Misunderstanding with a Discover customer rep caused my FICO to drop 50 points in a day

[goldengopher1991]

Here's what happened:

I have a Discover IT card with a limit of $3000. The statement cuts on the 16th of every month and reports to the bureau on the same day. On May 16th, I had a balance of $41 which I had expected to report that day too.. but after keeping track and checking, I did not see it report after almost a month. I called in June 4 to ask why, and the customer rep talking to me said she will send the report again. And she did.

I bought a car on May 24, and before I went to the dealership I completely freed up all available credit used so I can put the downpayment on the car. Once the payment posted, I paid off $1500 immediately with the intention to pay off the other half some time this week. I used the card a little bit as well for my daily purchases, and on June 4 when I made the call to Discover the official balance was $1695. SO....

What actually happened was, when she hit that "SEND" button to report, it reported both the May balance of $41 and at the same time reported my June balance EARLY. It wasn't supposed to report until June 16, and I had already planned to pay off my balance down to 5% before then. But now, on my credit report is showing that the report was sent for June and I'm carrying a balance of $1695 of a total CLI of $3000. I have never had more than 5% reported since I opened the account months ago.

This customer representative misunderstood me and completely ruined my credit which I've been working so hard on the last 6 months. I was at 708; my new car loan brought it down to 700 and today I got a scorewatch alert saying my Equifax dropped to 659!!! 

I am beyond mad and fuming right now.

Can anyone advice me on what to do? I've talked to Discover and explained the situation, all they could say is "sorry" and there's nothing they can do to reverse the reporting. 

[coldnmn]

Once paid down your score will rebound. Utilization holds no memory on your credit report as far as score is concerned. 

[Kenny]

Don't be upset --- pay it off and then ask for a midcycle update.

You've already gotten the car loan that's what was most important at the time. It's not ruined and the number will bounce back up!

Just pay it off when you're able and ask for a mid-cycle report or do the same as before and say i noticed my balance isn't displaying correctly will you please do an update. They will. No big deal.

Sorry you're upset, though!

[TRC_WA]

Your scores will bounce back when you pay down the balance.

I've had scores drop 20 points for reporting a $1000 balance... and when I paid them off I got the 20 points back the next month.

[goldengopher1991]

Phew.. I guess that's a relief. Thank you, everybody.

I guess partly I was upset was because I asked when my next reporting would be, and I was told they already reported for the month of June so the next one would be July 16. When I asked why can't I pay off the balance now and then you report again on June 16 as you always do, she said "We already reported for this month so we can't do it again"!! 

I just got off the phone with the supervisor and was told that they in fact are able to report again this month. Guess that's good enough. 

Thanks everybody!