When Banks Report Utilization

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wiivile
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When Banks Report Utilization

Postby wiivile » Tue Jul 15, 2014 7:06 am

One of the most frustrating things to me about keeping track of credit utilization is that banks are free to report utilization numbers to the credit bureaus whenever they want, and have statements generate whenever they want.

For example, with Chase, my statement always closes on the 19th of the month and my bill is always due on the 16th of the following month. Chase always reports my utilization numbers from my statement close date of the 19th.

Meanwhile, with U.S. Bank, the only thing that stays constant is my due date on the 16th, but the statement close date seems to very every month because the statement period is always exactly 30 days. Also, they report credit utilization numbers on the last day of every month. I don't particularly like this, mainly because if your due date is the 2nd, for example, you'll show a lot higher utilization than someone whose due date is the 27th.

Does anyone know what Bank of America does? I have a friend who is seeking my help in managing his utilization, but I don't know when Bank of America reports utilization to the credit bureaus, and if their statement close dates are the same every month.
    Chase Sapphire Preferred Visa Signature: 11/2013, $15,000 CL
    Chase Freedom Visa: 11/2009, $4,700 CL
    U.S. Bank Cash+ Visa Signature: 11/2013, $11,200 CL


MemberSince99
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Postby MemberSince99 » Thu Jul 17, 2014 6:31 am

In my experience with BofA they report like Chase - the same day every month. It's consistent. So no worries there.

takeshi
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Postby takeshi » Thu Jul 17, 2014 8:49 am

wiivile wrote:One of the most frustrating things to me about keeping track of credit utilization is that banks are free to report utilization numbers to the credit bureaus whenever they want, and have statements generate whenever they want.

True but most report at statement end. Many creditors will allow you to change due dates which seems like it should adjust the statement end date (for cards that report at statement end). Never done so myself so I can't verify. My CL's and spend generally put me at 10% or less.



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