balance reporting wrong

[Anonymous]

I am hoping that someone can help me to figure out why a balance on one of my accounts is reporting wrong. The account is through Dell Financial Services. We have a $3000 limit and are almost done paying it off. I paid $115 on it since the last statement (next statement is due out tomorrow), but got a scorewatch that the balance increased $14 yesterday. When I looked further at it, I realized the balance reported in June was wrong as is the one reported yesterday (even though the statement hasn't come out yet). Here is the history:

--6/23/10-EQ credit report obtained through myfico, Dell account reported $276, actual balance on June statement was $305.68 (I didn’t notice this difference until I looked back at it after getting the scorewatch alert).

--6/25/10-paid $15 minimum monthly payment on due date

--7/1/10-paid $100 more towards balance, for a total of $115 paid this month and new balance according to online account info of 190.68

--7/5/10-received scorewatch alert stating that account balance increased to $290.

--July statement not due to come out until 7/7/10

So, I am confused, where are these numbers coming from? Our account has never had these balances. I have been working to pay it down for several months and haven’t made any new charges on it since the first of the year. Our balance has consistently been paid down anywhere from $100-$200 per month since then. Any clue why it would be reporting like this? I plan to have this account and one other paid off next month, which would leave us with only one account with a balance, so was hoping we would get at least a small score increase, but now am worried that I will pay it off and it won’t report as a $0 balance.

[Anonymous]

ok, so as I just reread it, I realized the scorewatch balance of $290 could have been the balance after the $15 payment but before the $100 payment, but why would they report it on the 5th, before the new statement is out? And why would the balance for June have been $276 making it look like there was a balance increase when actually there was actually slight decrease? It didn't affect our score, but is still confusing...Can I expect it to update to the new balance of $190 when the statement comes out or will it wait until just before the August statement to post? I know it won't affect our score much now, but if this is how they typically report, I want to know what to expect next month when I pay it off (i.e. if I pay it off in early august, will it not report the 0 balance until early sept?)

[honeybunnygal]

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@Anonymous wrote:

ok, so as I just reread it, I realized the scorewatch balance of $290 could have been the balance after the $15 payment but before the $100 payment, but why would they report it on the 5th, before the new statement is out? And why would the balance for June have been $276 making it look like there was a balance increase when actually there was actually slight decrease? It didn't affect our score, but is still confusing...Can I expect it to update to the new balance of $190 when the statement comes out or will it wait until just before the August statement to post? I know it won't affect our score much now, but if this is how they typically report, I want to know what to expect next month when I pay it off (i.e. if I pay it off in early august, will it not report the 0 balance until early sept?)

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Hello!

I don't have any experience with Dell financing, but it sounds somewhat like how HSBC does their balance reporting. HSBC reports the balance as of the last day of the month. They report on the statement date, but the balance is from the end of the month. Perhaps Dell financing reports as of the last day of the month?

Like I said, I haven't used Dell financing, but your experience just reminded me of how my HSBC card reports.

Good luck!

[Anonymous]

Thanks, makes sense, but the balance on the last day of may wasn't $276...I guess I will just  have to see what it does at the end of next month...

[JerryatDell]

Hello erinmichellej,

I recently became aware of your survey post below.  If you could, please send me a private e-mail.  I would rather discuss this matter privately.

Jerry at Dell

Edited to remove personal information. - llecs, myFICO moderator 

[JerryatDell]

Hello erinmichellej,

I wanted to try again to reach out to you regarding your post.  I look forword to your e-mail.

Jerry at Dell