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Hello every one . . . I always pay my Discover balance in full a few days before the due date and then I never use the card until after the statement cuts (so that it reports a zero balance). This month, I used the card beginning the day after my statement cut (like I always do), but Discover seems to have reported my current balance (what I've used after the statement cut) and not my statement balance (zero) to the CRA's this time. Of course, I'm not very happy at all as it just dropped my Equifax 10 points. Does anyone know if Discover is changing how they report???
They are not changing how they report. This has an easy solution. Once you pay the balance, just jump on chat and ask them to update your credit report to reflect the new balance / zero balance on the card and they will do so.
They are very good at doing that.
But do you know why this happened??? I've had this card for years . . . its my main card . . .and I've never had them report any thing but the statement balance before. I just double-checked my statement and the balance is indeed "zero" . . . so that is what should have reported because I never used the card until after the new statement cut. I'll try your suggestion, but this isn't something I want to have to deal with every single month!!
I don't think Discover is changing the way they report, but they may have had a slight glitch or delay this past month. My Discover card had a prior $1,700 balance that I paid in full to zero on July 20.
My statement was due to cut on August 13, and during the whole 2 years and 3 months I have had this card, it always reports to the bureaus within a day or two after statement cut.
During August, it did not report to Experian with zero balance until August 27, which was 14 days after the statement cut. I don't know why their reporting was late or a bit off this month, but am just mentioning that as an fyi.
In your case, it is possible they reported late in August as they did in my situation - and your charge the day after the statement cut may then have been reported as current.
Keep in mind that any lender can report an update to the credit bureaus at any time, as that is their right as a lender to do so.
Most lenders don't report midcycle, although we have seen midcycle reporting happen quite a bit with Synchrony. Chase is another example of a lender who will report midcycle, in the event that a balance is paid to zero.
Yes-its-Me has provided the correct solution to you if this should happen again.
Thank you both . . . I believe that is likely what happened. I just didn't know if this was going to be the norm going forward or just a rare occurrence of the late reporting.
something similiar happened to me. my statement balance was zero, but they did not send an update to the CRA's. i called and they said they do not update if the balance is zero. they said for me to just leave $2 on it.
@Anonymous wrote:something similiar happened to me. my statement balance was zero, but they did not send an update to the CRA's. i called and they said they do not update if the balance is zero. they said for me to just leave $2 on it.
They actually do update if the balance is zero, and they have for many people on the board, myself included. That CSR was incorrect.
As Yes-Its-Me mentioned, Discover will also send an update to the bureaus any time that you request they do so, including when there is a zero balance.