topic Synchrony Amazon reporting balance twice in same month in Credit Cards

Synchrony Amazon reporting balance twice in same month

Bmac66 — Sun, 11 Oct 2015 13:24:24 GMT

My statement cut on 9/27 and my $361 balance was reported. My balance is now $800 and they just reported that to EX. What gives? Why are they reporting twice in the same month? Payment not due until 10/20. Anybody else experience this?

Re: Synchrony Amazon reporting balance twice in same month

gdale6 — Sun, 11 Oct 2015 13:55:50 GMT

With Walmart card yes, seems Synch will mid cycle report with larger balance moves both up and down so if you are trying to keep util low you will need to fgure out the day of the mid cycle and have it paid down prior to.

Re: Synchrony Amazon reporting balance twice in same month

Bmac66 — Sun, 11 Oct 2015 13:59:46 GMT

@gdale6 wrote:
With Walmart card yes, seems Synch will mid cycle report with larger balance moves both up and down so if you are trying to keep util low you will need to fgure out the day of the mid cycle and have it paid down prior to.

Wow! I had no idea. This stinks. Well it will be paid Dow by the time they report again.

Re: Synchrony Amazon reporting balance twice in same month

CH-7-Mission-Accomplished — Sun, 11 Oct 2015 14:03:44 GMT

They just updated me mid cycle with a $72 balance from one small transaction. Never had this happen before with anyone. The card had not been used since last December so was just giving it a little activity to keep it from closing. Weird and messes up my FICO manipulation (I mean management).

This was a Wal-Mart account.

Re: Synchrony Amazon reporting balance twice in same month

Anonymous — Sun, 11 Oct 2015 14:22:40 GMT

@gdale6 wrote:
With Walmart card yes, seems Synch will mid cycle report with larger balance moves both up and down so if you are trying to keep util low you will need to fgure out the day of the mid cycle and have it paid down prior to.

My last statement balance (9/22) was $15, but when I viewed my CR, it stated that the bank reported on 10/1, with $0 balance. Seems they reported 9 days late. When I contacted the bank via online chat, they said it would take 20 days to figure it out.

[edit] I looked my credit reports; they did report on 9/22 for $15 and on 10/1 for $0. What is the reason for reporting again 9 days after the statement balance?

Re: Synchrony Amazon reporting balance twice in same month

Bmac66 — Sun, 11 Oct 2015 14:09:18 GMT

I just wish I knew. I already paid the 9/27 balance so I wouldn't have to pay interest. Made a large purchase for work and will be reimbursed in my 10/15 payroll. I used this card so I would get the 5% credit knowing it would be pif before the 20th. Had I have known I would have used my Freedom card so I wouldn't have taken a 2 point hit for higher util. But now I know!

Re: Synchrony Amazon reporting balance twice in same month

CH-7-Mission-Accomplished — Sun, 11 Oct 2015 14:15:40 GMT

@Bmac66 wrote:
I just wish I knew. I already paid the 9/27 balance so I wouldn't have to pay interest. Made a large purchase for work and will be reimbursed in my 10/15 payroll. I used this card so I would get the 5% credit knowing it would be pif before the 20th. Had I have known I would have used my Freedom card so I wouldn't have taken a 2 point hit for higher util. But now I know!

Well two points isn't really worth mentioning.

This made me think that I bet in the not too distant future, all lenders will be updating in a constant stream so that your credit reports will always show your debt positiion. This makes huge sense from the creditors' perspective to predict risk.

Re: Synchrony Amazon reporting balance twice in same month

gdale6 — Sun, 11 Oct 2015 14:53:33 GMT

@Anonymous wrote:
@gdale6 wrote:
With Walmart card yes, seems Synch will mid cycle report with larger balance moves both up and down so if you are trying to keep util low you will need to fgure out the day of the mid cycle and have it paid down prior to.
My last statement balance (9/22) was $15, but when I viewed my CR, it stated that the bank reported on 10/1, with $0 balance. Seems they reported 9 days late. When I contacted the bank via online chat, they said it would take 20 days to figure it out.

[edit] I looked my credit reports; they did report on 9/22 for $15 and on 10/1 for $0. What is the reason for reporting again 9 days after the statement balance?

Its possible the move to 0 triggered it but it hasnt typically been seen with that small of a balance move. They could be changing the way they do things, my updates on Walmart were like clockwork the 9th and 25th but I have not used it in 10 months now, guess I'll have to dust if off and do some investigating.

Re: Synchrony Amazon reporting balance twice in same month

Anonymous — Sun, 11 Oct 2015 16:24:03 GMT

I have seen synch report multiple times in a month, if you make a payment expect them to report it.

In future as things link up we may see more "real time" reporting of balances.

Re: Synchrony Amazon reporting balance twice in same month

Anonymous — Sun, 11 Oct 2015 16:31:05 GMT

Synchrony will also update the cra if you have had a cli.

Re: Synchrony Amazon reporting balance twice in same month

Anonymous — Sun, 11 Oct 2015 18:10:47 GMT

@Anonymous wrote:
Synchrony will also update the cra if you have had a cli.

Not for me. When they auto CLI, I had to wait for the statement date for them to report the CLI.

Re: Synchrony Amazon reporting balance twice in same month

Anonymous — Sun, 11 Oct 2015 18:12:41 GMT

@Anonymous wrote:
I have seen synch report multiple times in a month, if you make a payment expect them to report it.

In future as things link up we may see more "real time" reporting of balances.

I guess I won't pay after the statement balance date then. It defeats my purpose to show some utilization. It's not important, but I like to show at least 1% utilization; I never carry a balance.

Re: Synchrony Amazon reporting balance twice in same month

shanac — Sun, 11 Oct 2015 19:26:52 GMT

The same thing happened to me this month with my Banana Republic card. It usually updates on the 11th of the month but instead they updated on Oct. 1 reporting a balance of $116 then again on Oct. 4 with a $95 balance. The due date is on the 4th of the month and the statement closes on the 11th so I was disappointed as I try to limit the number of cards that report a balance. It ended up not being a big deal but initially I was upset feeling that I couldn't trust them to report per usual. A couple of days ago I noticed that they gave me a credit limit increase of $1800 so I assume this is what caused the funky reporting. They also updated over the weekend to reflect my $0 balance. So that's three times in one month.