I recently got a chase card, and I'm trying to get it to show on my credit report faster.
so I had an idea, rather than waiting for the first/second statement to close for them to report. I just paid my balance down to 0 cause they do mid cycle reporting.
so my question is, will doing this help get the account on my report faster?
as an example, my first statement was due to close on 9/24. So I just made a payment bringing my balance down to 0. So theoretically, this should prompt them to report the $0, meaning in the account should show up far earlier than if I had to wait for the statement to close right?
I'm just not sure if this idea would work in practice, the account is new, so will paying the balance down to $0 get them to report mid cycle? Or will they just wait until the first statement closes regardless of the $0?
I'll keep you all updated on how this turns out, if I get an alert for a new account in a few days I'll know my plan worked.
@JoeRockhead wrote:
@SRT4kid93 wrote:
I'll keep you all updated on how this turns out, if I get an alert for a new account in a few days I'll know my plan worked.
Interesting concept... I don't have an answer as to whether it will work or not. Curious as to why you're in such a rush to get in on your report and take the score hit for it.
will be cool to see if this works, but yeah like above, I don't see a positive reason for you to want an account to report more quickly, it will report when it reports, and the longer the better, the less time you have to tank a new account penalty, some of which will fade after ~3 months
Well for me, I want it to report for a few reasons
1) I don't like the unknown, I like solid numbers and I like knowing the impact things will have on my life. And this extends to my credit. So I don't like wondering what the score impact will be, I would rather just know now and get it over with. I do the same thing come annual raise time, I ask my bosses to do my review early every year, and he asks "why does it matter you won't see the raise any earlier" but like I said, that raise will impact my life, and I don't like waiting around for 6 weeks wondering what my raise is, I would rather he just tell me, even if he tells me way better the raise takes affect.
2) it's going to end up on my report anyways, so why bother waiting? Might as well get it over with. If I'm going to take the point hit anyways, I would rather not wait wondering when it may show up.
3) the sooner it shows up the less I have to worry about my util ratio, right now I only have 1 card on my report with a very low limit, and so if i had to let a balance report on that card. It would take very little for my credit limit to be maxed out.
4) this may just be a me thing, but something just feels good about it seeing those accounts hit my profile and knowing that my profile is growing.
@Gregarious
yes no doubt, most of those reasons are not practical, but then again many things in life are not.
love is not practical. Why do women go for bad boys? or keep making the same mistakes with men, It logically makes no sense. But the heart wants what it wants.
and for whatever reason, my brain wants my accounts to show up as quickly as possible. I can't really explain it. It's just the way it is.
@Anonymous @Gregarious @GZG @JoeRockhead
without getting to deep into my personal story, instant gratification is something I struggle with. I have worked on it and gotten way better about it over the years, but it's still a battle for me.
In any case, if you guys are interested I will keep this thread updated with what happens.
In any case thanks for your input
@SRT4kid93 wrote:
2) it's going to end up on my report anyways, so why bother waiting? Might as well get it over with. If I'm going to take the point hit anyways, I would rather not wait wondering when it may show up.
Just a note that when a new account finally does show up it reports as being however old it actually is, not as opened on the day it first reports.
While the difference is likely negligible, I'd personally rather take the 'hit' for having a 2-3 month account show up than for one only a few days old. FWIW, I've had Synchrony accounts start reporting only a day after approval.
@SRT4kid93 wrote:
3) the sooner it shows up the less I have to worry about my util ratio, right now I only have 1 card on my report with a very low limit, and so if i had to let a balance report on that card. It would take very little for my credit limit to be maxed out.
This I understand. I still wouldn't stress over it, though, since if your utilization ratio is good enough for a new approval it's likely not too bad.
Finally, just a word of friendly advice: a credit card should be a tool that makes your life easier; if the process of obtaining or maintaining credit starts adding too much stress to your life you might consider limiting your number of accounts. Having a stack of cards isn't for everyone. 