Credit Drop

[hshearer]

So at the end of December I paid off all my charges (paid off 25,000).  I also upgrade my Chase world elite to Presidential world elite.  With the upgrade came a new number they also told me that they keep the old card open for 60 days to give time to change over any auto pays.  

So for my three cards that should show balances:   Amex platinum (closing date January 18th), Discover (closing date January 21st credit line 11,200) and Chase (January 18th credit line19,900) there should have been balances of $97 Amex, $150 Discover, and Chase $197 all charges after the statement date.  Discover has not posted my payment (3123.00)and Chase has two accounts showing now and have not posted my payment(10,784).  I also have a couple cards without balances.  So instead of $444 in credit card debt less than 1% utilization it is show 4 accounts and 16% utilization.  On my negatives it says too many cards with balances and my score dropped from 785 to 771.

I called chase and they are opening an inquiry and said they would send my details of when and how they report.  So does anyone know when Discover and chase report balances?  Everything else show excellent.  No missed payments,   23 years 2 months credit hisoty with average age of 11 years, and no inquiries.  They only other account showing is my mortgage that has never been late.  I was hoping to hit the 800's instead I got a 15 point hit.

Thanks

Heather

[vanillabean]

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@hshearer wrote:

So does anyone know when Discover and chase report balances?

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Good morning, Heather

My Discover and Chase cards report swiftly. EX picks them up in 1-2 days after the closing date, EQ 3-4 and TU 4-5.

[hshearer]

Thank you!

[pizzadude]

Just in case you didn't know, your AMEX platinum charge card won't count in your FICO utilization, with the exception of the TU 98 version sold at MyFico.

Other, newer versions of FICO are smart enough to exclude. 

[Booner72]

It is most common for the statement balance to be the balance that is reported to the CRA's.  Go to your previous statements, see what date they came out, then add about 5 days to that to give time for the CRA's to update.

[hshearer]

Thank you all! Hopefully by the end of the week they will be updated.

[hshearer]

So I talked to Discover and they said they report the Friday after your statement date.  In my case since my statement date was the 21st they said it would be reported on the 27th.

[hshearer]

Ok again talked to Chase.  As we were on the phone I noticed that on the credit report the old Chase card showed status update as of December 2011 with a balance of 10784 (the amount I paid off) and the new card showed a stutus update as of January 2012 with a balance of 179 (the new statement balance).  So now it looks like they added the new card but did not update the old card.  Chase is initiating a dispute so we will see what happens.

[pizzadude]

I'm sure that they will be able to work out the issue with your balance, and hopefully your score will bounce back up once your %util is lowered....

[hshearer]

Yeah I told them that since this happened after I upgrade to the Presidential Plus I wasn't too happy with Chase.  The lady was nice and said she understood my fustration and they will get it fixed so I will wait.