Page 9 - What Momma Didn't Teach Us - Credit Edition

5. Statement Date vs. Due Date

Has anyone ever taught you the importance of a statement

date? I know we all have due dates in our mind right now. We

know when our rent, car payments, electric bill, cell phone bill
and credit cards are due without looking at the bill. Has anyone

shared the importance of a statement date? This mainly
applies with credit cards or loans.

A due date is the day that the actual bill is due. A statement

date is the date the creditor reports the balance and account

details to the bureaus. This date is super important because

even if you pay a card by the due date but it falls after the

statement date, a card that maybe you paid down to a zero

balance may not show on your credit report until 60 days

because you missed the statement date.

We encourage our clients and readers to find out your

statement dates and be sure credit cards are paid by them to

get the best out of reporting. If you can pay down balances 2-

3 days before the statement date it can decrease your card

utilization, which can improve your credit score. If you’d like to

know your statement dates, take a look at your monthly

statement and see the date of the statement. You can as well
call the creditor and ask. Telephone representatives are

usually able to provide you that information.

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