topic Re: Chase and Mid-Period Reporting. in General Credit Topics

Chase and Mid-Period Reporting.

ThomasJNewton — Sat, 10 Feb 2024 01:02:06 GMT

Assume the following:

Statement closes on the 28th of the month with a balance of $5,000.

On the first, the balance reports.

On the second, a new charge is made for $100, and shows up as pending.

On the third the $5,000 is paid.

Three questions:

When does Chase report the $0 balance:
1. When the payment is made?
2. When the payment completes processing?
3. Some other date?
If after the payment has been submitted but before the $0 balance is reported, the pending charge completes, will that prevent the $0 balance from reporting? In otherwords, is the $0 balance based on the balance when the payment was made or when the payement clears?
Do any of these things change if the payment is made on Friday (or some other bank holiday)?

Re: Chase and Mid-Period Reporting.

Shooting-For-800 — Sat, 10 Feb 2024 05:16:22 GMT

After your next statement is cut.

Whatever your balance is the day the statement cuts is what will be reported after said statement cuts.

Some cards report balance increases before statements but I doubt they report decreases often.

Re: Chase and Mid-Period Reporting.

Horseshoez — Sat, 10 Feb 2024 05:25:45 GMT

@ThomasJNewton, if you're trying to do AZEO, don't use a Chase card. I've observed my two Chase cards reporting immediately after the statement cuts, regardless of balance and what is pending, and again if the current balance is zero AND no pending payments.

Re: Chase and Mid-Period Reporting.

ThomasJNewton — Sat, 10 Feb 2024 07:29:39 GMT

@Horseshoez wrote:
@ThomasJNewton, if you're trying to do AZEO, don't use a Chase card. I've observed my two Chase cards reporting immediately after the statement cuts, regardless of balance and what is pending, and again if the current balance is zero AND no pending payments.

Was not trying to do AZEO as I only have two cards and so it does not work for me. :-) I want to get it to report $0, so I am tying to figure out what I need to do. I know they report when the balance gets to $0, but was not sure what happens with pending charges. Did you mean pending payments or pending charges?

Re: Chase and Mid-Period Reporting.

Horseshoez — Sat, 10 Feb 2024 14:14:46 GMT

@ThomasJNewton wrote:
@Horseshoez wrote:
@ThomasJNewton, if you're trying to do AZEO, don't use a Chase card. I've observed my two Chase cards reporting immediately after the statement cuts, regardless of balance and what is pending, and again if the current balance is zero AND no pending payments.
Was not trying to do AZEO as I only have two cards and so it does not work for me. :-) I want to get it to report $0, so I am tying to figure out what I need to do. I know they report when the balance gets to $0, but was not sure what happens with pending charges. Did you mean pending payments or pending charges?

You really don't want both cards reporting zero, yes, AZEO with three cards is considered optimal, but back when I only had two cards the months when my accounts happened to report AZEO definitely showed me with higher scores than all zero (AZ).

Re: Chase and Mid-Period Reporting.

SouthJamaica — Sun, 11 Feb 2024 03:42:51 GMT

@ThomasJNewton wrote:
Assume the following:

Statement closes on the 28th of the month with a balance of $5,000.
On the first, the balance reports.
On the second, a new charge is made for $100, and shows up as pending.
On the third the $5,000 is paid.

Three questions:
When does Chase report the $0 balance:
When the payment is made?
When the payment completes processing?
Some other date?
If after the payment has been submitted but before the $0 balance is reported, the pending charge completes, will that prevent the $0 balance from reporting? In otherwords, is the $0 balance based on the balance when the payment was made or when the payement clears?
Do any of these things change if the payment is made on Friday (or some other bank holiday)?

I believe they report the zero balance when your "current balance" reaches zero. So it would not be affected by pending charges.

Re: Chase and Mid-Period Reporting.

NoMoreE46 — Sun, 11 Feb 2024 23:59:56 GMT

Yes Chase will report $0 balance off cycle.

My $0 balance was reported the next day on EQFX and took about a week to reflect on TU and EXP.

Re: Chase and Mid-Period Reporting.

Junejer — Mon, 12 Feb 2024 03:14:44 GMT

@ThomasJNewton wrote:
Assume the following:

Statement closes on the 28th of the month with a balance of $5,000.
On the first, the balance reports.
On the second, a new charge is made for $100, and shows up as pending.
On the third the $5,000 is paid.

Three questions:
When does Chase report the $0 balance:
When the payment is made?
When the payment completes processing?
Some other date?
If after the payment has been submitted but before the $0 balance is reported, the pending charge completes, will that prevent the $0 balance from reporting? In otherwords, is the $0 balance based on the balance when the payment was made or when the payement clears?
Do any of these things change if the payment is made on Friday (or some other bank holiday)?

To answer your question directly, it will report anytime your balance reaches $0 after reporting a positive balance. So, what you bolded above. You also are at the mercy of how quickly the pending charge posts. If it posts before the payment processing is complete, no update will happen and the reported $5,000 will remain. That said, you can always pay the $100 if the above happens.

