topic Re: BoA Initial Reporting in Credit Cards

BoA Initial Reporting

Anonymous — Thu, 27 Aug 2015 20:15:05 GMT

Still waiting for BoA to report from my 7/15 app spree. Only 3 left out of 10 new Visa and Mastercards to still report are Fuel Rewards Network Mastercard, Venture, and BoA.

Venture's 1st statement cuts tomorrow so I hope it will start reporting then. Fuel rewards MC statement just cut yesterday so you would thnk that one will be soon.

No clue about BoA or what to expect. Your experience appreciated. Thanks.

Re: BoA Initial Reporting

Discover2016 — Thu, 27 Aug 2015 20:59:39 GMT

I applied for a BofA Cash Rewards card last month and it took exactly one month for it to report. My first statement closed on August 8th and on the 9th they reported to CR's When does your first BofA statement close?

Re: BoA Initial Reporting

FinStar — Thu, 27 Aug 2015 21:06:02 GMT

BofA and/or FIA can have mixed results. For the most part, new accounts can report in a matter of 48-72 hours and sometimes even in a week's timeframe.

There's also been other instances where it can take a month or so depending on the statement cycle.

Re: BoA Initial Reporting

Anonymous — Thu, 27 Aug 2015 21:09:19 GMT

Still waiting for one card to report. It has been awhile.

Re: BoA Initial Reporting

Anonymous — Fri, 28 Aug 2015 00:47:25 GMT

It seemed like my new comenity accounts lit up the next day, and first statement cut that week. Yet another rebuilders tool.

Re: BoA Initial Reporting

laurenjessica — Fri, 28 Aug 2015 02:04:36 GMT

I got my BoA card in July and so far it's only reporting with one bureau (can't remember if it's EX or EQ). Super frustrating.

Re: BoA Initial Reporting

Anonymous — Fri, 28 Aug 2015 02:21:19 GMT

Why do you want it to report sooner? When it shows up you are going to get hit with new account penalty and until it does any spend on the new card is reducing your utilization.

You want them to report as late as possible so you pay the new account penalty for a shorter time.

Re: BoA Initial Reporting

Anonymous — Fri, 28 Aug 2015 02:32:03 GMT

@Anonymous wrote:
Why do you want it to report sooner? When it shows up you are going to get hit with new account penalty and until it does any spend on the new card is reducing your utilization.

You want them to report as late as possible so you pay the new account penalty for a shorter time.

This.

I don't see much of an advantage (in most cases) to have a new account show up early. I suppose there are some exceptions (the approval in question is such a high limit that it drives down the utilization ratio, for example). But usually, it does not seem like it would be to the borrower's advantage to have them show up quickly. In fact, that's why app sprees are so popular -- people get approvals back-to-back in a short period of time by taking advantage of the fact their new tradelines have not shown up on their report and dinged their AAOA.

Re: BoA Initial Reporting

Anonymous — Fri, 28 Aug 2015 21:41:50 GMT

In this case there would be quite an advantage to having it timed to show up at the same time as the other accoutns (they all have the same statment dates- not having a large decrease in one balance and large increase 18 days later. Having a balance cut and then not having an account show up for some time just makes everything go up and down unevenly and unnecessarily. I can also see how a lender or lenders would wonder why one cards' balance went up dramatically, sicne the two happened at very different times.

And, my total credit lines right now are at $148,000, with 6% utilization, so I'm not at all worried about anything impacting my utilization. I do want my reporting to even out, hwoever, not have new accounts showing up at all kidns of odd times for months.

It would be best for the remaining 3 tradelines to show up asap in my situation.

Re: BoA Initial Reporting

Anonymous — Fri, 28 Aug 2015 21:44:59 GMT

related to balance transfers between accounts and amounts showing

Re: BoA Initial Reporting

Anonymous — Fri, 28 Aug 2015 21:47:23 GMT

@ljthomas wrote:
I got my BoA card in July and so far it's only reporting with one bureau (can't remember if it's EX or EQ). Super frustrating.

Thanks ljthomas, good to know.

Re: BoA Initial Reporting

Anonymous — Sat, 29 Aug 2015 16:31:26 GMT

@Discover2016 wrote:
I applied for a BofA Cash Rewards card last month and it took exactly one month for it to report. My first statement closed on August 8th and on the 9th they reported to CR's When does your first BofA statement close?

Thanks Discover 2016, this is helpful!

First BOA Statement closed yesterday, but not sure if that means it will report now or take another month.

Different card issuer, but Venture statementclosed early last week and no reporting yet, so it's difficult to tell by just the statement close date.