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kysin2014
Posts: 96
Registered: ‎11-08-2010
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Macy's American Express - When do they report updated balance to the bureaus?

My Macy's American Express card issued through Macys cuts a new statement on the 1st at midnight.  Today, on Monday, February 3rd it finally shows a new statement with a due date of March 1st.  Any idea as to when it will report my paid off balance to bureaus?  I paid it off on January 15th and the statement cuts on 2nd.  I checked my credit report and it is still showing my high balance of $5,100 which is hurting my credit score since I was close to my limit of $6,000.  Chase said they will approve me once it shows a zero balance on my credit report.  I only have 30 days for Chase to reconsider my application or otherwise I am faced with another new inquiry. 

I'm hoping someone might know when the zero balance is reported to the bureaus.  Credit Karma claims Macy's is on the 1st of every month, but today is February 4th and it is still not reported.  


Thank you for any comments.
Jason 


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enharu
Posts: 6,902
Registered: ‎02-27-2013
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Re: Macy's American Express - When do they report updated balance to the bureaus?

In order for chase to see the updated balance on your credit reports, they will need to pull a new report, which means an additional inquiry.

Since your statement is generated today, it should report the balance to the CRAs today as well. The CRAs will then take up to a week to reflect it. Generally experian is the fastest. You might see the updated balance by tomorrow. Equifax is a tad slower by experian sometimes, but only by a day or two. Sometimes they both update around the same time. And for some reason, transunion is generally the slowest, and it may take up to a full week for them to update.
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visorboy1974
Posts: 1,132
Registered: ‎05-17-2010
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Re: Macy's American Express - When do they report updated balance to the bureaus?

I show a ScoreWatch alert on 1/8 for Equifax.  I'd say you should be updated by 2/10 for all 3.  

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kysin2014
Posts: 96
Registered: ‎11-08-2010
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Re: Macy's American Express - When do they report updated balance to the bureaus?

Thank you for your useful information.  I also paid off my Bloomingdales Amex that i also owed $4,400 with a $5k limit that Chase wants to see paid off.  The credit analyst said there was too much outstanding revolving debt close to my credit limits.  He said once they show paid off, he would be able to consider my request.  I already have a Chase Sapphire Preferred with a limit of $5,500 with them that I have had now 7 months with them.  Chase really doesn't like seeing consumers owing debt that is close to their credit limits.  My score also took a 30 point hit because of this.  


Once these two credit cards show paid off, I will be left with Pottery Barn Kids to show paid off which my credit report still shows I owe $2,974 even though it's paid off.  My credit limit with them is $10k.  Plus my Cabela's Visa which I also paid off but still shows I owe $1,864 and finally my B of A Cash Rewards I also paid off but still shows I owe $990.  


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kysin2014
Posts: 96
Registered: ‎11-08-2010
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Re: Macy's American Express - When do they report updated balance to the bureaus?

Thank you for your useful information.  I really appreciate it.   My credit report showed that I still owed $22k when in fact it should report $0.00 since I paid off all of my credit cards on January 15th.  My credit file now shows I owe $17k.  Once my Macys Amex and Bloom Amex report zero balances, it will be down to $8k reported even though it's really $0.00.


I learned through this not to ever charge more than 30% of your total credit limit which doesn't leave much to charge.  If your credit limit is only $5,500 such as my Chase Sapphire Preferred, I can only charge around $1,600 at any one given time to be on the safe side.  This has now left me having to make multiple payments. 

 

Am I better off paying off my credit cards in full each month or leaving a small balance such as $50 on them to have a balance report on the credit bureau for a few of my credit cards?  Some people say to just pay everything off every month and not show a balance.  Other's say to pay it almost all off each month but leave a very small balance so I balance is reported.


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takeshi74
Posts: 2,605
Registered: ‎06-05-2013
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Re: Macy's American Express - When do they report updated balance to the bureaus?

[ Edited ]

jinswaz wrote:

Chase really doesn't like seeing consumers owing debt that is close to their credit limits.


No creditor does though short term high utilization isn't as much of a problem as long term high utilization -- which can lead to AA.  The generally recommended max for utilization (both individual and overall matter) is 30%.  Ideal will be much lower -- probably ~10% or less.

 


jinswaz wrote: 

Am I better off paying off my credit cards in full each month


Keep in mind that PIF'ing by the due date does not affect reported balances.  PIF'ing before statement cut does.  It's really your call and depends on your situation and goals.  I don't bother with micromanaging utilization like this but my limits and spend typically put me at about 12%.  The general recommendation for optimal scoring is to have a balance only reporting on one card that leaves you at 10% or less.

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Jazzzy
Posts: 2,679
Registered: ‎07-29-2009
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Re: Macy's American Express - When do they report updated balance to the bureaus?


jinswaz wrote:

 

 

Am I better off paying off my credit cards in full each month or leaving a small balance such as $50 on them to have a balance report on the credit bureau for a few of my credit cards?  Some people say to just pay everything off every month and not show a balance.  Other's say to pay it almost all off each month but leave a very small balance so I balance is reported.


I find that I am penalized if I have balances (even small ones) show up on too many credit cards. They penalize for "number of accounts with balances."

 

Best to leave a small balance on one card and pay the others to zero prior to statement cut.

 

Contributor
kysin2014
Posts: 96
Registered: ‎11-08-2010
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Re: Macy's American Express - When do they report updated balance to the bureaus?

Nevermind...... My Macy's American Express card just got closed out as well as my Bloomingdales American Express.  I requested a credit line increase on both of my Macy's Amex and my Bloom Amex.  They approved my request and increased my credit line from $6,000 to $8,000 on my Macy's Amex and made me wait on my Bloom Amex credit line increase.  The following day I tried to use my card and was declined.  I called the credit department and they closed out not just my Macy's Amex but also my Bloom Amex.  Apparently, the credit analyst submitted my account to the Fraud Analytics Dept whom closed both of them out.  They only reason they could give me was because of the number of inquiries on my credit report which is insane.

My Experian credit score at the time they did this which was the first week of Feb was around 700.  I just pulled Myfico.com Experian report and score and my Experian score is now 765 since the accounts I had balances on are now showing paid off.  The had the nerve to tell me that I could reapply in the future for another account.  I would never give them my business ever again.  The card was a joke anyway since there interest rate is a standard rate of 24.5% regardless of your score with really no perks.  

I already have a Chase Sapphire Preferred, Discover It, Amex Gold Delta, and many others.    


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