Cash only?

[haulingthescoreup]

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@Anonymous-own-fico wrote:

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@haulingthescoreup wrote:

I've had Discover CSR's earnestly tell me this, but I've only seen Discover update on my reports once a month, on the statement date.

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 I  take it the update is on your credit reports in a matter of days?

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Yep, immediately on EX and the usual 3-14 days on EQ and TU.

edited to add the quote. God bless the "Quote" button!!

[IOBA]

Our experience was when there is a balance with Discover card, they were reporting the updated balance once a week.  We use to use that card as our "gas" card.  When we learned that they were reporting weekly, we stopped.

When there is a zero balance, they report it once a month.

We usually have a zero balance, but occasionally use the card.

Their policies may have changed.  This was in 2008 & 2009.

[vanillabean]

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@IOBA wrote:

Our experience was when there is a balance with Discover card, they were reporting the updated balance once a week.  We use to use that card as our "gas" card.  When we learned that they were reporting weekly, we stopped.

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But why though?

[MidnightVoice]

And I would like to thank all you "cash only" families, especiall the DR followers, for your considefrable contribution to my family income 

http://ficoforums.myfico.com/t5/Credit-in-the-News/Who-Gains-and-Who-Loses-from-Credit-Card-Payments...

[IOBA]

My-own-fico ---- I think they were doing that for several reasons....

1.   To legitimately look at your credit report to see what else was going on (are maxed out on other cc's, do you have lates, charge offs, collections?)

2.   To help other creditors know what is going on with your Discover cc.  That way they can make informed decisions to keep your CL, reduce it, or cancel the card.

Either way, Discover card wins and protects itself.

For us, it was an eye opener.   We use our Discover card differently now.

[MattH]

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@MidnightVoice wrote:

And I would like to thank all you "cash only" families, especially the DR followers, for your considefrable contribution to my family income 

http://ficoforums.myfico.com/t5/Credit-in-the-News/Who-Gains-and-Who-Loses-from-Credit-Card-Payments...

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I'd been wondering how long before somebody would bring up www.DaveRamsey.com on this thread.

[vanillabean]

What will a CCC like Discover see in a week that they don't also see in a month? The difference may simply be that they'll just see it sooner, like a quickly escalating use of credit.

In terms of risk, that may be a good thing. If a credit card holder goes bonkers, it's behavior which is not in the spirit of having gotten the card in the first place.

A CCC can give, and it can take it away. If you get a driver's license, it would be highly irresponsible of society not to check at some later time if you're still fit to drive.

A private company such as a CCC may be less lenient, but that's something you have every chance to be aware of from the very beginning. A CC is not a tool for long-term loans.

So the whole thing boils down to the intended use of a credit card. There is obviously some flexibility built into the system, in which case little will happen because of it.

[GregB]

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@haulingthescoreup wrote:

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@IOBA wrote:

We have learned that Discover card updates with the CRA once a week...

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I've had Discover CSR's earnestly tell me this, but I've only seen Discover update on my reports once a month, on the statement date. There was one time when they updated twice, but they took off the second update, and it's never happened again.

Have you seen your Discover balance change weekly on your reports?

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I can tell you with absolute certainty that my Discover has updated the STATEMENT balance and never any other updates for at least the last two years. My statment cut yesterday and this morning EX showed the new balance. TU and EQ still show last month statement balance and I will expect they will update and match EX in 3-5 days.

I would have a greater difficulty explaining WHY I have this much information available......:

[vanillabean]

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@GregB wrote:

I can tell you with absolute certainty that my Discover has updated the STATEMENT balance and never any other updates for at least the last two years. My statment cut yesterday and this morning EX showed the new balance. TU and EQ still show last month statement balance and I will expect they will update and match EX in 3-5 days.

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My Discover experience at this time aligns with yours. They report almost instantly after the statement, after which EX posts almost instantly.

I wonder if EQ and TU move slower or faster during a weekend compared to during a business week?

[haulingthescoreup]

EQ and TU move slowly, period.

I remember two separate occasions several years ago when TU simply didn't update at all for many of us for more than a month. I think one of them was around Thanksgiving, and it dragged through the holiday season, when everyone was trying to take advantage of holiday CC approvals.

I thought the entire Credit Cards forums participants would have a collective nervous breakdown.