topic Re: NFCU reported balance before statement close in Credit Cards

NFCU reported balance before statement close

Anonymous — Thu, 24 Sep 2020 12:18:01 GMT

My NFCU Cash rewards card closes every 4th of the month. My last statement balance is 0. So my next statement is to close 10/4.

I normally make some purchases like bills, groceries etc on my credit cards but then pay it off in entirety by the due date. So right now my balance is $1560 but was about to pay that off next week before the due date (10/1) in order to have my statement balance report out $0 again.

However I checked experian this morning and it's showing my card balance says $1560?? Even though it's not due yet. This hasn't happened to me before. Will they update my balance again when my statement actually closes, like normal? Or once I pay it can I call them and ask them to report my correct statement balance? I'm in the process of purchasing a new build and i'm trying to keep my report in the best possible condition until close.

Editing to add that this is only on my cash rewards card. My More rewards card has a balance as well but so far it's only showing the actual statement balance from when it closed on 9/18.

Re: NFCU reported balance before statement close

Anonymous — Thu, 24 Sep 2020 12:08:41 GMT

This exact thing happened to me this morning. Experian as well. Close date 9/28. Reported my balance that I wanted to pay this weekend. Weird

Re: NFCU reported balance before statement close

Anonymous — Thu, 24 Sep 2020 12:11:17 GMT

@Anonymous wrote:
This exact thing happened to me this morning. Experian as well. Close date 9/28. Reported my balance that I wanted to pay this weekend. Weird

That's so odd. I was thinking, of course this would happen in the middle of me trying to buy a house, haha. At least i'm not alone.

Please update if you see that the balance updates again after you pay the balance/ statement closes!

Re: NFCU reported balance before statement close

Anonymous — Thu, 24 Sep 2020 12:24:57 GMT

Happened to me also I'm talking to them now, mine were reported on the 22nd the agent on the line also said her personal cards were reported on the 22nd also, idk what's going on

Re: NFCU reported balance before statement close

Anonymous — Thu, 24 Sep 2020 12:34:07 GMT

She said they are getting bombarded this morning and supervisor knows nothing she sent request in for me

Re: NFCU reported balance before statement close

Anonymous — Thu, 24 Sep 2020 12:46:56 GMT

wow. what date does your statement close? i'm just hoping that when the statements close they'll report that balance out like normal and that this won't happen again. this only happened to 1 of my cards and not the other. not sure why but i hope they don't do the same thing to my other.

Re: NFCU reported balance before statement close

Anonymous — Thu, 24 Sep 2020 12:55:36 GMT

Agent said it will report on statement date mine close on the 5th and 8th trust me I aggressively implied my spending will go elsewhere if I don't get an explanation and assurance it won't happen again

Re: NFCU reported balance before statement close

pt91978 — Thu, 24 Sep 2020 16:25:10 GMT

Thanks OP. I just checked on Experian and indeed only my cashRewards card reported w/ a current balance when my statement is not due to close until the 5th of October. Hopefully, it's just a glitch and it will report correctly next time when the statement closes.

Re: NFCU reported balance before statement close

dragontears — Thu, 24 Sep 2020 16:33:02 GMT

@Anonymous wrote:
Agent said it will report on statement date mine close on the 5th and 8th trust me I aggressively implied my spending will go elsewhere if I don't get an explanation and assurance it won't happen again

That is too funny, what explanation are you expecting other than "there was a glitch in the reporting software" and would you believe them if they told you that it won't ever happen again? 🤔

Do you have better cards? If so why were you using Navy cards?

Re: NFCU reported balance before statement close

Heatt99 — Thu, 24 Sep 2020 16:48:33 GMT

Its probably them switching to TU. People are not use to Navy doing a mid cycle report like BOA. I'm sure it will report right the next cycle.

Re: NFCU reported balance before statement close

Curious_George2 — Thu, 24 Sep 2020 16:53:22 GMT

@Heatt99 wrote:
Its probably them switching to TU. People are not use to Navy doing a mid cycle report like BOA. I'm sure it will report right the next cycle.

