the date when the creditor sends the information to the repository that is the reporting date when you look at your credit statement on line you will have all the current charges
How To Build Credit Without A Credit Card, and then you will login on the next day and they will be gone there will be no current charges that is the reporting date it is the date that information goes from the creditor to the repositories. as long as you are at five to nine percent on that date you are in good shape as soon as that date goes by if you want to pay your credit card in full that is fine
that is why i say never pay your credit card balances on the due date you should always pay before the reporting date if your credit card balance is due on the 13th and you charge many purchases let's say you pay off your credit cards every month and you charge $5,000. monthly if you pay it before your statement date you are fine your score will suffer because if you are paying your bills on the due date because your credit card is reporting a higher balance than you actually carry so this is how you improve that so you pay it before the reporting date
how do you know what the reporting date is? you log into your account and go to current activity and you will watch the current activity as the month goes by your current activity will get longer and longer and then the next day it will be zero. that is the reporting day. is that the same day as the statement day ? yes reporting day and statement day are the same thing question could you explain that again. the 3 major repositories collect the data from the credit card companies in the olden days
they had these big magnetic tapes the credit card companies would put all the consumers information on the tapes and would send them currier express to the repositories the repository took that information and ran it into the the repository data base the date when they took that data and added it it to the repository database okay that is the date when the information goes from visa to equifax so get your balances down to 5 to 9 percent the day before the reporting date
so if you were to pay on the due date if the due date is the 13th and the fourth is the reporting date if you get your balance down on the third it reports then pay the rest off on the due date if that is important to you thank every one for coming out and i would like to thank mshda
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