topic Re: Anyone else notice this trend? in Rebuilding Your Credit

Anyone else notice this trend?

Anonymous — Sat, 03 Jan 2015 20:37:55 GMT

if a balance on my name goes up, I get an alert within 10 days of making that purchase, when a balance goes down, it takes 5-7 weeks to get reported.

I may be paranoid but it just seems most lenders are out to terrorize me lol

Re: Anyone else notice this trend?

gdale6 — Sat, 03 Jan 2015 20:40:33 GMT

@Anonymous wrote:
if a balance on my name goes up, I get an alert within 10 days of making that purchase, when a balance goes down, it takes 5-7 weeks to get reported.

I may be paranoid but it just seems most lenders are out to terrorize me lol

I have noticed this in the past with Comenity cards, still waiting for them to update a CLI on one of their cards from last month and I even used the card to force the update.

Re: Anyone else notice this trend?

Anonymous — Sat, 03 Jan 2015 20:43:12 GMT

It's usually my gercb/synchrony cards that practice this way on my reports

Re: Anyone else notice this trend?

RobertEG — Sat, 03 Jan 2015 20:50:10 GMT

The FCBA has specific requirments for posting to your account, so I presume you are referring only to receiving alerts from a monitoring service, and not some sinister plot to increase your average daily balance by posting increases sooner than payments?

If it is related to monitoring alerts, it makes sense to me.

Increased balances can trigger fraud/identitytheft issues, while payments do not.

Re: Anyone else notice this trend?

Anonymous — Sat, 03 Jan 2015 21:03:48 GMT

There has been instances where I pull a up to date report months after paying off cards only to see a balance from a month or two ago on that acct. I was just joking about being paranoid, just saying it annoys me is all lol

Re: Anyone else notice this trend?

RobertEG — Sat, 03 Jan 2015 21:08:32 GMT

The FCBA has specific requirements related to posting of payments on the day received.

If payments were not being posted as required, I would be paranoid, as they would be increasing my average daily balance, and thus my interest assessment!

Re: Anyone else notice this trend?

StartingOver10 — Sat, 03 Jan 2015 22:02:29 GMT

@Anonymous wrote:
There has been instances where I pull a up to date report months after paying off cards only to see a balance from a month or two ago on that acct. I was just joking about being paranoid, just saying it annoys me is all lol

Yes, I see this on my reports too. There seems to be a lag time for reporting. For example I have a small balance on my Jared's card and naturally the account shows the right amount when I go to the Jared's website to make my payments but they are reporting balances to the CRA's that are about 45 to 60 days ago. It is irritating especially when I will have this card paid off in the next week and it will continue to show a balance owed for the next two months on my actual credit report. Frustrating.

I do not have that problem with Cap One or Barclays products.

Re: Anyone else notice this trend?

Anonymous — Sun, 04 Jan 2015 03:24:50 GMT

Seems more people I talk to, the delay in reporting balances all have one thing in common, retail credit cards.

I just hope it isn't another month before i see the change in my reports, I recently paid off a card that was killing my utilization, and am curious to see what happens it's been months of timely payments, 0 inquiries and smarter financial decisions and still no bumps in my fico scores.

Re: Anyone else notice this trend?

pipeguy — Sun, 04 Jan 2015 05:15:41 GMT

@Anonymous wrote:
Seems more people I talk to, the delay in reporting balances all have one thing in common, retail credit cards.

I just hope it isn't another month before i see the change in my reports, I recently paid off a card that was killing my utilization, and am curious to see what happens it's been months of timely payments, 0 inquiries and smarter financial decisions and still no bumps in my fico scores.

Watching your daily ups and downs of FICO scoring is a waste of time and just adds to your stress levels - I have over 30 open active accounts, some carry balances, some don't and on any given day or week you can't bet that one of my scores will go up or down a few points - makes NO difference at all.

Now if you are looking to buy a home or looking to expand your credit options, the higher your score the better, within "buckets", but I very much doubt that AmEx or any other lender will decline a CLI over the different betweek 705 and 715.

I'm not trying to bust anyone's chops here, but really if your scores are that fragile that a couple hundred dollars of increased untilzation will result in a credit denial then you need to re-examine and work on your overall credit health more than worry about the normal weekly or monthly ups and downs of a score.

Again, not busting chops, just making an observation....

Re: Anyone else notice this trend?

Anonymous — Sun, 04 Jan 2015 05:24:54 GMT

No offense taken, I generally do not stalk on my scores every waking hour, I have been paying closer attention to them for the past 3 or 4 months because I notice absolutely no changes on reports or scores even though plenty of sources state 3-6 months of on time payments should at least cause a tiny pimple of a bump on my scores, it makes me wonder if my lenders aren't reporting or if this site is a waste of money and not accurately projecting my scores. I am currently preparing to purchase a home so that does put more stress into wanting to see that score move up because like pipe said, a little rise could mean thousands in interest saved on a mortgage.

Re: Anyone else notice this trend?

Anonymous — Mon, 05 Jan 2015 22:25:46 GMT

@Anonymous wrote:
if a balance on my name goes up, I get an alert within 10 days of making that purchase, when a balance goes down, it takes 5-7 weeks to get reported.

I may be paranoid but it just seems most lenders are out to terrorize me lol

Yes they are *all* out to GET you. Just you, no one else....Pay no attention to that man over there, he is not watching you.... Mwahahahaha....<rub hands deviously>