance
I never get more than 1 month to pay my balance i only get one month
Every single 1st of the month i have to pay my monthly balance
@@elvergontemeto714 they report whatever number is left at the “closing statement date” so even though you used more on your card and you paid it down, it’ll only report the number/amount of money you leave on your closing date. Closing and “payment due date” are two different things.
If you go online and search “credit utilization calculator” you’ll see that your utilization of $900 balance reported on closing date is 12% utilization which is still good.
@@hellojuneau8917
Another thing is that I always use less than 30% of my credit limit and always pay in full
But some months for some reason that i dont know my credit score decreases a few points and the next month my credit score increases a few points and the next month it stays the same and the next month it decreases.
It confuses me a lot,It drives me crazy because I've always wanted to have it higher and stronger but it going down for no reason makes me sad and i dont know why it happens
Great video Ryan. Do I pay a portion of the balance before or after the closing date ?
The best thing for you to do is 2 to 3 days before your end of cycle date, pay your bill down to 1-3%.
Then continue to pay your balance weekly or anytime you exceed the 30% threshold.
If you paid weekly, you cannot miss your due date… But also make sure to pay it right before the cycle statement closes so you show that 1-3%
Wish they taught us this in school
Well… good thing for you, I build a Credit education program in SKOOL!
www.700CreditClass.com
Really love your videos, and thx for keep helping with your replies! You suggest a low utilization, below 1%. Does it mean that you use the card only to 1%, or that you could use the card even at 50% but before the statement closure date you take it down to 1%? Also, would taking it down to 0% instead be better for the credit score, or is that just in case of having more than 6 credit cards as you were mentioning?
You can essentially used as much of the card as you need to every week, what is most critical is the reporting date balance, being 3% or less if possible and never going any week or month where you cannot pay the credit card balance in full!
I love this video it help me a lot
What helped you the most?
About the statement date I had a credit card about 4 years ago and I was just spending I was paying my balance on time but I was going over 30% I never knew anything about how u broke it down I really appreciate this video & you a lot
@@ITeachCredit I use to wonder why my score wasn’t going up but now I know stay below a certain percentage
If you have any other questions, please let me know, as I would love to help you!
You should have also put 5/6/21 on that timeline on the whiteboard, ESPECIALLY IF it was a statement that was carrying over a balance. That would've been the ACTUAL due date for the cycle starting on 4/12.
Good input… but the focus is more on the reporting date and paying your card weekly… which makes the due date irrelevant.
But again, thanks for good feedback
9% or 5% for building on a discover it secured card?
Very good video! Question...let's say I do leave a balance of $10 on the reporting date on one of my credit cards like you showed on the video. Will the credit card company charge interest on those $10 after they report to the credit agencies that I used $10?
They will not if you pay the $10 before the actual payment due date
Great video, question so using your example after may 11 closing date and leaving the 10 balance. From may 12-june 6 due date, can I make more purchases within that period and then pay it all off before due date? Or just leave the 10 dollars and pay before due date
You always want to use the card.
Yes, report the $10… but keep using the card to build up the limit.
Pay to $0 or $10/$20 depending on your limit every 2 weeks or right before reporting date and right before due date.
Thanks 👀✅
You might have four credit cards with different limits so all you have to do is be disciplined and pay the smallest credit card off first pay it all off before the end of the month, then go to the next highest credit card start using it but it all off before the end of the month. Then go to your neck highest credit card start using it and pay it all off before the end of the next month so on and so forth that way every month you will have good standing on all four of your cards now this takes a little bit of discipline on your part and that's all they are doing testing your discipline because if you slip up you will have a balance and you going to pay that interest
Can u make a video on setting up automatic payments on your discover card because I'm getting one
That’s a great topic and I will definitely cover the topic of setting up automatic payments.
You should check out the complete online class I have that walks you through all of this stuff.
Great presentation! Simple and straight to the point. Question: once the ending cycle is reported to the bureaus, when do the bureaus update the credit report? In your example the ending date was the 11th. Is it okay for me to start using the card on the 12th or wait a few days?
