topic Re: Chase reports when balance hits $0? in General Credit Topics

Chase reports when balance hits $0?

Anonymous — Thu, 29 Jun 2017 22:30:33 GMT

Is this still true? I read somewhere on here in the archives that Chase will report even if it is not the usual date right when the balance hits 0? My typical report date is the 15th, but it is my last card that I have to pay off and I can pay it right now if I wanted to. Just want to make sure it will report if I do that. I have never heard of that before.

Here is the other thread

http://ficoforums.myfico.com/t5/General-Credit-Topics/When-does-Chase-report/td-p/4475703

Re: Chase reports when balance hits $0?

Anonymous — Thu, 29 Jun 2017 22:39:24 GMT

It's true! They reported a zero balance for me mid-cycle just recently on my Amazon Visa.

Re: Chase reports when balance hits $0?

Anonymous — Thu, 29 Jun 2017 22:52:54 GMT

@Anonymous wrote:
It's true! They reported a zero balance for me mid-cycle just recently on my Amazon Visa.

Wow this is great! I wish other banks did this.

Did they still report on the usual date as well that month?

Re: Chase reports when balance hits $0?

RobertEG — Thu, 29 Jun 2017 22:56:19 GMT

There is no statutory requirement that they do so.

The FCRA only mandates updated reporting be done "promptly" as necessary to reflect the current accuracy. FCRA 623(a)(2).

No immediate updating is required.

The next regular reporting cycle is generally considered to meet the promptness requirement.

They may have their own policy to do immediate updates when the balance reaches $0, but it is not mandated.

Re: Chase reports when balance hits $0?

Anonymous — Thu, 29 Jun 2017 23:32:32 GMT

Every time you pay your chase card to zero it will report. Sometimes I pay my FU once a week and TU always let's me know I paid off a tradeline and it's always chase.

Re: Chase reports when balance hits $0?

Anonymous — Fri, 30 Jun 2017 00:00:39 GMT

@Anonymous wrote:
Is this still true? I read somewhere on here in the archives that Chase will report even if it is not the usual date right when the balance hits 0? My typical report date is the 15th, but it is my last card that I have to pay off and I can pay it right now if I wanted to. Just want to make sure it will report if I do that. I have never heard of that before.

Here is the other thread

http://ficoforums.myfico.com/t5/General-Credit-Topics/When-does-Chase-report/td-p/4475703

Are you saying that if you were to pay off your Chase, then all your cards would be reporting $0? This will cause you to take a scoring penalty. You should always have one card reporting a small balance.

PS. The other folks are right. Chase will do a mid-cycle report if you pay it to zero.

Re: Chase reports when balance hits $0?

Anonymous — Fri, 30 Jun 2017 00:10:04 GMT

@Anonymous wrote:
@Anonymous wrote:
Is this still true? I read somewhere on here in the archives that Chase will report even if it is not the usual date right when the balance hits 0? My typical report date is the 15th, but it is my last card that I have to pay off and I can pay it right now if I wanted to. Just want to make sure it will report if I do that. I have never heard of that before.

Here is the other thread

http://ficoforums.myfico.com/t5/General-Credit-Topics/When-does-Chase-report/td-p/4475703
Are you saying that if you were to pay off your Chase, then all your cards would be reporting $0? This will cause you to take a scoring penalty. You should always have one card reporting a small balance.

PS. The other folks are right. Chase will do a mid-cycle report if you pay it to zero.

I have both Home Depot and Lowes that have a little each on them, and some other tiny ones. So it won't be "0" technically but my UTI will be at about 3%.

Should I keep small balances on all of them (after I get the chase to report 0) or will just a few do the trick? I have like 12 accounts.

Re: Chase reports when balance hits $0?

Anonymous — Fri, 30 Jun 2017 00:16:44 GMT

One will do the trick. It just needs to be a true credit card (not a charge card) and a card in your name (not an AU card).

Re: Chase reports when balance hits $0?

Anonymous — Fri, 30 Jun 2017 02:29:04 GMT

@Anonymous wrote:
@Anonymous wrote:
It's true! They reported a zero balance for me mid-cycle just recently on my Amazon Visa.
Wow this is great! I wish other banks did this.

