QUICK!! Does US Bank Report CURRENT Or STATEMENT Balance?

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QUICK!! Does US Bank report CURRENT or STATEMENT balance?

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BottomRanker BottomRanker New Contributor ‎01-26-2015 06:55 PM ‎01-26-2015 06:55 PM

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

@Anonymous wrote:+1. They report current balance on the last day of the month. One of the few banks that does not report statement balance

What bank does NOT report the current balance on the day the statement cuts?

Message 21 of 33 0 Kudos Anonymous Not applicable ‎01-26-2015 06:58 PM ‎01-26-2015 06:58 PM

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

@racer-x wrote:

But what do yas think about her telling me this....

US BANK REPORTS TO THE CRA'S THE HIGHEST BALANCE DURING THE CREDIT/MONTHLY CYCLE ON THE 1ST FRIDAY OF THE MONTH.

Never happened that way for me. US Bank reports what is on their system the last business day of the month for the last 2 1/2 years without fail. Now that I have a grip on it I have figured the work arounds so I can get "0" balance reporting. Note, this is based on my actual credit bureau reporting and not comments from anyone at US Bank or on this forum.

Message 22 of 33 0 Kudos NRB525 NRB525 Super Contributor ‎01-26-2015 07:29 PM ‎01-26-2015 07:29 PM

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

I think it reports statement balance, if the statement is printed in time to make the monthly CRA Update batch.

A specific example:

Date Transaction Comment

Nov 6 2014 $11,956 Nov 6 Statement Balance printed by US Bank

Nov 7 $11,956 US Bank CRA Reporting batch, EQ

Nov 22 (3,203) Payment posts to the CC

Nov 22 $8,754 Current balance as of that date in the CC account

Dec 5 $8,754 Dec 5 Statement Balance printed by US Bank

Dec 6 $8,754 US Bank CRA Reporting batch, EQ

Jan 2 2015 (203) Payment posts to the CC

Jan 2 $8,551 Current balance as of that date in the CC account

Jan 4 no CRA report My three other US Bank CC DID report to EQ on this day (and the earlier dates noted) This CC account did NOT report at Jan 4

Jan 7 $8,551 January 7 Statement Balance printed by US Bank

So depending on the timing of your US Bank CC Statement, if it does not have a fresh, new, previously unreported Statement balance, that card is NOT reported/updated in that monthly cycle. This would specifically exclude any situation of "grab the balance today and report that". Only the statement would be used.

Edit:

Now, the weakness in this example is, the payment was on January 2. If the US Bank reporting is as of December 31, then this sequence does not prove that December 31 is not the reported balance date. In that case, there would simply be no change from the early December CRA report, thus no report here. grrrr....

High Bal Jan 2009 $116k on $146k limits 80% Util.Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831March 2021 $33k on $312k EQ 796 TU 798 EX 801May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765 Message 23 of 33 0 Kudos Anonymous Not applicable ‎01-26-2015 08:05 PM ‎01-26-2015 08:05 PM

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

@BottomRanker wrote:
@Anonymous wrote:+1. They report current balance on the last day of the month. One of the few banks that does not report statement balance

What bank does NOT report the current balance on the day the statement cuts?

I am confused as to your question

Say that your statement cuts on the 15th of the month.

On april 30th, your balance is $5

Then on June 10th you make a $1000 purchase

You pay off $1005 on June 25th and make no other purchases, such as on June 31st you have a zero balance.

In this situations, most banks would report $1005 - the balance you had on statement date

US Bank however will first report $5 (the balance on April 30th) and then report $0 (your balance on June 31st).

No idea why they do it like that.

Message 24 of 33 0 Kudos Brax Brax Frequent Contributor ‎01-26-2015 10:36 PM ‎01-26-2015 10:36 PM

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

US Bank has some of the most incompetent reps of any bank.

I'm not surprised they would say something contrary to what they do.

Message 25 of 33 0 Kudos HiLine HiLine Blogger ‎01-26-2015 11:10 PM ‎01-26-2015 11:10 PM

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

@ArmyVietVet wrote:
@racer-x wrote:

But what do yas think about her telling me this....

US BANK REPORTS TO THE CRA'S THE HIGHEST BALANCE DURING THE CREDIT/MONTHLY CYCLE ON THE 1ST FRIDAY OF THE MONTH.

Never happened that way for me. US Bank reports what is on their system the last business day of the month for the last 2 1/2 years without fail. Now that I have a grip on it I have figured the work arounds so I can get "0" balance reporting.

Exact same experience here. What I do is either stop using my US Bank card for the last week of each month, or simply pre-pay to build a credit balance.

---> HiLine's personal finance blog - Follow my journey! Smiley LOL

Message 26 of 33 0 Kudos takeshi74 takeshi74 Senior Contributor ‎01-27-2015 06:57 AM ‎01-27-2015 06:57 AM

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

@BottomRanker wrote:

What bank does NOT report the current balance on the day the statement cuts?

