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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Banks and their shady reporting habits

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.


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Duncanrr
Posts: 2,845
Registered: ‎06-08-2012
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Re: Banks and their shady reporting habits

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?


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somnipotent
Posts: 367
Registered: ‎06-02-2008
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Re: Banks and their shady reporting habits


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.


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creditnocash
Posts: 2,255
Registered: ‎07-23-2012
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Re: Banks and their shady reporting habits

[ Edited ]

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. 

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knj601
Posts: 42
Registered: ‎02-25-2009
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Re: Banks and their shady reporting habits

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. 



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bettercreditguy1
Posts: 759
Registered: ‎02-11-2012
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Re: Banks and their shady reporting habits

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.

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youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
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Re: Banks and their shady reporting habits

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
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Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
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Re: Banks and their shady reporting habits

+1

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mmmagique
Posts: 82
Registered: ‎04-05-2011
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Re: Banks and their shady reporting habits


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. 

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GregB
Posts: 1,670
Registered: ‎05-24-2007
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Re: Banks and their shady reporting habits

[ Edited ]

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.


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