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Bank of America question

Regular Contributor

Bank of America question

So I got my Bank of America cash rewards card a week ago and it started reporting before I even got the card in the mail. Didn't think much of it but now I see they reported a balance already and I haven't had a statement cut. Is this normal for bofa? i planned to run this card up and pif every month but I really don't want every balance reporting. does bofa report weekly or something??


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Current Score: EQ 735, TU 732, EX 745(Lender Pulled)
Goal Score: EQ 700


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Message 1 of 8
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Re: Bank of America question


jtc411 wrote:

So I got my Bank of America cash rewards card a week ago and it started reporting before I even got the card in the mail. Didn't think much of it but now I see they reported a balance already and I haven't had a statement cut. Is this normal for bofa? i planned to run this card up and pif every month but I really don't want every balance reporting. does bofa report weekly or something??


Nah, but they have to report *something* to the bureaus and it could have been a statement close, or just the balance of the day (much like a mid-cycle report).

 

BOFA will sometimes do this but with less historical frequency than Discover anecdotally; usually it happens because there's a change to your account that needs to be reported to the bureaus.  BOFA is sorta ninja-like in my experience on those things compared to many other lenders.  Pretty much every change I had on my BOFA secured product seemed to trigger a mid-cycle report... I would expect a new account would be similar.  

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 2 of 8
Established Contributor

Re: Bank of America question

No it's not normal.

 

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Message 3 of 8
Established Contributor

Re: Bank of America question


jtc411 wrote:

So I got my Bank of America cash rewards card a week ago and it started reporting before I even got the card in the mail. Didn't think much of it but now I see they reported a balance already and I haven't had a statement cut. Is this normal for bofa? i planned to run this card up and pif every month but I really don't want every balance reporting. does bofa report weekly or something??


OT, but i just received my BofA Cash Rewards card today too....nice looking card with the chip....now, to the gas station!



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Message 4 of 8
Established Contributor

Re: Bank of America question

Yeah, BoA did a mid-cycle report on me when I PCed from Platinum Plus to Cash Rewards.  Seems to be a pretty common thing with them when there are significant account changes.

 

It's also a good idea if you ever have to request a new account number (lost/stolen card) or they force one on you (for whatever mysterious "we got hacked" reson they're not fully telling you), to monitor your credit report to make sure they do not split the account incorrectly. I've twice had them mark the old account as "Lost or stolen" - ok, fine - but then report the new account with an open date of the current month instead of my original date of opening the account. And do so mid-cycle. With my mid-cycle balance. Yay.

 

Most of the time their reporting is pretty consistent and solid, though. It's just these certain events you have to keep an eye on.

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12), Total CL $1k on 2 TLs
Current: EQ 709 (CCT 2/4/15), EX 704 (CCT 2/4/15) , TU 702 (CCT 2/4/15), Total CL $110.3k on 14 TLs Goal: 740+ x3
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Message 5 of 8
Established Contributor

Re: Bank of America question

I've never had problems with mid-cycle reporting with my BoA Cash Rewards card, but I've never had any changes with my account that would trigger anything either.


Starting Score: TU: 566
Current Score: TU: 741 (Discover FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
Goal Score: 800

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Message 6 of 8
Regular Contributor

Re: Bank of America question

Pay off the card, let the payment post, then go to the customer service link and update your phone number.  They used to update your credit report within 24hrs.  Not sure if this still works, and they're the only bank I know of that this worked/works with.  I haven't done this for a couple years.

Message 7 of 8
Senior Contributor

Re: Bank of America question

Ehh boa seems shady! :-/
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