topic Re: Banks and their shady reporting habits in Credit Cards

Banks and their shady reporting habits

youngandcreditwrthy — Tue, 30 Oct 2012 01:13:06 GMT

Surely I'm not the only person to notice that whenever I increase a balance on a card, it almost gets reported right away...but whenever I pay an account off or make a substantial, util reducing payment... Seems like they take forever to report it!!!! Grrr!!! Shady!! Lol

Anyone else notice this about credit card companies? Lol

Re: Banks and their shady reporting habits

distantarray — Tue, 30 Oct 2012 01:23:10 GMT

I dunno about you but mine generally reports at the sametime every month ? =\

Re: Banks and their shady reporting habits

webhopper — Tue, 30 Oct 2012 01:29:29 GMT

Mine too.

Which lender is doing this to you? Ive heard BOA is bad about doing this; but I don't do business with BOA so I have no experience

Re: Banks and their shady reporting habits

jsucool76 — Tue, 30 Oct 2012 01:31:43 GMT

webhopper wrote:
Mine too.

Which lender is doing this to you? Ive heard BOA is bad about doing this; but I don't do business with BOA so I have no experience

GE also does this for the first cycle on walmart cards, I don't know about any other ones though.

Also @ OP:

From the "How credit bureaus update your reports" sticky thread...

"Information that would negatively affect your credit rating--like a late pay or charge-off--is instantly beamed from the creditor to the agency via Department of Defense 256-megabit fiber optic lines and written to their servers in 8.6 milliseconds.

Information that would positively affect your credit rating is scribed onto scrolls in special ink by Gregorian monks, which are then painstakingly illuminated. The Credit Scrolls are then placed onto camel caravans which wind their way to the credit bureau headquarters by way of Marrakesh, Dubai, and Tripoli. Once the caravan reaches Equifax, Experian or TransUnion, the scrolls are then laid out in the sun for a week so that the special ink can be read. (Note that the weather around the credit bureau headquarters is notoriously gloomy, like FICO itself, so finding seven consecutive days of sunshine can be quite an ordeal in and of itself.) Only then can the information finally be encoded into your credit files..."

lol

Re: Banks and their shady reporting habits

distantarray — Tue, 30 Oct 2012 01:34:08 GMT

jsucool76 wrote:
webhopper wrote:
Mine too.

Which lender is doing this to you? Ive heard BOA is bad about doing this; but I don't do business with BOA so I have no experience
GE also does this for the first cycle on walmart cards, I don't know about any other ones though.

Also @ OP:

From the "How credit bureaus update your reports" sticky thread...

"Information that would negatively affect your credit rating--like a late pay or charge-off--is instantly beamed from the creditor to the agency via Department of Defense 256-megabit fiber optic lines and written to their servers in 8.6 milliseconds.

Information that would positively affect your credit rating is scribed onto scrolls in special ink by Gregorian monks, which are then painstakingly illuminated. The Credit Scrolls are then placed onto camel caravans which wind their way to the credit bureau headquarters by way of Marrakesh, Dubai, and Tripoli. Once the caravan reaches Equifax, Experian or TransUnion, the scrolls are then laid out in the sun for a week so that the special ink can be read. (Note that the weather around the credit bureau headquarters is notoriously gloomy, like FICO itself, so finding seven consecutive days of sunshine can be quite an ordeal in and of itself.) Only then can the information finally be encoded into your credit files..."

lol

lol i like

Re: Banks and their shady reporting habits

navigatethis12 — Tue, 30 Oct 2012 01:45:04 GMT

This only happened to me once with Barclays a few months back. For whatever reason, they updated midcycle and I had a balance, but it did not bother me. I use creditkarma to check the report every few days so maybe it is not that accurate. Some will report again if you get a limit increase or decrease.

Re: Banks and their shady reporting habits

jsucool76 — Tue, 30 Oct 2012 01:47:00 GMT

navigatethis12 wrote:
This only happened to me once with Barclays a few months back. For whatever reason, they updated midcycle and I had a balance, but it did not bother me. I use creditkarma to check the report every few days so maybe it is not that accurate. Some will report again if you get a limit increase or decrease.

Some lenders also report mid cycle if you change your payment due date

Re: Banks and their shady reporting habits

Duncanrr — Tue, 30 Oct 2012 01:51:40 GMT

jsucool76 wrote:
navigatethis12 wrote:
This only happened to me once with Barclays a few months back. For whatever reason, they updated midcycle and I had a balance, but it did not bother me. I use creditkarma to check the report every few days so maybe it is not that accurate. Some will report again if you get a limit increase or decrease.
Some lenders also report mid cycle if you change your payment due date

Ding ding ding. Walmart did this to me.