Thanks for your help.
Unfortunately, there is no known answer to that… At least I don’t have an answer to that. But good question
I believe you can start using the card after the closing so long as you took care of everything in the previous cycle before it close. that is having ur utilization ratio lower as per this video, and paid off. so this will start a fresh usage cycle. For me.--- I use or bring the utilization down to 1-3% early and prior to the closing date, then I let that 1-3% report on the close, then I pay the full amount the day after the close, which is the day your statement due date post)--this wipes out the old cycle and generates a fresh cycle of usage to begin using the card again.
I guess that was actually a two-part question. You can start using the card again immediately or the day after the reporting day. But just be mindful as to what the balance is end of day on reporting date.
I just replied again below… You actually asked a two-part question, when the bureaus will report, the updated scores is what is unknown, but you can start using the card the day after the reporting date
What if I’m negative 300 on closing date?
When can I use my credit card again after payments? The next day after my statement cycle closes Or should I just wait until it gets reported to “ credit Karma or credit Sesame “ ?
Pay to zero every week… then make sure to pay to zero 3 days before reporting date… then use again day after reporting date
You advised to keep 0-9% utilization before the statement closing date. But bank charges interest for that amount, right?
If you pay your credit card to zero, every week, you can report 0-9% utilization, and never pay interest because you are never carrying a balance
Question:
I usually follow this technique and pay my balance before the closing date. So that I carry a balance of no more than 5-9% of my total credit limit. The remaining balance is paid off when my next closing date comes around, as this is before my due date.
However, I just got a new card with no introductory APR. If I follow this method, and carry a small balance over to show credit utilization, wouldn’t I be charged interest on this small amount?
Should I basically consider this a small fee to keep my credit score good? This also means I wouldn’t be paying my balance off in full each month.
I like that you are paying so much attention to this reporting day, but never ever carry a balance without paying it in full before your payment due date.
Get into the habit of paying two days before the reporting date, Peter zero but keep using the card. Then before you’re Payment due date, pay the credit card to zero once again. You never want to not pay the statement balance in full
Hi , thank you for your time i just have on question ..... i always thought it was 10% utilization and i would be good . Can you please reply ? thank you so much
Yep, You really want your utilization to be below 5%.
0-9% -- you get points
10-29% -- You don't get points, but you don't get penalized.
30-49% -- you show up on all radars and your scores will definitely take a hit.
50% + -- your scores can lose over 100 points depending on your credit profile.
Thanks ✅
So I’m trying to build my credit and I have a low limit, if I put 20 in for gas then paid half before due date then let the other 10 get taken out on due date would that be ideal?
It’s ok, but no, ideally, you want to put all your purchases on the card to build the limit. Just make sure to pay the card every time you break the 20% mark, then make sure to pay 2 days before Reporting date and then make sure you pay the statement balance before the due date.
That should happen naturally if you are paying every week
Awesome video. QUESTION: Is it more advantageous to have a 1-3% reported utilization vs. an overpaid account? (Like if on the day before the reporting date, I only had a 1% balance--but I returned an item to the store for a refund on my cc and now my Chase card reports a negative balance?). Which is scenario is better for my credit??
Good question. I think it would be looked at the same as zero, since you do not owe. It does show activity, which a lender may like for the fees they collect on transactions
It depends...
To answer your questions more directly, you want a OVERALL Utilization factor of 1-3%
If you have 5 cards, you want to have 2-3 of your cards with 0% utilization and the rest of your cares with 1-5%.
Hope that helps.
@@ITeachCredit so with your very first card it’s almost beneficial to stay at 0% utilization at each “report date”?
1-3% not 0%
@@ITeachCredit I appreciate your reply. This is a video that could be sold$ anyways, even with my first credit card I’ll be getting here next month, it’s beneficial to carry 1-3% over the billing end date? Would I pay the remaining for that billing cycle before the due date?
What if you make purchases with the credit card one day before the closing day and those transactions might take up to 5 days to be processed, will they affect your credit utilization? Or pending transactions won’t affect your credit utilization report?
