topic Re: first Chase PIF in General Credit Topics

first Chase PIF

elixerin — Thu, 02 Apr 2020 02:16:39 GMT

heya friends, my first chase statement closes on April 12th, if i PIF on the 13th with no pending transactions how long of no usage should i expect nowadays before the infamous Chase $0 off cycle report? recent experiences?

thanks

Re: first Chase PIF

Remedios — Thu, 02 Apr 2020 02:19:46 GMT

24 to 48 hours for them to report.

All three CRA take different amount of time to update.

I typically see it reflected on EX within 48 hrs.

Re: first Chase PIF

elixerin — Thu, 02 Apr 2020 02:35:07 GMT

Not bad at all, EX 2 days i can assume the worst (TU ofcourse) would take about 4 days to show up.. technically though after EXP is shown to be paid to $0 am i good to start charging again before the last 2 update with the assumption that TU n EQ will just follow EX given that short timeframe in between updates>.>

thx

Re: first Chase PIF

Remedios — Thu, 02 Apr 2020 02:36:47 GMT

You're good to go, because updates are provided to all three major CRAs at the same time.

Some just take longer to update with new data that's already in their possession.

Re: first Chase PIF

Anonymous — Thu, 02 Apr 2020 02:41:40 GMT

I used to pay the day after the statement cuts like I do with my other cards, but I noticed the 0 reported balance on it by doing so. So I set an auto payment a few days forward to ensure a balance is reported.

Re: first Chase PIF

elixerin — Thu, 02 Apr 2020 03:06:48 GMT

True, you wanna be shown actually using it. Thanks for the input guys n CardNut, actually a perfect segway into my last little query in which when the balance reports, following your example and my closing ill PIF on 15th to be safe.

~~ok so with other cards you have a balance and you pay minimum or full by due in which case after the next closing that payment establishes your payment history (ignoring UTL here)~~

with Chase, if i PIF on 15th am i getting a point boost not only from UTL decrease but from +1 added payment to payment history or even after that $0 reports i have to wait till the next month for that specific point boost(the +1 payment to payment history), how does it work? i know for the AoOA point boost ill have to wait the following, not sure about payment though.

~~Basically im just asking if on CR it will be shown as a +1 payment made right away for that month (in CR update time) or does it only show the +1 payment after closing like all others~~

~~sorry if my question is a little confusing.. it crossed my mind n now i must know xD~~

EDIT: Thanks Remedios hue >.>

thanks for the replies

Re: first Chase PIF

Remedios — Thu, 02 Apr 2020 02:59:58 GMT

You dont get a "boost" for making a payment. That's expected.

You do get *un-boost* if you miss one.

I think you're convoluting that slightly with just passage of time we lovingly call AAoA.

Those increase when certain thresholds are passed, and I'm not sure you'll be at one next month.

If you want to know more about those, ask in scoring forum. I keep forgetting what some of them are because I keep pounding mine into the ground.

Re: first Chase PIF

elixerin — Thu, 02 Apr 2020 03:02:46 GMT

You're a legend Remedios, here i am confusing Credit Karma's "Payment history" with yup, lovingly AAoA

so Boost is only from age and UTL at time of report, got it.. thanks a million

Re: first Chase PIF

Remedios — Thu, 02 Apr 2020 03:21:08 GMT

@elixerin wrote:
You're a legend Remedios, here i am confusing Credit Karma's "Payment history" with yup, lovingly AAoA

so Boost is only from age and UTL at time of report, got it.. thanks a million

You're welcome. Age, utilization and credit mix.

Payment history as a factor is listed, but that's digital, it's either perfect (no award for that, more like no deductions), or not so perfect (scoring penalty).

You could be making minimum payments for 7 years, be drowning in debt, but if you have no negatives, you have "exceptional" payment history, while utilization is destroying scores.

Re: first Chase PIF

elixerin — Thu, 02 Apr 2020 03:30:45 GMT

WAIT, im confused again lol... ok so following the FICO Score Model instead of credit karma (which is what i should have been doing)

35% Payment History

30% Amounts Owed

15% Length of Credit History

10% Credit Mix

10% New Credit

basically what im wondering is if the $0 report will give me the "65% boost" vs just the 30% from 'Amounts owed' till that statement closes.. you know what i mean?

