Credit Card Reporting Date and Statement Cycle

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?

[King_Rematch]

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.👊🏼

[calandrastewart]

I really appreciate your video.Other youtubers just talk about it. As a visual learner, the graphic really explains your point.

[ThatMichaelTGuy]

Out of 4 videos I watched on this subject, yours is the most clear.
Well Done and Thanks!

[JesusHernandez-ymhz]

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 😂

[marissathomas]

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

[JuanLopez-sucq]

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

[bellaluxebridalbouquets]

Literally the easiest explanation on YT. Capital One didn’t even explain it like this over the phone

[MultiTictock]

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

[LisaAnn]

THANK YOU for EXPLAINING this in a manner that is EASIER to UNDERSTAND 👏👍👏👍👏👍! I greatly appreciate this 😊👍

[reddw]

Thank you!!! This video breaks everything down to layman's terms.

[dreamusic]

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! ❤

[DenoyAmbrose]

Out of several videos on the credit card statement cycle, yours is the most informative and clear.
Well Done and Many thanks

[scratcherscratcher]

Such valuable information…this is like gold! I learn this about 1 yr ago and wow, this info changed my life!

[moemuhammed]

You definitely did the best job explaining this.

[Bxr]

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.

[garyCauser]

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!

[mzbrown]

this is one of the best breakdown I have heard online thanks

[hellojuneau]

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!

[klevdavful]

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

[liztaylor]

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.