topic Re: Credit Card Companies dó not report payoffs as quickly as they do new charges. in Understanding FICO® Scoring

Credit Card Companies dó not report payoffs as quickly as they do new charges.

Anonymous — Mon, 02 Jul 2007 23:08:26 GMT

Credit Card Companies dó not report payoffs as quickly as they do new charges. My credit score was decreased almost immediately by about 16 points when my creadit was increased by $9,000.00. However, I paid it down by $9,000.00 and my score did not go up and it has been approximately 3 weeks. Who should I contact to increase my score accordingly.

Re: Credit Card Companies dó not report payoffs as quickly as they do new charges.

MidnightVoice — Mon, 02 Jul 2007 23:15:00 GMT

The CRAs report what the CCCs tell them. The CCCs usually report once a bill cycle, usually the statement date. So if there was a high charge on your statement, and it was reported, it would hit the CR immediately. If it was then paid off, it won't be reported until the next cycle

Re: Credit Card Companies dó not report payoffs as quickly as they do new charges.

Anonymous — Tue, 03 Jul 2007 02:07:07 GMT

You have to out-trick them...dispute them to what they suppose to be...and it be a whole lot quicker.

Re: Credit Card Companies dó not report payoffs as quickly as they do new charges.

Anonymous — Tue, 03 Jul 2007 03:15:31 GMT

I disagee - this can make a positive TL disappear

SGT_F wrote:
You have to out-trick them...dispute them to what they suppose to be...and it be a whole lot quicker.

Re: Credit Card Companies dó not report payoffs as quickly as they do new charges.

SoulSmilen — Tue, 03 Jul 2007 03:53:10 GMT

Timothy wrote:
I disagee - this can make a positive TL disappear
SGT_F wrote:
You have to out-trick them...dispute them to what they suppose to be...and it be a whole lot quicker.

It most certainly can make a positive TL disappear; it just happened to me today.

Re: Credit Card Companies dó not report payoffs as quickly as they do new charges.

Anonymous — Tue, 03 Jul 2007 11:33:16 GMT

Yes, I agree. This just happened to me. I recently paid off a bunch of revolving debt. I pulled my credit reports last night from TC and on the credit card info was not there at all. It still reported on 2 of the reports but on the third it was totally gone. Why would it disappear instead of just reporting zero balance?

Re: Credit Card Companies dó not report payoffs as quickly as they do new charges.

Tuscani — Tue, 03 Jul 2007 17:44:12 GMT

mloupagu wrote:
Yes, I agree. This just happened to me. I recently paid off a bunch of revolving debt. I pulled my credit reports last night from TC and on the credit card info was not there at all. It still reported on 2 of the reports but on the third it was totally gone. Why would it disappear instead of just reporting zero balance?

CRA Incompetence.

Re: Credit Card Companies dó not report payoffs as quickly as they do new charges.

Anonymous — Tue, 03 Jul 2007 19:33:20 GMT

I think the speed of reporting is altered by a time warp.

How long is two minutes? Dunno. Depends on which side of the bathroom door you're standing.

How long does it take to report a balance change to the CRAs? Dunno. Up or down?

Re: Credit Card Companies dó not report payoffs as quickly as they do new charges.

Anonymous — Tue, 03 Jul 2007 19:36:02 GMT

SGT_F wrote:
You have to out-trick them...dispute them to what they suppose to be...and it be a whole lot quicker.

I do this with a paying on collection when they get stupid and don't update balance changes. What's the worst that can happen? They delete it for a month? Not to worry, it'll come back.

But on good TLs, I don't. If it's really slow reporting, call the CCC and ask. Sometimes they goof up and don't report like they should. Otherwise it's like the CRAs with two thumbs, two orifices, and playing switch.

Message Edited by Noah_Bodie on 07-03-2007 12:36 PM

Re: Credit Card Companies dó not report payoffs as quickly as they do new charges.

SoulSmilen — Tue, 03 Jul 2007 22:18:10 GMT

mloupagu wrote:
Yes, I agree. This just happened to me. I recently paid off a bunch of revolving debt. I pulled my credit reports last night from TC and on the credit card info was not there at all. It still reported on 2 of the reports but on the third it was totally gone. Why would it disappear instead of just reporting zero balance?

Did you dispute the balance to try and force it to update faster?

Re: Credit Card Companies dó not report payoffs as quickly as they do new charges.

Anonymous — Tue, 03 Jul 2007 23:52:10 GMT

mloupagu wrote:
Yes, I agree. This just happened to me. I recently paid off a bunch of revolving debt. I pulled my credit reports last night from TC and on the credit card info was not there at all. It still reported on 2 of the reports but on the third it was totally gone. Why would it disappear instead of just reporting zero balance?

Punishment.

Joint acounts

Anonymous — Thu, 13 Mar 2008 14:14:15 GMT

Now CC company's pull a hard inq when someone tries to apply joint, Would It be the same if I were to got out their & apply on my own? or do they review your CR in a different way? help I'm confused : (