Wait, what? Can you please elaborate on the bolded part?

Re: NFCU reported balance before statement close

cashorcharge — Thu, 24 Sep 2020 17:50:52 GMT

@Curious_George2 wrote:
@Heatt99 wrote:
Its probably them switching to TU. People are not use to Navy doing a mid cycle report like BOA. I'm sure it will report right the next cycle.
Wait, what? Can you please elaborate on the bolded part?

It's been reported that NFCU is transitioning solely to TU for pulling HP and SP. Some other members commented that they were given this info when speaking to reps over the phone as they commented they were going through a "system change"

I don't remember when, you'll need to skim this thread but I want to say it was announced 2 or 3 weeks ago.

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Navy-Federal-Thread-for-CLI-and-Additional-Cards/td-p/3419729

Re: NFCU reported balance before statement close

Anonymous — Thu, 24 Sep 2020 18:42:26 GMT

I can easily switch all my spending to discover which has cash back match so 2% I'm not putting consistent spend on a card that can report potentially a high utilization and tank my score at any time with 0 notice, it wasn't also a threat I just explained that I would be apprehensive to primarily spend on the card if it will be randomly reporting

Re: NFCU reported balance before statement close

BmoreBull — Thu, 24 Sep 2020 18:35:45 GMT

Just chiming in to add, this happened to my DW as well this morning. Card usually reports on the 5th of every month. Went out and bought a treadmill last weekend for $1000. This morning got the alert on experian that the score had dropped 10 points. Looked and it was because the card went from 0 to 15% utilization. Hopefully they get this worked out.

Re: NFCU reported balance before statement close

Anonymous — Thu, 24 Sep 2020 18:42:59 GMT

Like I said the supervisor I spoke to said they were swamped with complaints this morning

Re: NFCU reported balance before statement close

Matt9543 — Thu, 24 Sep 2020 18:43:40 GMT

I know this isn't in regard to OP, but I have been noticing that on both my Flagship rewards and More Rewards some transactions haven't been posting for 1-2 weeks. Everytime I call, I'm just told "Oh it's in processing right now, it'll post tomorrow" and then never posts. One of them was a transaction over $1,000. I can definitely say I've been seeing some changes in their credit processes, whether it be transactions posting or when statements post to credit bureaus.

Re: NFCU reported balance before statement close

Loquat — Thu, 24 Sep 2020 21:17:25 GMT

I know the mid cycle reporting can really bother those who are planning to app for new credit but for those who aren't, remember utilization has no memory so while it's slightly annoying just know that any loss in points because of the reporting will only be temporary.

Re: NFCU reported balance before statement close

Matt9543 — Thu, 24 Sep 2020 21:24:52 GMT

@Loquat wrote:
I know the mid cycle reporting can really bother those who are planning to app for new credit but for those who aren't, remember utilization has no memory so while it's slightly annoying just know that any loss in points because of the reporting will only be temporary.

+1 to this. Although, wasn't FICO 10 set to include utilization memory in the score?

Re: NFCU reported balance before statement close

UpperNwGuy — Fri, 25 Sep 2020 00:16:46 GMT

I would love to gain a better understanding of the relationships between NFCU, TSYS (who runs NFCU's credit card programs under contract), Global Payments (who recently bought out TSYS), and TransUnion (whose recently retired chairman [he retired in early 2020] was a former President of TSYS).

Re: NFCU reported balance before statement close

Anonymous — Fri, 25 Sep 2020 01:09:20 GMT

@Matt9543 wrote:
@Loquat wrote:
I know the mid cycle reporting can really bother those who are planning to app for new credit but for those who aren't, remember utilization has no memory so while it's slightly annoying just know that any loss in points because of the reporting will only be temporary.
+1 to this. Although, wasn't FICO 10 set to include utilization memory in the score?

Yes, 10 T will look at the last two years.