Reporting Dates....

[Cheryla18]

Can someone help me to understand how the same company can change the date they report to the CRB's? Statement closing date is the same. Nothing has changed. I paid off 3 small cards and I am waiting for the score boost to apply for a personal loan to refinance some furniture i bought. 

Thanks in Advance

[Anonymous]

Hi Cheryl.  If I understand you right, you are not suggesting that the issuers of the three cards have changed anything about when they report to the CRAs.  Thus far, they have always reported the day after the statement printed, and you expect that they will probably continue to do so.

Instead, you are asking if there is something you can do to get the issuers to report to the CRAs earlier than they might otherwise do, since you have a desire for some recent $0 balances to appear on your reports ASAP.

Do I understand you right?

If so, the thing you are seeking is something called mid-cycle reporting.  Chase does this automatically when your balance was being reported positive and then you pay it to $0 mid-cycle.

Is it the same credit card issuer for all three cards?  I notice that you use the phrase "the same company" so that suggests that maybe all three cards have the same issuer.  Certainly you could call the issuer(s) and ask them if a mid-cycle report is possible.

If the issue is just a re-fi, then perhaps there isn't a huge time-crunch here.  You are paying on the furniture now, you'll be paying on the loan afterward.  You just will have one extra month where you are paying more interest if the three cards report their balances in the usual time frame.

[Cheryla18]

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@Anonymous wrote:

Hi Cheryl.  If I understand you right, you are not suggesting that the issuers of the three cards have changed anything about when they report to the CRAs.  Thus far, they have always reported the day after the statement printed, and you expect that they will probably continue to do so.

Instead, you are asking if there is something you can do to get the issuers to report to the CRAs earlier than they might otherwise do, since you have a desire for some recent $0 balances to appear on your reports ASAP.

Do I understand you right?

If so, the thing you are seeking is something called mid-cycle reporting.  Chase does this automatically when your balance was being reported positive and then you pay it to $0 mid-cycle.

Is it the same credit card issuer for all three cards?  I notice that you use the phrase "the same company" so that suggests that maybe all three cards have the same issuer.  Certainly you could call the issuer(s) and ask them if a mid-cycle report is possible.

If the issue is just a re-fi, then perhaps there isn't a huge time-crunch here.  You are paying on the furniture now, you'll be paying on the loan afterward.  You just will have one extra month where you are paying more interest if the three cards report their balances in the usual time frame.

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I will use my Maruices Card backed by Capital One... the Reporting Date  was 12/27   and  Feb it was 2/21.  Nothing was changed on my end. How can the reporting date differ by so many days. 

[Anonymous]

Two factors at play here.  One, the date that the creditor reports and two, the date that the reporting agencies update.  For any number of reasons these dates can vary a few days.  Days of the week, holidays, etc. are just a few simple reasons for variations.  Say the creditor usually reports on X date, then the reporting agency updates it on X+1 day.  That's pretty quick and you'll see the update in 2 days if you pull your reports.  Conversely, say the creditor adds 2 days due to the weekend or whatever, then the credit reporting agency takes 3 days to update it on their end... that's X+2 and X+3 (X+5 total) so that month you may not see the update until 4 days after you saw it the previous month.  Hopefully this simple illustration makes sense.