why is my credit being "dinged"???

[Anonymous]

okay, obviously my score will lower when a new account is opened or when a balance increase is reported. But why does equifax report a balance increase when i actually pay my CC off before it is due??? because of this report, my score gets ding'ed.....i've been reading of equifax's horrible business practices and don't understand why this would be???? credit noob here, so any information would be appreciated. thanks

[Anonymous]

The CRA just stores the data that your CCC sends them each month. Your CCC is required by law to update every 60 days, most update every month. Depending on when your CCC reports they could be reporting to the CRA a balance. The only way to determine what's happening is to pull your report and see what dates your CCC are reporting as opposed to when your bill is due.

- AZQ

[haulingthescoreup]

You can also call your CCC and ask when they report. I would then compare what they tell you with the dates you see on your CR's, 'cause ya just never know...

Sometimes there is a lag between when the CCC reports and when the CRA posts it on your report, but the date showing on the report SHOULD be the date that the CCC reported. So it might be reported to the CRA on the 9th but not show up on your report until you pull it on the 12th, for instance. But the date on the report should be 10/09/07 (or whatever.)

On my reports, EX posts promptly, usually that day or the next, but the other two lollygag around.

[Anonymous]

even more likely you are paying previous months balance (to avoid a finance charge) not the ENTIRE balance.

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@Anonymous wrote:
okay, obviously my score will lower when a new account is opened or when a balance increase is reported. But why does equifax report a balance increase when i actually pay my CC off before it is due??? because of this report, my score gets ding'ed.....i've been reading of equifax's horrible business practices and don't understand why this would be???? credit noob here, so any information would be appreciated. thanks

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[Anonymous]

This isn't Equifax this is between you and your creditor.  If you are paying the statement balance and it is after the statement but your card company reports the balance as of the statement date, there's your problem.  Try and pay it off BEFORE the statement falls.

If you have a crazy card like I do and you think it reports one day but never can be sure when or what it reports, try using the card every three months.  In other words pay it off and let it sit for the next couple of billing cycles to be sure it reports the 0- balance.

You can tell by your report if the card is reporting the same amount that was due when your statement fell, if this is the case, schedule the balance to be paid a couple of days ahead of time and you should see a 0 balance.  Ususally your grace period isn't as long as the due date so don't forget to pay at least the minimum when the statement falls to avoid late charges.

[Anonymous]

i called my credit card agency...

they claim not to know when the report, just "every 30 days."

wth??????

[Anonymous]

try this one - chevron rep said they only report every 6 months... excuse me...

[haulingthescoreup]

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@Anonymous wrote:

i called my credit card agency...

they claim not to know when the report, just "every 30 days."

wth??????

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Well, that's just pitiful. You can request to talk with a supervisor, and try to get it from them. I assure you, they do know when they report.

If that doesn't work, then go on to plan B. I just checked, and even the reports that I pulled directly from EX and TU didn't show day of the month, BUT the reports that I get via TrueCredit do, including for EX and TU. How weird is that? So check any reports you have lying around and see if any of them show xx/xx/2007, not just month/ year.

If you can't find it there, then it's plan C: keep track of your balances on line (write them down), and the next time a balance posts, see if you can match it with a date or dates. Another poster paid her balance down $1/ day, writing down each day's balance, and nailed it that way. I am lost in admiration--I could never maintain a train of thought that long.

Again, be aware that sometimes an account will post on the 5th, then next month the 8th, then the 4th, etc.

If all else fails, pull up your accounts online every payday, and make a payment then. At least it will be less than what was reported before.

[Anonymous]

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@haulingthescoreup wrote:

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@Anonymous wrote:

i called my credit card agency...

they claim not to know when the report, just "every 30 days."

wth??????

---

Well, that's just pitiful. You can request to talk with a supervisor, and try to get it from them. I assure you, they do know when they report. If that doesn't work, then go on to plan B. I just checked, and even the reports that I pulled directly from EX and TU didn't show day of the month, BUT the reports that I get via TrueCredit do, including for EX and TU. How weird is that? So check any reports you have lying around and see if any of them show xx/xx/2007, not just month/ year. If you can't find it there, then it's plan C: keep track of your balances on line (write them down), and the next time a balance posts, see if you can match it with a date or dates. Another poster paid her balance down $1/ day, writing down each day's balance, and nailed it that way. I am lost in admiration--I could never maintain a train of thought that long. Again, be aware that sometimes an account will post on the 5th, then next month the 8th, then the 4th, etc. If all else fails, pull up your accounts online every payday, and make a payment then. At least it will be less than what was reported before.

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well i schedule my payments to be made on or 1-2 days before the due date on the statement for the ENTIRE balance... Some CCC's tell me they report every 30 days, which eventually always changes the date that they report. there isn't a set date. i'm going to talk to the credit dept at amex tomorrow and see what they say. they won't even talk to me without a current report in hand. This pull would be a soft hit right? best place to pull a report??? i think i already did the free once a year one.

Message Edited by chbak014 on 10-17-2007 02:17 PM

[haulingthescoreup]

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@Anonymous wrote:
well i schedule my payments to be made on or 1-2 days before the due date on the statement for the ENTIRE balance... Some CCC's tell me they report every 30 days, which eventually always changes the date that they report. there isn't a set date.

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There are two dates you need to be familiar with on any credit report, the statement date and the due date. Usually the due date is around 20 - 25 days after the statement date. So on the 5th (or whatever), your statement posts and says you have a balance of $450. That $450, or at least a minimum payment, is due on the 25th (or whatever.) If you are paying right before the due date, your CCC has already reported that you owe $450, quite possibly back on the the 5th when your statement dropped.

So if you can keep an eye on your balances online, and look up your last 3-4 months' statements to see when they posted (the statement dates), change your schedule to pay about 3 days before that date. That way the CRA will report a $0 balance, or whatever you pay it down to. There will be a one-month scramble where you're essentially making two payments, but after that, you're doing the same thing, just earlier than you used to.

I'll leave it to the AmEx vets as to your application. good luck!