topic Balances updating only on lenders view in General Credit Topics

Balances updating only on lenders view

Anonymous — Thu, 22 Feb 2018 07:42:42 GMT

Learning something here I didn’t think was possible. I thought and was actually positive that any balances on my credit cards were only updated when they updated to the CU’s monthly, which is also when I saw it. But I’m finding out this is not true.

It seems that in the interim, if somebody does a soft pull (or hard) they are noticing the increases on my credit card balances along the way, real time, as they happen. Which means they are posted at the moment of increase.

If this is known, no reason to explain how I know. If this is surprising to others as well, I can explain how I found this out.

Re: Balances updating only on lenders view

RobertEG — Thu, 22 Feb 2018 08:20:06 GMT

A CRA cannot become aware of changes in previously reported OC account information other than by reporting provided by the creditor.

There is no process by which real-time OC account information is know by a CRA.

Clearly, some out-of-cycle reporting has taken place other than the normal once a month reporting conducted by most creditors.

It definately does not apply to all OC account changes.

Re: Balances updating only on lenders view

Anonymous — Sat, 24 Feb 2018 01:04:45 GMT

Bizarre as it may be this is what has indeed taken place. I will explain how I know it happened. But I would never be able to explain why it happened. As I agree with what you are saying that there is no way possible they SHOULD know the balances until the credit card company updated, but...

Shopping for personal loans I had 4 SP inquiries. Started the process with a 5% credit utilization and a TU 775 model 8.

They ALL (4) also used TU, Score 8, and that score matched up perfectly with my FICO score 8 showing on my end as well for the first 2 of 775.

And first 2 also showed utilization of 5% as well. In short, what the first 2 had was an exact match to what I had. (keep in mind all of this took place within 8 days of each other)

Between inquiry 2 and 3, I hit up my Citibank card for about 40 % of the balance which threw all my ratios around 15% range. However my end was still showing 5% and 775, of course, until that info was updated.

But the third inquiry SHOWED a now 15% utilization AND a lower score of 744. Hmmmmmm. Weird. But wrote it off to “whatever.” Maybe since Citi was showing as cash advances for cryptocurrency they reported instantly I tried to rationalize.

Between 3 and 4, hit up Discover for 0% balance transfer, about 85% of balance, as well as some other things, which threw it all now around 49% total utilization.

Inquiry 4 today? Keep in mind TU Model 8, now showed a 49% utilization AND a score of 727, which sounds about right from 775 as my balances increased.

Seeing as how my utilization had been 5% for couple months AND showed up first 2, then I have NO EXPLANATION for how they are showing the updated utilization, but more importantly, the correct utilization as well, that just recently took place. Score drop as well. All this well before my cards did their normal monthly update.

If anyone has a rational explanation other than this information was made available real time I am all ears

Re: Balances updating only on lenders view

Anonymous — Sat, 24 Feb 2018 01:05:28 GMT

Stumping this crowd of experts is not something I thought possible! LOL

Re: Balances updating only on lenders view

Anonymous — Wed, 28 Feb 2018 16:08:37 GMT

Yep!!! This is still happening and my only guess is something has changed in the credit reporting world. I just got a notice that my score dropped 50 points and that my total utilization across the board was at 93%. However the only card that updated was Discover and all the other cards that I took the 0% balance transfers on have not yet even updated but some kind of way FICO knows regardless as well as Experian.

Technically until the other three cards update the balance transfers there is no way I’m at 93% unless they all already factored all the other cards and then would be correct. Something is not right here and something is changing in the way it’s being reported.

Re: Balances updating only on lenders view

Kree — Tue, 06 Mar 2018 14:22:06 GMT

Where are you getting you 50 point drop notice?

Re: Balances updating only on lenders view

Anonymous — Mon, 19 Mar 2018 07:21:19 GMT

Sorry missed this one. Right here. On MyFico.com and notices (also a member of all 3 bureaus) which is instantly showing this info BEFORE the credit cards are posting. Now at this point they have all updated so the window to further verify will be closed for quote sometime.