35% Payment History

30% Amounts Owed

i know that as soon as May hits ill get the 15% Length of Credit history point boost like i did today (+6 experian jump, no CR change other than +1 mo)

thanks again

Re: first Chase PIF

Anonymous — Thu, 02 Apr 2020 03:36:13 GMT

@elixerin wrote:
True, you wanna be shown actually using it. Thanks for the input guys n CardNut, actually a perfect segway into my last little query in which when the balance reports, following your example and my closing ill PIF on 15th to be safe.

~~ok so with other cards you have a balance and you pay minimum or full by due in which case after the next closing that payment establishes your payment history (ignoring UTL here)~~

with Chase, if i PIF on 15th am i getting a point boost not only from UTL decrease but from +1 added payment to payment history or even after that $0 reports i have to wait till the next month for that specific point boost(the +1 payment to payment history), how does it work? i know for the AoOA point boost ill have to wait the following, not sure about payment though.

~~Basically im just asking if on CR it will be shown as a +1 payment made right away for that month (in CR update time) or does it only show the +1 payment after closing like all others~~

~~sorry if my question is a little confusing.. it crossed my mind n now i must know xD~~

EDIT: Thanks Remedios hue >.>

thanks for the replies

You don't get any points for each successful payment. The scoring models will use your payment history with other factors and construct a score.

I report balances just to show usage, ease of management, and if some if the new models use trending data or use the data in some other way we aren't aware of. Unless I know for sure how any of the data is used (which I don't because I don't have the scoring algorithm), then anything that I do I cannot confirm it has a positive effect or any effect at all. That's just me and that's not the main reason why I report balances, because its probably meaningless in the current scoring models.

I also can do it without worry of harming my score short term. My current balances on all my cards right now is about $8,800. All will be PIF except CFU, which will have a 1,800 balance on a 0% intro. It's very easy to manage my accounts (I use them all monthly), so I wait for my cue to pay when the statement cuts and I really don't have to think about juggling all the accounts. It would be a shame to forget 1 or 2 payments, or try to make multiple payments on each account every month lol.

Re: first Chase PIF

Remedios — Thu, 02 Apr 2020 03:37:06 GMT

Highest score possible means absence of penalty in those areas

You have no negatives, so your payment history is already at that full 35%

30% refers to utilization, but that doesnt mean if you max your cards, you will lose 30% of points. It's bit more intricate than that.

15%, you have long ways to go to maximize length of credit history

I dont know if you have loans that would contribute to credit mix

You have new accounts, so that new credit category has new account penalty in place

Re: first Chase PIF

elixerin — Thu, 02 Apr 2020 03:43:46 GMT

@Anonymous wrote:
@elixerin wrote:
True, you wanna be shown actually using it. Thanks for the input guys n CardNut, actually a perfect segway into my last little query in which when the balance reports, following your example and my closing ill PIF on 15th to be safe.

~~ok so with other cards you have a balance and you pay minimum or full by due in which case after the next closing that payment establishes your payment history (ignoring UTL here)~~

with Chase, if i PIF on 15th am i getting a point boost not only from UTL decrease but from +1 added payment to payment history or even after that $0 reports i have to wait till the next month for that specific point boost(the +1 payment to payment history), how does it work? i know for the AoOA point boost ill have to wait the following, not sure about payment though.

~~Basically im just asking if on CR it will be shown as a +1 payment made right away for that month (in CR update time) or does it only show the +1 payment after closing like all others~~

~~sorry if my question is a little confusing.. it crossed my mind n now i must know xD~~

EDIT: Thanks Remedios hue >.>

thanks for the replies
You don't get any points for each successful payment. The scoring models will use your payment history with other factors and construct a score.

tru

I report balances just to show usage, ease of management, and if some if the new models use trending data or use the data in some other way we aren't aware of. Unless I know for sure how any of the data is used (which I don't because I don't have the scoring algorithm), then anything that I do I cannot confirm it has a positive effect or any effect at all. That's just me and that's not the main reason why I report balances, because its probably meaningless in the current scoring models.