Re: Banks and their shady reporting habits

youngandcreditwrthy — Tue, 30 Oct 2012 01:57:34 GMT

Hahahhaah I remember reading that a while back!! So true!!!

It is Barclay's, GECRB, and Crapital One.... So all of them really lol.

Amex and Discover meanwhile haven't reported anything yet lol...a month later hahaha.

Specifically, My Travelocity Amex, Amazon, and Wmt Discover are lagging. I've paid $1k+ collectively, which is like a couple of percent off my utilization I think. But Amex never sleeps!! Lol

Re: Banks and their shady reporting habits

youngandcreditwrthy — Tue, 30 Oct 2012 02:00:18 GMT

Yeah... I noticed a CL decrease on my reports for my NM account before I was even informed by NM that they had decreased it. I closed that account within the month.. That was right after Crapital One took over HSBC.

Re: Banks and their shady reporting habits

Shogun — Tue, 30 Oct 2012 02:15:23 GMT

Walmart. After I make a purchase, it's pending for a week, after it finally posts, I go to pay, the payment is pending for a week, another 2 weeks later and I have that credit available to use. Takes me about all month to get a payment completely through.

Re: Banks and their shady reporting habits

Duncanrr — Tue, 30 Oct 2012 02:19:36 GMT

ive had the card for a month and Walmart already did this to me. I had to call them to release available credit. I think I'll only use card in first two weeks of billing cycle and then send in payment. I don't trust them. Are all GE cards like this?

Re: Banks and their shady reporting habits

somnipotent — Tue, 30 Oct 2012 02:36:26 GMT

Shogun wrote:
Walmart. After I make a purchase, it's pending for a week, after it finally posts, I go to pay, the payment is pending for a week, another 2 weeks later and I have that credit available to use. Takes me about all month to get a payment completely through.

this is why i don't use this card often. small purchases here and there to show usage for future CLI, but nothing more.

Re: Banks and their shady reporting habits

creditnocash — Tue, 30 Oct 2012 04:22:50 GMT

my payment cleared in total of 3 days.

did transaction thursday.

pending

paid friday through bank bill pay.

pending all weekend(charges)

had a -7.37 balance for 3 days and today it was all 0 balance.

i wonder if this means ill get a statement for once.

as for other banks cap one held my limit down for about 10 days when i made a 2k payment over the phone.

but they had no problems taking it out of my account..

other then that most have been speedy for me.

amex posted almost in real time.

freedom is usually next day.

and my bank cards are next business day.

Re: Banks and their shady reporting habits

knj601 — Tue, 30 Oct 2012 05:25:21 GMT

Wal-Mart always holds my payments. They post it to my current balance, but it is not available until about a week later. Capital One also constantly holds my payments, but I do make large payments. I also do the bill pay through my bank because I want the money out of my account asap! I paid off a few of my cards down to 0, and I feel like it took years to show on my reports, but then again it may be that I am just watching them like a hawk now.

Re: Banks and their shady reporting habits

bettercreditguy1 — Tue, 30 Oct 2012 10:47:08 GMT

Some of that is automatic. It used to be that your cc charges never posted for a week or two after the transaction. Now with electronic batching from the vendors/retailers, much more is real time. It really helps the cc companies combat fraud and over the limit issues. Yes, I too have noticed that payments do seem to appear a week or so after they are made on my cc report. However, make no mistake, internally with the CC company they are tracking you daily. Some larger retailers even batch their sales hourly. You must remember that the merchant gets his/her funds a few days after the charge is made. It is not immediate. So the more often they batch out (report) the better their cash flow and the faster a cc company can stop/locate a stolen card.

Re: Banks and their shady reporting habits

youngandcreditwrthy — Tue, 30 Oct 2012 12:20:30 GMT

My payments post quickly with most creditors....

But their reporting to the credit bureaus lol otoh is slow, esp when I reduce a balance by a substantial amount

Re: Banks and their shady reporting habits

Cadillac-XTS — Tue, 30 Oct 2012 12:22:52 GMT

Re: Banks and their shady reporting habits

mmmagique — Tue, 30 Oct 2012 13:23:09 GMT

Duncanrr wrote:
ive had the card for a month and Walmart already did this to me. I had to call them to release available credit. I think I'll only use card in first two weeks of billing cycle and then send in payment. I don't trust them. Are all GE cards like this?

It's been my experience that they are. They *really* want to report a balance. I have no idea why.

Re: Banks and their shady reporting habits

GregB — Tue, 30 Oct 2012 13:30:44 GMT

In my extensive experience, they don't really do this on CC accounts. Are you looking at store accounts or something?

I've tracked thousands of CC updates and this has never happened. I continue to log 60+ updates per month on my own accounts.

Some will do a mid cycle update with a change like credit limit, address, etc. Some will report if you go over the limit.