It all depends on if they report on the reporting date, even if they are pending
Great content.... My CC payment due date is the 28th, my closing date is the 3rd of the mnth. I try to have a 3% balance bt the 28th so that it reports on the 3rd. (I'm trying to learn ) Is this correct?
You want 3% utilization 1-2 days before reporting date. So on the first of the month, pay to that amount. But make sure to make another payment 2 days before due date as well
@@ITeachCredit .... Is this the only platform to message you?
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267-603-3313
is the “reporting date” my next statement date? we really have 2 months to pay what we spend. but is my next statement date or “reporting date” the start of the second cycle(second month) or should i wait for the day after to use my card?
Pay your credit cards weekly like a debit card!
If I have purchases to make that would bring my credit utilization above the desired 1%-9% between 1-3 days before my billing cycle closes and reports to credit bureaus. Would it be safe to make those purchases.
Or would it be risky seeing as these purchases will be pending and could be posted and be reported in a way that I won’t have time to make a payment to bring the balance to the desired credit utilization I want to be reported ?
If you have to make them every month, just prepared… Otherwise, if your balance is high one month, your score will be lower for one month, but will rebound the next month
So I have a question. Let’s say I have 300$ due balance from a 1000$ credit account. And my statement comes in at May 15th.
And my due date is given as June 5th with a minimum payment for $10. You’re saying it’s better I pay up everything, right - before June 5th? So if I do that - from June 5th to June 15th (which is when I’ll get my next statement) -
is it advisable not to spend anything at alll?
And from now that I have $300 up until June 5th, can I take MORE money from the credit card and make sure to replace/return everything by June 5th.
Or do I make sure to pay everything and can owe about $100 by my next statement date?
What I am actually saying is if you use $300, pay it off at the end of the week. I don’t care if you actually use the full $1000, make sure you pay it off to zero at the end of the week and repeat every single seven days.
Should I use my card in the time between the reporting date and due date?
I would only not use the card from the day you pay until 2-3 days until the reporting date - MAKE SURE you report no more than 3-5%
I have a question regarding when to apply for a next tier unsecured credit card. I acquired the self lender visa secured line for $125 and have my first month down with 0% utilization reported. My scores are low 600s so I'm not trying to be hasty but I have 0 hard pulls and was curious if I taking a shot at a walmart or Amazon unsecured line would be immediately shot down because I was just granted a card or if the inquiry was worth chancing and getting a solid leg up over waiting the full 6 months for the card to mature before trying.
Do you have scores on credit karma or some other source?
If you have any kind of credit score, you may want to start off with a capital one platinum card or maybe even quicksilver.
@@ITeachCredit yes credit karma and I know its off from my real scores I always assume I’m 20 points or so lower than ck says I am. I’ve attempted capital one in the past and have been repeatedly denied. Is there a card more easier to be accepted for than capital one? How would you rank retailer credit cards like Walmart target and amazon in terms of acceptability to the more cards previously mentioned? I had a friend with no credit at all get accepted for a Walmart $500 card on a last minute add on to a tire purchase. I wasn’t as lucky and screwed up and got talked into a small loan that once paid off didn’t do much to establish my credit at all and after I went out and spent my inquiries trying to establish any line of credit to the point of shredding my score down to 400s I decided to give up for a while. Few Years later I’m here with some unique questions and big goals. Great content btw I subbed and will forward your content to my less credit acclimated friends and acquaintances
Message me.
Info@iteachcredit.com
Do you know if there is a way to automate multiple credit card payments in one month for one card?
You can automate one payment per month for every card… You cannot automate multiple payments per credit card
Hii, so it is right that we have 50 day cycle to pay and to use
You use a credit card for 30 days and then typically three weeks later the bill is due.
