OwNt wrote:4 pages of posts and I don't see any corroborating evidence to this new change.
EX, EQ, and TU all show a $0 balance on my card, despite me having charged stuff two weeks ago. I'm betting the balance doesn't report until the statement cuts.
Nobody else has any evidence, because, I also agree, BoA is not actually doing this.
Wolf3 wrote:
DaveSignal wrote:
OwNt wrote:4 pages of posts and I don't see any corroborating evidence to this new change.
EX, EQ, and TU all show a $0 balance on my card, despite me having charged stuff two weeks ago. I'm betting the balance doesn't report until the statement cuts.
Nobody else has any evidence, because, I also agree, BoA is not actually doing this.
That makes the discussion hypothethical. But just as much fun. I love a good debate!.
Yeah, but it's not "The Sky Is Falling!"
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)Current Score: EQ 660, Wally TU 697, EX unknown (05/13/13)
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I'm enjoying these hypothetical discussions!! Now time for my 2 cents. I don't think it's accurate to say somehow we are gaming the system by PIF early to get high FICO scores. A high FICO score basically states that I'm less of a risk to default on the money that a lender has extended me, than someone with a lower score that carries a balance. If I PIF, it stands to reason, by FICO's standards, that I have the available resources to cover my debts. Right or wrong, it's the standard THEY choose to use to assess us. And if they develop a different standard, those who desire the best credit scores will figure out a way using their guidelines to make that a reality.
Starting Score: TU 686 EX 641 EQ 690
There are lots of anecdotal reports of BofA doing a midcycle update if you do something like change your address. I wonder if the OP did a change of address or something similar when their balance was high, saw an increase on their reports, and then assumed that BofA had somehow changed for real-time reporting.
I don't have any BofA cards anymore, so I can't check my reports to verify one way or the other. But my BofA mortgage was always 3 months behind, so I don't associate BofA with real-time reporting.
Walt_K wrote:There are lots of anecdotal reports of BofA doing a midcycle update if you do something like change your address. I wonder if the OP did a change of address or something similar when their balance was high, saw an increase on their reports, and then assumed that BofA had somehow changed for real-time reporting.
I don't have any BofA cards anymore, so I can't check my reports to verify one way or the other. But my BofA mortgage was always 3 months behind, so I don't associate BofA with real-time reporting.
I have done the change of address thing with BofA a couple of times, and it never resulted in a mid-cycle update. However, a couple of weeks ago I closed an Amex I had with them and they transferred that limit to my Visa; the changes for both accounts showed up on all three credit bureaus within the next 2-3 business days.
So yes, they will occasionally do mid-cycle updates if something significant changes, but this is the only time it has happened since I began monitoring my reports at the beginning of the year.
Wolf3 wrote:
webhopper wrote:
jcstarkey8826 wrote:
Loophole-
n.
1. A way of escaping a difficulty, especially an omission or ambiguity in the wording of a contract or law that provides a means of evading compliance.
2. A small hole or slit in a wall, especially one through which small arms may be fired.
I'm not doing anything of the sort by paying a day before the due date. I'm complying with them by paying in advance. The contract doesn't state anything remotely opposing that. Not a loophole for my CC company, not a loophole for my score. Just a guy wanting to make sure he is never late again, by paying his bills in advance.I whole heartedly agree. I'm not trying to use a loophole when I pay everything to 0 before the statement cuts. I'm just trying to be responsible. I pay each of my cards 3 times per month just to make sure that I'm never late and never out of the grace period. How is that wrong. My utilization is currently at 0% according to credit secure. I'm going to use my nfcu card to pay for a fence; but I will keep the balance fairly low so as not to spook my other creditors. I don't see how this is bad. Ive let a 5780 balance report to amex in the past... basically to let my other creditors know they are missing out on my monthly spend
Would you then agree that those who intentionly pay before statement date for the purpose of getting a higher FICO score are using the loophole? It is a loophole by your definition for those who do, they are escaping the difficulty of a lower score.
Absolutely not! Higher fico scores represent a lower risk consumer. If a consumer pays BEFORE the bill is even issued; he is definately a lower risk than those who pay minimums by the due date or who float a balance past the grace period. I don't see this as a "loophole" I see this as knowledgeable consumers who adopt habits which make them a lower risk such as paying before bills are due and maintaining a lower balance on cards. These are consumers who will fare better if life happens and they lose their jobs or have health issues which don't allow them to work. Their habits indicate living within their means and not accruing more debt than they can easily pay off in full. Thus they have a lower fico. How does having good money behavior represent a "loophole"?
Starting Score: 08/29/2011 TU 671 EQ 674Current Score (myFico + Amex): April 2013 TU 754 EQ 694 EX 694
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