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I have to give Chase some props here. Unlike other banks who will hold payments if they don't fit the "pattern" you have been paying, they literally credited my first big payment ($1000 on Thursday) the next day, and then when I made another payment of $2500 yesterday I woke up today to payment received balance 0. In total shock. Have been paying straight minimums for about 10 months (0%) until now. I was already prepared to sit on the phone Monday and clear the payments, like I have had to do with pretty much any other card I made large payments on (for multiple months on a few of them). I have cards I have been payingoff for months in full (small ones too) and they STILL are holding payments when I make them.
I guess now I will sit back and wait to see how long it takes for that 0 to pop up on credit report!
@Anonymous wrote:
I guess now I will sit back and wait to see how long it takes for that 0 [at Chase] to pop up on credit report!
It takes 1-6 business days, with three being a good guess. Remember that we are in a major holiday weekend so it's reasonable to expect that their first business day might in practice might not be until Wed.
A week from today (Sat) is a decent guess for when the database would be updated.
After that, it can take 1 or even 2 business days before a CMS (credit monitoring system) sends you an alert, notifying you of the new balance.
Of course, maybe it will happen more quickly! Just don't expect it to.
CGID, can you explain that to me please? I don't understand why you would get a penalty if 0
@HeavenOhioHeavenOhio wrote:The only time Chase won't report the statement balance is if you pay to zero immediately after the statement cuts. In that case, they'll go straight to reporting zero.
If you need to have a Chase card continuously report a positive balance, make a small charge and let it post before paying the statement balance in full.
This coming week, I'll have the chance to see if Chase still does this.
EQ | 841 | 5 INQ (Auto, CC, HELOC, 2 mort) | 7y2m |
EX | 812 | 5 INQ (2 CC, 2 mort, HELoan) | 6y11m |
TU | 829 | 4 INQ (3 CC, 1 mort) | 6y6m |
5/24 | 3/12 | AoYA 0m | AoOA 23y6m | ~3% |
@AnonymousSprink wrote:CGID, can you explain that to me please? I don't understand why you would get a penalty if 0
In short, if you have one credit card, your FICO score will be better if it reports a small balance (say, $5) than if it reports 0. Lenders want to see at least some card use. If you have 3 cards, for optimal scoring, 2 cards should report zero and the 3rd report a small balance.
EQ | 841 | 5 INQ (Auto, CC, HELOC, 2 mort) | 7y2m |
EX | 812 | 5 INQ (2 CC, 2 mort, HELoan) | 6y11m |
TU | 829 | 4 INQ (3 CC, 1 mort) | 6y6m |
5/24 | 3/12 | AoYA 0m | AoOA 23y6m | ~3% |
@expatCanuckwrote:
@AnonymousSprink wrote:CGID, can you explain that to me please? I don't understand why you would get a penalty if 0
In short, if you have one credit card, your FICO score will be better if it reports a small balance (say, $5) than if it reports 0. Lenders want to see at least some card use. If you have 3 cards, for optimal scoring, 2 cards should report zero and the 3rd report a small balance.
Yes, I understand. But why ONE card? Why not multiple?