That is where people get into debt or credit card trouble which is why I explained to pay to zero weekly
i need some advice or knowledge in regards to my situation. I have a 500 dollar credit card, from a credit union. I made some purchases in In September, my due date was October 25. Paid that off on the 24th. I also made purchases in the beginning of October for about $280 and i knew all that would be due till November 25. Me thinking that the statement closing date was October 31st i was gonna pay off $240 before that day so my credit union would report only $40 due for Nov 25. But today i woke up and saw that they had reported it on the 26th of October with a $280 balance. My utilization obviously sky rocketed and my credit score tanked nearly 40 points. I just don’t understand this.
It is always about understanding exactly what the reporting date is and the duty, my suggestion is paying it off two days before both. You may have to call to get it or use apps like Credit Karma to find it.
Is the statement reporting date the same every month ?
For every card it is yes… Unless it is the 29th, 30th or 31st with February only being 28 days typically
If my reporting date is the 20th every month, should is reduce the % before midnight , or is it fine to pay in that whole day’s window?
The 19th, make sure on the 19th, you pay that card to one percent. I always recommend paying it earlier in the day… Just to make sure it is registered at that balance.
If due date is 20th and closing is 25th would changing due date after closing benefit or no?
Nope, it will always report the same date. But, check with you bank to be sure.
I'm confused! If the payment is due BEFORE the statement closure date, would you suggest on the due date to pay not in full but just enough to leave a 10% of the credit limit use, and then pay the rest before the statement closure date? Wouldn't you have then to pay apr interest because didn't pay in full and also get a bad score bc not paying in full on due date? Could you please explain this detail in particular 🙏🙏
No, I suggest and recommend you pay every week and bring the balance down no matter what so by your due date, it’s already paid
@@ITeachCredit ok you pay every week but how you raise your credit score in such a way?
You will never miss a payment, you will always have low utilization, and those two things will help increase your credit score
Then a couple days before my due date pay to 0
When you wanna pay your credit card bill, does it come from the same bank account? Can I pay in cash deposit?
You pay your credit card bill by setting up your bank account so you can do immediate online payments instead of mailing in payments.
My credit limit is only $300 and is do every 27 of the month I use all 300 but pay the balance down to ten percent on the 27 every month.I keep getting negative point even when I slash the bill down to 10% by the 27why
because you need to pay the bill down every week to ZERO... try that and watch what happens
What if I use my cc between closing date and due date what due date should I pay that amount I used. Thank you,
Pay your card off to $0 at the end of every week. You will never miss your due date. Balance will always be paid in full!
I have thebsame question
This is confusing
I have used my credit card like that and i dont know when to pay
The best thing you can do is pay your credit card at the end of every week… That way you never have to worry about any of this and you should automatically cover your full statement balance.
So the statement is a bond right? The definition of bond being "a certificate or evidence of debt". And bonds have coupons on them, which is to be torn off and presented as payment when payable correct? And bond coupons can be redeemed at face value when they mature and credit card statement coupons mature at the end of the month when the bill is due right? So, then, as per what the law says you can redeem the coupon at face value every month and pay your bill with it right?
I think you’re looking a little deeper into this than you need to. I’m not saying a statement is a bond, I’m simply telling you to make sure you pay before your reporting date and two weeks afterwards to cover your statement due date. Lower utilization will help to build your score higher.
@@ITeachCredit I wasn't saying you said the statement is a bond, sorry if that created confusion. I was saying that the statement is a bond because the definition of bond is what a statement is. I'm just trying to seek some information from some of the credit experts on here about what the UCC and the USC say about credit and negotiable instruments. But, like all the others I've asked, if you don't know then you simply don't know there's no worries!
There are no bonds and no coupons with regards to credit cards and credit statements… There is a monthly statement and that is it
I know credit pretty well… Sorry if I can’t answer your question correctly
@@ITeachCredit well, the coupon are an actual thing for credit card statements. If you read on the statement it'll say somewhere "payment coupon" or something similar. It's the part that is too be turn off and sent with payment. But in HJR-192 it says the United States is pledged to pay all obligations involving money for public and private debts. The bill of exchange act says how you're supposed to fill out and return that "bill" to transfer the principal balance to the principal account. You should give those 2 documents a good read through it might blow your mind a bit! Just from what I've learned so far, it could help you a lot! Have a great day!