Re: Chase and Mid-Period Reporting.

ThomasJNewton — Mon, 12 Feb 2024 05:30:57 GMT

@Junejer wrote:

To answer your question directly, it will report anytime your balance reaches $0 after reporting a positive balance. So, what you bolded above. You also are at the mercy of how quickly the pending charge posts. If it posts before the payment processing is complete, no update will happen and the reported $5,000 will remain. That said, you can always pay the $100 if the above happens.

Thanks! I guess I need to check on Monday or Tuesday to see how it actually played out. I will probably make another payment to clear the pending charges, but I am not too worried. Just wanted to understand the process.

Re: Chase and Mid-Period Reporting.

nytokyobred79 — Mon, 12 Feb 2024 06:19:50 GMT

@ThomasJNewton wrote:
@Junejer wrote:

To answer your question directly, it will report anytime your balance reaches $0 after reporting a positive balance. So, what you bolded above. You also are at the mercy of how quickly the pending charge posts. If it posts before the payment processing is complete, no update will happen and the reported $5,000 will remain. That said, you can always pay the $100 if the above happens.
Thanks! I guess I need to check on Monday or Tuesday to see how it actually played out. I will probably make another payment to clear the pending charges, but I am not too worried. Just wanted to understand the process.

I see that you also asked about the timing of the payment, ie., on a Friday / weekend, etc. In my experience with Chase, sometimes if you make a payment after 8pm EST, it may take longer to process than if you had made that payment before 8pm EST. As for Friday and then heading into a weekend, could depend on the exact timing but I've had payments made early Friday that we're able to get processed even heading into the weekend. This is to say that the payment started processing and my account reflected a full zero balance into the weekend. If you're worried that the new pending charge will authorize before your payment processes, I'd just make an additional payment. Or I would have over-payed from the start to cover the pending charge.

Re: Chase and Mid-Period Reporting.

ThomasJNewton — Mon, 12 Feb 2024 16:47:11 GMT

@nytokyobred79 wrote:

I see that you also asked about the timing of the payment, ie., on a Friday / weekend, etc. In my experience with Chase, sometimes if you make a payment after 8pm EST, it may take longer to process than if you had made that payment before 8pm EST.

Yes, they explain that payments made after 20:00 PM EST will get credited retroactively, but what I have also noticed is that they sometimes take several days to process, not just an extra day (that one might expect).

As for Friday and then heading into a weekend, could depend on the exact timing but I've had payments made early Friday that we're able to get processed even heading into the weekend. This is to say that the payment started processing and my account reflected a full zero balance into the weekend.

I did notice that my payment processed sometime over the weekend and also sometime over the weekend some of the pending charges stopped being pending, I just did not check to see if at any point it showed a zero balance.

If you're worried that the new pending charge will authorize before your payment processes, I'd just make an additional payment. Or I would have over-payed from the start to cover the pending charge.

I would not say worried, but more curious. :-) I could not over pay enough for the pending charges because they were over what Chase would allow. Instead, I will just pay them off today. That will get my Quest card to report a zero balance and then on Friday, my NFCU Cash Rewards card will report a balance of under $8,000 (well under 28.9%). That will mean that only one of my AU cards will have a high reported balance (no interest is being paid on it, but the pending charge posted on my b/f’s Apple Card posted after we after we checked on the closing date).

Re: Chase and Mid-Period Reporting.

nytokyobred79 — Tue, 13 Feb 2024 03:34:33 GMT

@ThomasJNewton
Your replies all make sense. And I do understand your point about how sometimes payments made after 20pm EST can take longer than if made beforehand. I can only assume that it's their financial systems and how they're set up to process those payments. Strangely enough I've made a payment after 8pm a previous day take longer to post than another payment made the next day before 8pm for my other Chase card. The payment on my CFU paid a day later processed before the balaone paid on the CSR the previous night.

Re: Chase and Mid-Period Reporting.

coldworld — Tue, 13 Feb 2024 20:03:02 GMT

Chase allows push payments. I will often "pre-pay" pending charges to insure I have a 0 balance.

Re: Chase and Mid-Period Reporting.

ThomasJNewton — Wed, 14 Feb 2024 02:49:40 GMT

@coldworld wrote:
Chase allows push payments. I will often "pre-pay" pending charges to insure I have a 0 balance.

I do not really worry about that with Chase, as I can wait until the statement closes and just pay it then. One still gets a zero balance report. :-)

Re: Chase and Mid-Period Reporting.

ThomasJNewton — Wed, 14 Feb 2024 05:35:48 GMT

A return and a payment has my United Quest Card down to $-3.86, so I should get a $0 balance report. My NFCU should be much lower (I have not yet figured out what the total will be), one of my AU cards (friend's Sapphire Preferred will be under 9% and the other, B/F's Apple Card is higher as his Vision Pros post at the wire. Curious to see what my scores end up being.

Then I need to decide if I should accept the CapOne Venture X pre-approval or wait until my United Quest Card hits a year in May. :-)