PC from BoA Plat Plus to Rewards Visa causes mid statement balance report to CRA's

[Anonymous]

Hey, just wanted to FYI for anyone PC'ing or considering PC from BoA Platinum Plus to BankAmericard Rewards Visa.  They issue you a new number, and when the new number is issued, they report the existing balance and new number to the CRA's resulting in an unexpected ScoreWatch alert of balance change and resulting score drop.

So, pay the balance before you PC otherwise you will have a couple weeks with a balance reported mid cycle.

[Anonymous]

They are hard to figure out sometimes.  I've done product changes 3 times in the past 1 1/2 years, 2 of those being within the past 4 months.  They have always waited until the billing cycle was completed to issue the new card which sometimes resulted in a 1 month wait depending upon which part of the month I made the request.  They have never reported the change mid cycle for the product change, but they have ALWAYS reported the day after a CLI no matter when in the billing cycle it took place.  Did you get a credit increase or just a change in product?

[Anonymous]

Only a PC....but it changed my card number (was required for some reason).  Most PC's I have done didn't do this.

So, I immediately paid and filed online balance dispute on EX and EQ.  Not on TU, cause it was such torture once before when TU deleted the account because of a correction request.

Message Edited by txjohn on 04-14-2009 11:13 AM

[Anonymous]

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@Anonymous wrote:

Only a PC....but it changed my card number (was required for some reason).  Most PC's I have done didn't do this.

So, I immediately paid and filed online balance dispute on EX and EQ.  Not on TU, cause it was such torture once before when TU deleted the account because of a correction request.

Message Edited by txjohn on 04-14-2009 11:13 AM

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Hi Txjohn,

I was wondering how one files an online balance dispute? Do you generally do that if you urgently require a score boost after paying off your credit cards because you are applying for a loan, or can you do it just to see your score jump?

The reason I ask is that I have a pretty low score (648) and paid off most of my credit cards except for AMEX in March, my statements dropped last week and one dropped on the 12th. How long before the CCC's update that I have a zero score?

As you can tell, I am obsessed with good scores - I did make a few mistakes in my earlier days (before discovering this site) but thankfully, none as bad as getting a CA on my reports...

[Anonymous]

Yep....if you don't want to wait for normal cycles....a balance dispute can update it in a couple days to a couple weeks.

TU and EX are the easiest.  Equifax, depending on if you must use CSC Credit Services can be a bit more cumbersom.

It also depends on the CCC.  Some respond right away and others don't.  The one small risk you run with a balance dispute is this:  If you dispute the balance and for some reason the CCC took more than 30 days to respond to it....your tradeline could be deleted.  This is like 1 in a million chance, but technically possible.

I use it semi-often if something like this BoA comes up or if I need am going to apply for credit and don't want to wait till norm updates.

[Anonymous]

thank you for your reply!

How does one begin the dispute process?

[Anonymous]

www.transunion.com

click on DISPUTES

click on ONLINE DISPUTES

Register

Login

Proceed to Free Credit Report (yep, that's right, free)

Click SUBMIT DISPUTE

Your CR will be displayed with buttons for DISPUTE

when you click dispute, you get a series of multiple choice options, choose Incorrect Balance or Disputes Balance

If asked the correct balance, enter correct balance or type it in the comments box

Submit

www.experian.com

same process except you must have an Experian CR file number.  If you have been declined credit in past 60 days, you can get a free report using the decline and then use that report for your File number to submit dispute.

Equifax you must determine if you file with Equifax or CSC Credit Services (www.csccredit.com).  I must use CSC Credit Services which you must go to their site, create a temporary login registration (only good 2 days), then fill out a form which you must type in creditor name, account number and then select from drop menu dispute reason and then type in a comments box.  CSC Credit Services is about 15 years behind in technology for online submissions.

[ficonovice]

I don't think the Product Change had anything to do with the mid-cycle report. I've had my BoA card for around 18 months now and twice they've reported mid-cycle for no reason (other than slightly higher balances than usual). They just reported mid-cycle for me in the middle of March...

[Anonymous]

thank you txjohn!

I will give it 10-15 more days to report. If they dont, I will go the dispute route!

[Anonymous]

I called CS and as asked about it....they said with the issue of the new number the balance was essentially transferred from the original number to the new number and this created a CR update.

I have never had a mid-cycle report from them....like clock work.