UB Bank (among others). Sounds like you're confusing report date with statement cut date. AFAIK they all report current balance on report date. For those that report on statement date the current balance is the statement balance. For US Bank it's whatever the current balance is at the end of the month.

@NRB525 wrote:

I think it reports statement balance, if the statement is printed in time to make the monthly CRA Update batch.

A specific example:

Your statement date just happens to be close to the end of the month. Your example doesn't indicate what your balance was at the end of October but it shows that your end of November balance happened to be the same as your statement balance.

Message 27 of 33 0 Kudos Anonymous Not applicable ‎01-27-2015 07:49 AM ‎01-27-2015 07:49 AM

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

@HiLine wrote:
@ArmyVietVet wrote:
@racer-x wrote:

But what do yas think about her telling me this....

US BANK REPORTS TO THE CRA'S THE HIGHEST BALANCE DURING THE CREDIT/MONTHLY CYCLE ON THE 1ST FRIDAY OF THE MONTH.

Never happened that way for me. US Bank reports what is on their system the last business day of the month for the last 2 1/2 years without fail. Now that I have a grip on it I have figured the work arounds so I can get "0" balance reporting.

Exact same experience here. What I do is either stop using my US Bank card for the last week of each month, or simply pre-pay to build a credit balance.

HiLine that is exactly what I do. Stop using the cards and pay before month end. Credit ... the "games we play" ... Smiley Wink

Message 28 of 33 0 Kudos Ghoshida Ghoshida Valued Contributor ‎01-27-2015 09:57 AM ‎01-27-2015 09:57 AM

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

@racer-x wrote:

But what do yas think about her telling me this....

US BANK REPORTS TO THE CRA'S THE HIGHEST BALANCE DURING THE CREDIT/MONTHLY CYCLE ON THE 1ST FRIDAY OF THE MONTH.

Both this statement and the statement made by many others here are true.

As to the credit report, there are two fields: balance, and high credit.

Lenders like Chase, Citi, Discover, AMEX, and Cap One all report (within a couple of days of statement cut) the statement balance.

US Bank reports on the last business day of the month, and reports the current balance as on that date. This is what gets plugged into the "balance" field.

All banks, including US Bank, also report the highest balance during the cycle. If this value is higher than what's there previously in the "high credit" field, it'll replace the old "high credit" value; otherwise the old value will stay. This is regardless of the statement cut.

For example, I may never leave a balance on my CSP (not that I haven't) on any statement closing day, but Chase will still report a high balance of (say) $4k because on a particular day of the month, they had extended $4k of unsecured debt to me (which I promptly paid back).

Message 29 of 33 0 Kudos NRB525 NRB525 Super Contributor ‎02-03-2015 06:41 PM ‎02-03-2015 06:41 PM

Re: QUICK!! Does US Bank report CURRENT or STATEMENT balance?

@NRB525 wrote:

I think it reports statement balance, if the statement is printed in time to make the monthly CRA Update batch.

A specific example:

Date Transaction Comment

Nov 6 2014 $11,956 Nov 6 Statement Balance printed by US Bank

Nov 7 $11,956 US Bank CRA Reporting batch, EQ

Nov 22 (3,203) Payment posts to the CC

Nov 22 $8,754 Current balance as of that date in the CC account

Dec 5 $8,754 Dec 5 Statement Balance printed by US Bank

Dec 6 $8,754 US Bank CRA Reporting batch, EQ

Jan 2 2015 (203) Payment posts to the CC

Jan 2 $8,551 Current balance as of that date in the CC account

Jan 4 no CRA report My three other US Bank CC DID report to EQ on this day (and the earlier dates noted) This CC account did NOT report at Jan 4

Jan 7 $8,551 January 7 Statement Balance printed by US Bank

So depending on the timing of your US Bank CC Statement, if it does not have a fresh, new, previously unreported Statement balance, that card is NOT reported/updated in that monthly cycle. This would specifically exclude any situation of "grab the balance today and report that". Only the statement would be used.

Edit:

Now, the weakness in this example is, the payment was on January 2. If the US Bank reporting is as of December 31, then this sequence does not prove that December 31 is not the reported balance date. In that case, there would simply be no change from the early December CRA report, thus no report here. grrrr....

Updating for January activity:

Last CRB Report for this account was December 6, 2014 of $8,754 because the January 2 payment was not in time for the month end pull of US Bank data. My three other US Bank CC reported on January 4, not this card.

Jan 7 $8,551 January 7 Statement Balance printed by US Bank

Jan 8 ($1,003) Extra Jan 8 payment

Jan 29 ($ 203) Regular autopayment

Jan 29 Bal $7,345 Open balance on Jan 29

Feb 2 $7,344 EX report of US Bank CRB balance reported.

Statement is not due to print until about February 7.

So, in my opinion US Bank reports the last balance on the account at the end of the month regardless of statement balance, and certainly not reporting just the highest balance during the month.

High Bal Jan 2009 $116k on $146k limits 80% Util.Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831March 2021 $33k on $312k EQ 796 TU 798 EX 801May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765 Message 30 of 33 0 Kudos † Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.

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