Credit Cards

[nathan]

I have a 15k cl with navyfed that is almost 2 yrs old, but has reported only for two months. Eq reports a 0 bal, tu and exp report $65 bal. The blessing is that I usually use this cc for big purchaes because i know it does not update, and i wonder how long this will last. The curse is that i don't know whether not reportig is hurting my scores in a way. I have another cc(5k) with the same cu and they update monthly. I dont want to wake a sleeping dog if i dont have to. What do you guys and gals think?

[Uborrow-Upay]

Bump!

(Interesting situation...) 

[creditwherecreditisdue]

Could be either. If you use this account for large purchases and carry a balance that would report you are probably better off not having the account report. (Kind of a secret side fund.) If you are trying to develop credit or do not carry a balance you would be better off if the account did report. It really depends on how you use the account, the details of your own credit picture and what it is that you are trying to achieve. On top of that you have the predictability issue: sometimes it reports and sometimes it doesn't. You wouldn't be too happy if you took some action counting on it not reporting and then it does. Were the account mine I would want it to report unless I had some clearly defined reason in mind for it not reporting. The uncertainty would make me pretty unhappy.

[txjohn]

I don't have the same experience.  I got a Visa with them a couple months back.  It reported on my CR within 2 weeks and it updates on the 26th every month like clockwork.

I too use mine for big purchases and it would be handy if they didn't report   But if my payment hasn't posted by 26th....I'm reporting a balance.

I originally got the card like mid May and immediately put $15k on it.  I wasn't sure of the cut date and less than 10 days later I got a SW update and there was my $15k balance reporting

[nathan]

Let me explain a little better. I had this cc is apr 08 for 15k. I made a purchase for $700 and the cc reported on all three cra with the 700 bal. I paid it down and let $65 report in may 08. Since may 08, they have not updated again. I actually called them in june 08 to ask why they were not updating and i was told it may be because there was no activity on the cc for that month. This sounded funny to me because they report my other cc regardless of whether I use it or not. I have charged thousand of dolars and paid down without fico ever knowing, and i am just wondering when they will catch this glitch. This cc sees more usage than all my other cc because i know fico will never know my spending habits but how long will this last?? Personally I like the benefits of it not reporting because it is now my secret weapon and emergency cc. My fico scores are still decent; tu 773, eq 706, exp fako 745. I do have other cc of 15k, 5k, 3k, 4.4k, and 2.1k, and my utl is 1.2%.

[creditwherecreditisdue]

Well it sounds to me that you like the nonreporting and your reasoning is pretty sound. That being the case I would leave it alone. Just be mentally prepared for the day, which may eventually come, when It reports again. That could happen at any time - or never!

[haulingthescoreup]

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nathan wrote:
Let me explain a little better. I had this cc is apr 08 for 15k. I made a purchase for $700 and the cc reported on all three cra with the 700 bal. I paid it down and let $65 report in may 08. Since may 08, they have not updated again. I actually called them in june 08 to ask why they were not updating and i was told it may be because there was no activity on the cc for that month. This sounded funny to me because they report my other cc regardless of whether I use it or not. I have charged thousand of dolars and paid down without fico ever knowing, and i am just wondering when they will catch this glitch. This cc sees more usage than all my other cc because i know fico will never know my spending habits but how long will this last?? Personally I like the benefits of it not reporting because it is now my secret weapon and emergency cc. My fico scores are still decent; tu 773, eq 706, exp fako 745. I do have other cc of 15k, 5k, 3k, 4.4k, and 2.1k, and my utl is 1.2%.

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Did they ever update the $65 balance to $0?

I have a store card that liked to post balances but forgot to update that I had paid it off, saying that they would update if I had a balance again. Ummm, no.

I had to dispute twice through the CRA's (they did this two separate times), but now they update promptly.

[nathan]

Nope HTSU. The $65 has never been updated to 0. I have used it many many many times for more than a year now, but no updates. One thing I do know for sure is that if I ever default on the cc, I will be fried immediately. This cc has been my fav cc just for this reason. This is really weired, isn't it?

[haulingthescoreup]

Wow!

A balance frozen in time, even if you're using it.

Which Navy card is it? Is it a different line from your other one, the one that does report?

I don't guess it's hurting you. The balance and util are miniscule, and if you don't have balances reporting on a lot of other CC's, you'll still be well under the "fewer than half of CC's with balances" scoring bit.

I'm such a weenie, though, that I think I'd be a basket case having a high balance and hoping that it doesn't suddenly decide to report.


eta: if I'm reading correctly, it's reporting, in that it's on your reports, showing the CL and balance, but it's not updating. So the CL is still factoring into your total CL, which is great.

Message Edited by haulingthescoreup on 07-27-2009 05:21 PM

[creditwherecreditisdue]

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haulingthescoreup wrote:
Wow!

A balance frozen in time, even if you're using it.

Which Navy card is it? Is it a different line from your other one, the one that does report?

I don't guess it's hurting you. The balance and util are miniscule, and if you don't have balances reporting on a lot of other CC's, you'll still be well under the "fewer than half of CC's with balances" scoring bit.

I'm such a weenie, though, that I think I'd be a basket case having a high balance and hoping that it doesn't suddenly decide to report.


eta: if I'm reading correctly, it's reporting, in that it's on your reports, showing the CL and balance, but it's not updating. So the CL is still factoring into your total CL, which is great.

Message Edited by haulingthescoreup on 07-27-2009 05:21 PM

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That would be me!