I also can do it without worry of harming my score short term. My current balances on all my cards right now is about $8,800. All will be PIF except CFU, which will have a 1,800 balance on a 0% intro. It's very easy to manage my accounts (I use them all monthly), so I wait for my cue to pay when the statement cuts and I really don't have to think about juggling all the accounts. It would be a shame to forget 1 or 2 payments, or try to make multiple payments on each account every month lol.

for some reason i thought every month and payment boosted each weighted percentage accordingly month to month vs overall... the more you know

Re: first Chase PIF

elixerin — Thu, 02 Apr 2020 03:50:21 GMT

@Remedios wrote:
Highest score possible means absence of penalty in those areas
You have no negatives, so your payment history is already at that full 35%
30% refers to utilization, but that doesnt mean if you max your cards, you will lose 30% of points. It's bit more intricate than that.
15%, you have long ways to go to maximize length of credit history
I dont know if you have loans that would contribute to credit mix. nope
You have new accounts, so that new credit category has new account penalty in place

Wow, here i was thinking month to month these points factors were fully being "added" rather than just being maintained(With chase since the option of off cycle report is automatic and right there i was trying to see exactly how this action would contribute to my scores at the time of vs the other cards), my "highest score" im wanting is just around 715 by next month for a Schwab Plat app. I should be good for it fingers crossed

Re: first Chase PIF

Anonymous — Thu, 02 Apr 2020 03:57:12 GMT

@elixerin wrote:
@Anonymous wrote:
@elixerin wrote:
True, you wanna be shown actually using it. Thanks for the input guys n CardNut, actually a perfect segway into my last little query in which when the balance reports, following your example and my closing ill PIF on 15th to be safe.

~~ok so with other cards you have a balance and you pay minimum or full by due in which case after the next closing that payment establishes your payment history (ignoring UTL here)~~

with Chase, if i PIF on 15th am i getting a point boost not only from UTL decrease but from +1 added payment to payment history or even after that $0 reports i have to wait till the next month for that specific point boost(the +1 payment to payment history), how does it work? i know for the AoOA point boost ill have to wait the following, not sure about payment though.

~~Basically im just asking if on CR it will be shown as a +1 payment made right away for that month (in CR update time) or does it only show the +1 payment after closing like all others~~

~~sorry if my question is a little confusing.. it crossed my mind n now i must know xD~~

EDIT: Thanks Remedios hue >.>

thanks for the replies
You don't get any points for each successful payment. The scoring models will use your payment history with other factors and construct a score.

tru

I report balances just to show usage, ease of management, and if some if the new models use trending data or use the data in some other way we aren't aware of. Unless I know for sure how any of the data is used (which I don't because I don't have the scoring algorithm), then anything that I do I cannot confirm it has a positive effect or any effect at all. That's just me and that's not the main reason why I report balances, because its probably meaningless in the current scoring models.

I also can do it without worry of harming my score short term. My current balances on all my cards right now is about $8,800. All will be PIF except CFU, which will have a 1,800 balance on a 0% intro. It's very easy to manage my accounts (I use them all monthly), so I wait for my cue to pay when the statement cuts and I really don't have to think about juggling all the accounts. It would be a shame to forget 1 or 2 payments, or try to make multiple payments on each account every month lol.

for some reason i thought every month and payment boosted each weighted percentage accordingly month to month vs overall... the more you know

Well, if you pay on time every month, as time goes by, your profile gets stronger and your score goes up. Do that for years and years and years, avoid over applying for cards and other credit options, stay out of debt troubles, and you're going to end up in pretty good shape. High scores, large CLs, low APRs, and a high probability of being approved for new credit with a low APR.

Re: first Chase PIF

CreditobsessedinFL — Fri, 03 Apr 2020 04:09:27 GMT

@Remedios wrote:
You dont get a "boost" for making a payment. That's expected.
You do get *un-boost* if you miss one.

I think you're convoluting that slightly with just passage of time we lovingly call AAoA.
Those increase when certain thresholds are passed, and I'm not sure you'll be at one next month.

If you want to know more about those, ask in scoring forum. I keep forgetting what some of them are because I keep pounding mine into the ground.
-------
😂, same, same, it seems.Thanks for the clarification.

Re: first Chase PIF

SouthJamaica — Fri, 03 Apr 2020 12:49:32 GMT

@elixerin wrote:
heya friends, my first chase statement closes on April 12th, if i PIF on the 13th with no pending transactions how long of no usage should i expect nowadays before the infamous Chase $0 off cycle report? recent experiences?

thanks

A day or two.