topic Re: Can someone explain what happened? in Credit Cards

Can someone explain what happened?

mt2va — Thu, 03 Apr 2014 12:51:21 GMT

I paid all my open CC down to $0 balance. (well one may have had a monthly recurring charge of around $10 post) Total limits are $500, $300, & $600. I waited until after the posting dates/when statements cut. They post on the 9th, 31st, & 2nd. So I pull my report/score for TU from this site & yay my score is up to 585 now. (it started at around 460 2 years ago) So I'm very happy about the improvement.

However, what puzzles me as one of my main negatives is my utilization showing around 70% because it is still showing the high balance on all 3 CC from the last month. I don't understand this at all because they should have all posted updates to the 3 CRA by now.

What gives & what did I do wrong because now I've wasted the money to pull my report/score when it's not even accurate because it's showing my utilization at 70% when it should be pretty close to 0%.

Re: Can someone explain what happened?

takeshi74 — Thu, 03 Apr 2014 12:56:50 GMT

Keep in mind that it takes time for the CRA's to update. The one that reported on 3/9 should be up to date but if you're expecting the ones that reported on 3/31 and 4/2 to have updated then you probably pulled your reports too early. Also make sure you're looking at balance versus high balance. High balance will be whatever your highest balance has been on the card.

I'd suggest using a CMS that allows for daily pulls to verify stuff like this.

Re: Can someone explain what happened?

mt2va — Thu, 03 Apr 2014 13:00:01 GMT

Thanks for the info. I just feel like I blew $16 on nothing after I waited to patiently to have them all paid off & for them all to update. I'm still pleased to have gained 80 points since I pulled on my report on here last June & it was 505 at that time.

Any predictions on how much more my score will go up when the following cards report $0 balance?

USAA AmEx showing $482 on $500 card

USAA MC showing $255 on $600 card

(both of these will be $0)

Stellar One Visa showing $246 on $300 card (this may be around $10 depending on when it reports because I use this for all my little monthly charges)

ETA no I'm looking at balance because it is showing my last activity on these accounts to be in February!

Re: Can someone explain what happened?

Anonymous — Thu, 03 Apr 2014 13:14:47 GMT

Why your TU score is at 585 after 2 years?

Do you have any baddies?? You should be like at 660-720

Re: Can someone explain what happened?

mt2va — Thu, 03 Apr 2014 13:22:47 GMT

Well considering 2 years ago when my ex & I split it was only 460 I think I'm making progress but yes I still have baddies reporting. Numerous charge-offs/collections (all paid). Despite numerous phone calls, letters, etc no one will remove from my credit report but they are all showing $0 balance now. So I guess if I ever have a manual review I might be okay. A couple lates (but none in almost 2 years) & none over 30 days late.

Pretty much what was killing me recently was my utilization & I was so pleased to pay it down to $0 so I could pull my reports. Guess I should have waited a bit longer.

Re: Can someone explain what happened?

BigBS — Thu, 03 Apr 2014 13:26:37 GMT

Are the USAA and Stellar One cards no longer open?

Re: Can someone explain what happened?

thelethargicage — Thu, 03 Apr 2014 13:27:50 GMT

It takes at least a week for it to be reflected on your CR.

Re: Can someone explain what happened?

mt2va — Thu, 03 Apr 2014 14:12:36 GMT

All the cards in my signature are still open although I'm contemplating closing the USAA AmEx now that I have the Care Credit as that was the card I kept only for vet bills & to have for emergencies. And then put the deposit money either towards increasing the balance on my USAA MC, put it in savings, or put it in my IRA account.

Geez I thought I had everything timed perfectly. So now it appears I should have waited another week or should I wait longer to pull my score again?

Re: Can someone explain what happened?

VirusCredit13 — Thu, 03 Apr 2014 14:21:21 GMT

@mt2va wrote:
All the cards in my signature are still open although I'm contemplating closing the USAA AmEx now that I have the Care Credit as that was the card I kept only for vet bills & to have for emergencies. And then put the deposit money either towards increasing the balance on my USAA MC, put it in savings, or put it in my IRA account.

Geez I thought I had everything timed perfectly. So now it appears I should have waited another week or should I wait longer to pull my score again?

Unless you are about to apply for credit, or make a large purchase, I wouldn't worry about pulling(buying), your score every month.

Re: Can someone explain what happened?

kroberts67 — Thu, 03 Apr 2014 14:29:12 GMT

It's frustrating sometimes but you just never know when they post but you can at least get an idea if you sign up for daily pulls. I use USAA for $22.96/mo or something like that. Even if you just sign up for a month or two then cancel it's helpful to see the trends.

Basically this is how I see them posting: Statements report between 1-5 days after statement cut, depending on the bank/store. EX is first, EQ is the following day and TU is the 3rd day. So it's 1-2-3. TU often takes longer, sometimes 2 or 3 days after EQ.

Re: Can someone explain what happened?

mt2va — Thu, 03 Apr 2014 15:21:42 GMT

I don't pull my score every month. This is the first time I've pulled it in almost a year. (since last June when I was at 505 TU) I pulled it because I wanted to see what kind of increase I would have with paying all my CC down to $0 since utilization has always been an issue for me in the past. My intent was to app for a cc or maybe two. I wanted to see if I could get a decent prime card so I could close out one of my secured cards.