Will my card report if it's paid off?

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forrestst
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Will my card report if it's paid off?

Postby forrestst » Mon Jan 02, 2017 12:32 pm

Does anyone know if a credit card reports if the balance is paid off before the statement closing date? I had $245 charged on my card with a $300 CL so I was going to quick send a payment before my statement cut on the 3rd, but I sent an over payment, so while my card had activity this past month, my balance is now $0. Would it be best if I went and charged $10 on it now?

Right now my credit score needs all the help it can get, I'm waiting for a secured card to graduate but it's not happening. I should have just stayed with one card, my score was up to 640, I applied for the Cap1 Platinum and opening the new card killed my AAOA. My score was going up at a steady rate then right after I apped for the Cap1, my score showed 638, the next month it went down to 617, now it's showing 609 and seems to be holding there.

FNBO shows me a FICO 8 score which the pull around the 9th but doesn't update until the 20th. This last month it took a few more days to update. Cap1 Credit Wise just bounced up to 635 today (updates every 7 days). Credit Sesame is still showing 609. I realize credit scores can very all over the place depending on who you ask, but I don't have points to loose and it's very important my score goes as high as possible in the next couple months


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CarefulBuilder14
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Re: Will my card report if it's paid off?

Postby CarefulBuilder14 » Mon Jan 02, 2017 9:06 pm

All cards I can think of will report a $0 balance if you paid the balance off before the statement cut.

Some (or all?) Comenity cards, I've heard, will not report anything to CRAs unless a card has had some sort of activity. Some lenders (not sure which ones) supposedly make the process of paying a card off before the statement cuts difficult.

There is some FICO score penalty for having 0% utilization, though I don't know how much it matters with your scores.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

forrestst
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Re: Will my card report if it's paid off?

Postby forrestst » Tue Jan 03, 2017 3:28 am

What I do like about First National Bank of Omaha, they make paying your card early easy to do. In fact, you can pay online as soon as the transaction posts. I also like that they show you your FICO 8 score, I just don't like that it takes almost a month for your account to update after they pull your score, so you see what your score was 20 days ago.

I'm trying to get my scores up so my card graduates, but it sounds like if my card does graduate, it will be a long time before I can PC to a rewards card. Their complete rewards card is only 1% cash back and I would have to open a savings account with them or something to get 2% back. It just makes no sense to me to PC to a 1% card once your credit is good enough to get something better. I'm just not sure if I can see the point in putting all of my spending on these cards since their only purpose is to build credit.

I know Cap1 won't give me a QS1 right now, I checked their pre-approval tool and it says I'm not pre-approved for anything at this time so I'll just be satisfied with the Platinum card and hope it grows into something better.

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CarefulBuilder14
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Re: Will my card report if it's paid off?

Postby CarefulBuilder14 » Tue Jan 03, 2017 10:21 am

forrestst wrote:What I do like about First National Bank of Omaha, they make paying your card early easy to do. In fact, you can pay online as soon as the transaction posts. I also like that they show you your FICO 8 score, I just don't like that it takes almost a month for your account to update after they pull your score, so you see what your score was 20 days ago.

I'm trying to get my scores up so my card graduates, but it sounds like if my card does graduate, it will be a long time before I can PC to a rewards card. Their complete rewards card is only 1% cash back and I would have to open a savings account with them or something to get 2% back. It just makes no sense to me to PC to a 1% card once your credit is good enough to get something better. I'm just not sure if I can see the point in putting all of my spending on these cards since their only purpose is to build credit.

I know Cap1 won't give me a QS1 right now, I checked their pre-approval tool and it says I'm not pre-approved for anything at this time so I'll just be satisfied with the Platinum card and hope it grows into something better.

Barclaycard is good about this. They may update the score infrequently if your report is boring like mine (like every 60-ish days), but at least they share the updated score quickly when they do.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card

forrestst
Platinum Member
Platinum Member
 
Posts: 55
Joined: Mon Sep 05, 2016 11:57 am

Re: Will my card report if it's paid off?

Postby forrestst » Tue Jan 03, 2017 11:39 am

CarefulBuilder14 wrote:
forrestst wrote:What I do like about First National Bank of Omaha, they make paying your card early easy to do. In fact, you can pay online as soon as the transaction posts. I also like that they show you your FICO 8 score, I just don't like that it takes almost a month for your account to update after they pull your score, so you see what your score was 20 days ago.

I'm trying to get my scores up so my card graduates, but it sounds like if my card does graduate, it will be a long time before I can PC to a rewards card. Their complete rewards card is only 1% cash back and I would have to open a savings account with them or something to get 2% back. It just makes no sense to me to PC to a 1% card once your credit is good enough to get something better. I'm just not sure if I can see the point in putting all of my spending on these cards since their only purpose is to build credit.

I know Cap1 won't give me a QS1 right now, I checked their pre-approval tool and it says I'm not pre-approved for anything at this time so I'll just be satisfied with the Platinum card and hope it grows into something better.

Barclaycard is good about this. They may update the score infrequently if your report is boring like mine (like every 60-ish days), but at least they share the updated score quickly when they do.


I had my sights set on a Barclay Rewards MC but they discontinued it. I'll just have to be happy with the Cap1 Platinum card for now.



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