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reporting

Regular Contributor

reporting

Just wondering about cc reporting. I thought that it was only reported what was on  my statement. When I got my statement on July 14th, I had a balance of $12 on the statement. Today, I just got an alert that my score dropped 30 points because of a 5900% increase to $767 (Yes, I know that $12 times 5900% is not $767, but that is what it said on my alert). I had planned on paying this down in the next few days to get it zero'd out before my next statement.

 

Why did it report in the middle of statements?Smiley Mad


Starting Score: 580
Current Score: EQ740, EX695
Goal Score: 850


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Message 1 of 7
6 REPLIES
Frequent Contributor

Re: reporting

Same thing here. Any answers would be appreciated.

Full on Garden Mode (•‿•)
Message 2 of 7
Regular Contributor

Re: reporting

This was US Bank if it makes any difference. It was a secured Harley card.


Starting Score: 580
Current Score: EQ740, EX695
Goal Score: 850


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Message 3 of 7
Senior Contributor

Re: reporting

Have you ever checked before to see what balance this card reports.  Most cards report statement balance, but not all cards.  Some report the balance as of the last day of the month.  I'm not familiar with your card and how it works, but can you look back at any old reports and determine whether it might be reporting end of month balance?


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Message 4 of 7
Moderator Emerita

Re: reporting


bcdudley wrote:

Just wondering about cc reporting. I thought that it was only reported what was on  my statement. When I got my statement on July 14th, I had a balance of $12 on the statement. Today, I just got an alert that my score dropped 30 points because of a 5900% increase to $767 (Yes, I know that $12 times 5900% is not $767, but that is what it said on my alert). I had planned on paying this down in the next few days to get it zero'd out before my next statement.

 

Why did it report in the middle of statements?Smiley Mad


USBank is one of the very few lenders who report the balance as of the last business day of the month. (The others are HSBC and Orchard bank cards, although it appears that they might be shifting to reporting the statement balance.)

 

USBank does send in the info that night, so it posts to your reports within the first week or so, whereas HSBC/ Orchard often delayed sending in the info for another week or more.

 

FWIW, the scores will be back where they were when it reports a low or $0 balance again, but I know it's maddening.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 7
Frequent Contributor

Re: reporting

I had no idea that HSBC/ORcard Bank reported that way.  It's a good thing to know! Thnx.



EQ: 662 | TU: 682 | EX Plus: 764
SL baddies fall off between Jan '13 - Oct '14
Message 6 of 7
Highlighted
Regular Contributor

Re: reporting

If that is the case that they report at the end of the month, they must also report at statement as well. The last day of June, my balance was around $800.  I paid it down to the $13 around the 7th of July. My statement came out on the 14th and was reported to EQ as $13. Then went back up today to $700 something.

 

Oh well, now I know. I do not think it will be a problem on my home loan because when they initially ran my credit, the balance was higher. According to my LO, they have also already pulled my final report, even though we don't close for another 6 days. All the paperwork is already at the title company with a clear to close.

 

Thanks.


Starting Score: 580
Current Score: EQ740, EX695
Goal Score: 850


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Message 7 of 7