Kareen Mills breaks down two dates on your credit card statement: the due date, when payment must post to avoid being late, and the reporting date five to seven days later, when the issuer tells credit bureaus your status. The lag between them explains why your score doesn't jump right after you pay off the balance.
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There are 2 dates you need to remember in your credit card statements. Hi, my name is Kareen Mills. It rhymes with bills. You know the one. The dolla dolla bills. Okay, number one, your due date. It's when your minimum payment must arrive and post in your account in order for you not to be considered late. Number 2, it's your statement date. Usually it's 5 to 7 days after your due date. It's when the credit card company sends the signal to the credit bureaus whether you paid on time or not and cut your next statements. Why is it knowing these 2 dates critical? You want to know when the due date is and when the statement date is because if you ever pay your credit card down to zero and you never see an impact on your credit score, it's because you didn't know about the lag effects between the 2. If you're not subscribed to my YouTube channel yet, I have full-length training