Did they still report on the usual date as well that month?

Yes, they did.

Re: Chase reports when balance hits $0?

HeavenOhio — Fri, 30 Jun 2017 15:09:21 GMT

The only time Chase won't report the statement balance is if you pay to zero immediately after the statement cuts. In that case, they'll go straight to reporting zero.

If you need to have a Chase card continuously report a positive balance, make a small charge and let it post before paying the statement balance in full.

Re: Chase reports when balance hits $0?

Anonymous — Sat, 01 Jul 2017 15:11:37 GMT

I have to give Chase some props here. Unlike other banks who will hold payments if they don't fit the "pattern" you have been paying, they literally credited my first big payment ($1000 on Thursday) the next day, and then when I made another payment of $2500 yesterday I woke up today to payment received balance 0. In total shock. Have been paying straight minimums for about 10 months (0%) until now. I was already prepared to sit on the phone Monday and clear the payments, like I have had to do with pretty much any other card I made large payments on (for multiple months on a few of them). I have cards I have been payingoff for months in full (small ones too) and they STILL are holding payments when I make them.

I guess now I will sit back and wait to see how long it takes for that 0 to pop up on credit report!

Re: Chase reports when balance hits $0?

Anonymous — Sat, 01 Jul 2017 17:26:57 GMT

@Anonymous wrote:

I guess now I will sit back and wait to see how long it takes for that 0 [at Chase] to pop up on credit report!

It takes 1-6 business days, with three being a good guess. Remember that we are in a major holiday weekend so it's reasonable to expect that their first business day might in practice might not be until Wed.

A week from today (Sat) is a decent guess for when the database would be updated.

After that, it can take 1 or even 2 business days before a CMS (credit monitoring system) sends you an alert, notifying you of the new balance.

Of course, maybe it will happen more quickly! Just don't expect it to.

Re: Chase reports when balance hits $0?

Anonymous — Sun, 11 Feb 2018 12:51:23 GMT

I paid off my balance mid cycle and Chase reported to Eq and Ex within 3 day. Took longer for Trans.

Re: Chase reports when balance hits $0?

Anonymous — Sun, 11 Feb 2018 13:55:15 GMT

CGID, can you explain that to me please? I don't understand why you would get a penalty if 0

Re: Chase reports when balance hits $0?

expatCanuck — Wed, 14 Feb 2018 23:06:15 GMT

@HeavenOhio
HeavenOhio wrote:
The only time Chase won't report the statement balance is if you pay to zero immediately after the statement cuts. In that case, they'll go straight to reporting zero.

If you need to have a Chase card continuously report a positive balance, make a small charge and let it post before paying the statement balance in full.

This coming week, I'll have the chance to see if Chase still does this.

Re: Chase reports when balance hits $0?

expatCanuck — Wed, 14 Feb 2018 23:11:25 GMT

@Anonymous
Sprink wrote:
CGID, can you explain that to me please? I don't understand why you would get a penalty if 0

In short, if you have one credit card, your FICO score will be better if it reports a small balance (say, $5) than if it reports 0. Lenders want to see at least some card use. If you have 3 cards, for optimal scoring, 2 cards should report zero and the 3rd report a small balance.

Re: Chase reports when balance hits $0?

Anonymous — Thu, 15 Feb 2018 00:59:10 GMT

@expatCanuckwrote:
@Anonymous
Sprink wrote:
CGID, can you explain that to me please? I don't understand why you would get a penalty if 0
In short, if you have one credit card, your FICO score will be better if it reports a small balance (say, $5) than if it reports 0. Lenders want to see at least some card use. If you have 3 cards, for optimal scoring, 2 cards should report zero and the 3rd report a small balance.

Yes, I understand. But why ONE card? Why not multiple?

Re: Chase reports when balance hits $0?

NaaryalHead — Tue, 04 Sep 2018 00:05:34 GMT

To confirm, Chase reports zero balance pretty fast.

My statement was reported with a small balance. 2 days later i paid it down to zero and within 2 days again it was reported to CRAs.

Sincd this was my only card with a balance, I got a small credit score dent of 7 points.

Lesson learnt.