Hi,can you please tell me if i pay the credit card bill payment on statement closing date / bill generation day.is it good for boost in credit score or should I pay the credit card bill payment few days after the statement closing date.pls reply thanks.
What is good is you having the card paid down to 1% on the reporting date… but make sure to paying the cards statement balance in full the day before the due date.
@@ITeachCrediti really appreciate your quick reply pls, sir let me know is it good to make the full payment of credit card on reporting day itself or do we need to pay few days before due date to boost credit score .pls reply thank.
No, pay the card down to 1% of the limit the day before reporting date.
Then pay balance in full before due date.
@@ITeachCredit thank you so much for your time to reply me.
If I lose my grace period is it possible to get it back? (CIBC in Canada)
Lose your grace period on what type of account? Typically you always have a grace period but you should never use it
So I got approved for $500 credit limit. With capital one.
I used all but $52 dollars. But I paid it back a few days later. The balance is. $0.00. is this bad?
I have only $52 left for the month. Does this start over next month?
No, this is good, but in the beginning, you want to show $10 on the reporting date.
Just make sure to pay off to $0 every week
So if I pay my credit card to zero at my due date the 21st , and the statement end or report date is the 28th I should have 10 percent utilization on that date ?
You want to pay your card to 9% or lower 2 days before reporting date. 2 weeks later, pay your card to 0.
You could pay your card 20 every two weeks, and that will make things simple and easy for you,
Bruh, I get the concept , but 30 days total In billing cycle ….. 4-12- 6-6 is like 2 months
The billing cycle, also known as the statement cycle, typically spans 28 to 31 days. Following the statement closing date, there's a period known as the "Grace Period" extending to the due date. This grace period, lasting an average of 20 to 25 days depending on the credit card issuer, provides time for bill payment. Altogether, from the start of the statement to the due date, it spans over a month, allowing ample time to settle the bill. Key terms include:
- Statement/Billing Cycle: Averaging 28 to 31 days.
- Grace Period: The duration from the statement closing date to the due date, typically 20 to 25 days depending on the credit card issuer.
- Due Date: The deadline to pay off the reported balance or the minimum required amount. Paying only the minimum may incur interest charges starting from the next due date.
So, what if I use my credit card in the middle of my start and end date? Meaning if my start date is the 21st and I use my card on the 26th. When is my payment due?
It is usually 20 to 25 days after your end of cycle date. End of cycle would be the 20th in your example, so 20 days after could be the 10th of the next month
@@michaelleahy6848 thank you so much!
The statement cycle dates will always be on your bill or on the online / app account. If it starts the 21st, it will typically end the 20th. Just get into the habit of paying off at the end of every week or every 2 weeks... you will never have to worry about missing a payment.
@@michaelleahy6848 i dont get it im sorry
Can you explain my situation please?
My due payment is on the 1st of each month
When is my end date and when is my reporting date ?
@@elvergontemeto714 You can call your card issuer and simply ask when the statement cycle end date is. The due date is usually 20 to 25 days later. The next statement date is usually a few days later. If you can get ahead of your payment schedule, and get it paid down before your current cycle ends, it will give a low balance showing.
Don't buy anything with cards if you don't have cash in the bank to pay for it. Enjoy the convenience and the cashback points, but the idea is not to buy everything the boob tube tells you to. Then pay the cards to a zero balance twice a month. I pay on the 10th and the 24th no matter how small the balance might be. Use 0% cards to start your "get out of debt" journey, concentrating on one card at a time, paying extra on that card. The transfer fee is usually much less than the interest for 12-15 months on the maxed-out cards. This will pay the first card off. Make minimum payments on the rest for now. Then take all that money and ADD it to the second card balance payment, and so on. Keep this up until they all have a zero balance.
So, on reporting day, they report the whole month, right? Not just what the numbers are on that day?
The reporting day only reports the balance on that actual date, the reporting date