topic Re: Thank you Discover.... in Credit Cards

Thank you Discover....

LS2982 — Sun, 07 Oct 2012 11:15:51 GMT

My statement closing date is the 27th evey month.

I pulled my credit this morning and they mid cycle reported $423, Really??

This card is looking more and more good for my sock drawer. :smileymad:

Re: Thank you Discover....

Default4 — Sun, 07 Oct 2012 11:30:30 GMT

Ouch! I've been lucky, whenever they have done a mid cycle update I've had a fairly low balance. Any reason why they did one on you? CLI Button?

Re: Thank you Discover....

LS2982 — Sun, 07 Oct 2012 11:48:38 GMT

Default4 wrote:
Ouch! I've been lucky, whenever they have done a mid cycle update I've had a fairly low balance. Any reason why they did one on you? CLI Button?

I called in for a CLI and got declined, tryed online and it said im not eligible at this time. That shouldnt mean report again.

Re: Thank you Discover....

maiden_girl — Sun, 07 Oct 2012 13:49:26 GMT

SIMILAR PROBLEM HERE! I don't like how Discover reports at all! I had already paid my balance down to zero. After the fact...it reported on my CR during mid cycle! Luckily I had only a 10 dollar balance but it was 0 by the time they reported my previous balance...LOL. And get this! There was NO statement generated for the month b/c I had a ZERO balance..WTH Discover?? Most CCCs generate statements even if there is no balance only if you've had activity for the period...why is Discover different?

Re: Thank you Discover....

Duncanrr — Sun, 07 Oct 2012 14:16:06 GMT

Don't they have to legally generate a statement if you had activity? Say I run 2k through card and when statement was about to cut I just login and pay in full (say im in airport and just login on mobile app). When I get statement in mail/email I notice that I had a charge for $100 that wasn't mine.

Don't you need a statement to check these things? (I know with bank statements you typically have 30 days after you receive statement to contest a charge). When would this period start if u never receive a statement?

Re: Thank you Discover....

youngandcreditwrthy — Sun, 07 Oct 2012 15:20:38 GMT

Lol this seems like good advice - the fact that Disc mid cycle reports.

We should complain to the CFPB. :-)

Re: Thank you Discover....

jsucool76 — Sun, 07 Oct 2012 15:29:07 GMT

Mid cycle reporting paired with .25% CB until $3000 spend makes this card seem lame. XD

Re: Thank you Discover....

laboi_22 — Sun, 07 Oct 2012 15:57:15 GMT

I love Discover as well, but they do have some shady practices. It does make me reconsider using their card extensively.

Re: Thank you Discover....

LS2982 — Sun, 07 Oct 2012 16:05:21 GMT

Well they just got demoted to auto pay electric bills only. :smileyvery-happy:

Re: Thank you Discover....

RyVision — Sun, 07 Oct 2012 16:28:46 GMT

Well, I'm not as observant about the mid-cycle reporting part :smileyembarrassed:

However, it was about a month after I was declined for a CLI that they called and offered me most of what I requested.... over half anyway.

Just thought I'd share the info. It was also close to maxed at the time (0% that I use the omph out of...).

Re: Thank you Discover....

Revelate — Sun, 07 Oct 2012 17:02:41 GMT

jsucool76 wrote:
Mid cycle reporting paired with .25% CB until $3000 spend makes this card seem lame. XD

It's a subprime approval, until the recent changes circa June from other lenders it was a reasonable card I think. Now I have to agree I don't know if it really makes any sense, that may be a part of the reason Discover is reportedly phasing it out in favor of the IT? Wouldn't surprise me if the reward structure changes a little too.

AFAIK there's nothing illegal with reporting mid-cycle, a non-trivial number of lenders do this for various reasons. I don't know about that statement generation bit though, that does seem unique to them and it's not exactly a huge cost savings not to generate an electronic statement at least. I think most people have gone paperless at this point on their credit cards?

Re: Thank you Discover....

jsucool76 — Sun, 07 Oct 2012 17:31:37 GMT

I just think that it is funny that lenders always mid cycle update when you have a balance, but if you pay off a large balance and request a mid cycle update to report a $0 balance, the answer is always "no."

Re: Thank you Discover....

LS2982 — Sun, 07 Oct 2012 17:37:34 GMT

EXACTLY jsu!!! That really pisses me off!! Im going to have q ton of false util. Debt this month. :(

Re: Thank you Discover....

Duncanrr — Sun, 07 Oct 2012 18:55:28 GMT

Walmart discover just mid cycle reported on mine. Have nice 51% UTIL on it and lost another 8 pts.

Re: Thank you Discover....

jsucool76 — Sun, 07 Oct 2012 19:00:23 GMT

How old is your walmart discover? If it is new, afaik, gecrb mid-cycle updates every walmart card the first month (or after first purchase)

Re: Thank you Discover....

Duncanrr — Sun, 07 Oct 2012 19:03:01 GMT

This is mid-cycle in 2nd statement

Re: Thank you Discover....

TeeandDee — Sun, 07 Oct 2012 19:24:15 GMT

Discover didn't even report for me yet for August! :smileymad: They usually report a day or two after my billing statement closes like clock work, and here it is the 7th of October and they still haven't reported. SMH!

Re: Thank you Discover....

gettnthere — Sun, 07 Oct 2012 22:19:55 GMT

Duncanrr wrote:
Walmart discover just mid cycle reported on mine. Have nice 51% UTIL on it and lost another 8 pts.

Same EXACT thing happened to me! Walmart mid cycle reported this month and it cost me 4 pts. ohh I was pissed when i read the alert from EQ.

Re: Thank you Discover....

gettnthere — Sun, 07 Oct 2012 22:21:15 GMT

Duncanrr wrote:
This is mid-cycle in 2nd statement

2nd statement for me as well...

Re: Thank you Discover....

maiden_girl — Sun, 07 Oct 2012 22:42:33 GMT

Duncanrr wrote:
Walmart discover just mid cycle reported on mine. Have nice 51% UTIL on it and lost another 8 pts.

That's actually not Discover but GECRB...lol