Smacking My Forehead. Early Chase Statement

[CivalV]

So I was approved for my Chase Marriott Bonvoy CC literally 2 weeks ago. Well Nov 16th to be exact. My first payment is due for Dec 26th but Chase reported my balance????

I recieved an email in regards to my Chase statement!!! WHOA! I also noticed Experian is reporting my card was opened Nov 1st? How is that possible if I recieved the inquiry and was approved on Nov 16th? 

First off I was not expecting my account to report this fast. I figured I would have at the very least until my payment due date to pay down my balance. Thankfully my CL gave me UTL padding. Oddly enough I did not lose points for the inquiry or balance change but I did gain 3 points. I am paying down the balance in 2 weeks so my UTL will drop. 

Has this happened to anyone else? I am super confused. 

[FinStar]

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@CivalV wrote:

So I was approved for my Chase Marriott Bonvoy CC literally 2 weeks ago. Well Nov 16th to be exact. My first payment is due for Dec 26th but Chase reported my balance????

I recieved an email in regards to my Chase statement!!! WHOA! I also noticed Experian is reporting my card was opened Nov 1st? How is that possible if I recieved the inquiry and was approved on Nov 16th? 

First off I was not expecting my account to report this fast. I figured I would have at the very least until my payment due date to pay down my balance. Thankfully my CL gave me UTL padding. Oddly enough I did not lose points for the inquiry or balance change but I did gain 3 points. I am paying down the balance in 2 weeks so my UTL will drop. 

Has this happened to anyone else? I am super confused. 

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Yes, in the sense of timing.   That said, I typically contact them in advance (SM or call) to determine my cycle date just in case.  Sometimes it's easy for folks to assume there's going to be a time lag on a statement cycle or even reporting, but in a variety of cases, it's not.  It depends when the account was generated on the system to cycle out.

Also, even if some lenders approve an account on X date, some will 'backdate' the opening of the account to the 1st of that corresponding month.  And, the beauty of FICO scoring, no memory... plus as soon as you PIF, Chase will report the zero balance without having to wait until the next statement cycle.

[Anonymous]

I was approved for my CSP at the beginning of November. I too didn’t expect it to cut a statement before my quoted closing date in December. It did bump me down a point because my credit usually sits at a 1% usually because of my charge card so it bumped to 7% which has never happened, but oh well lol it’s still good.

[CivalV]

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@FinStar wrote:

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@CivalV wrote:

So I was approved for my Chase Marriott Bonvoy CC literally 2 weeks ago. Well Nov 16th to be exact. My first payment is due for Dec 26th but Chase reported my balance????

I recieved an email in regards to my Chase statement!!! WHOA! I also noticed Experian is reporting my card was opened Nov 1st? How is that possible if I recieved the inquiry and was approved on Nov 16th? 

First off I was not expecting my account to report this fast. I figured I would have at the very least until my payment due date to pay down my balance. Thankfully my CL gave me UTL padding. Oddly enough I did not lose points for the inquiry or balance change but I did gain 3 points. I am paying down the balance in 2 weeks so my UTL will drop. 

Has this happened to anyone else? I am super confused. 

---

Yes, in the sense of timing.   That said, I typically contact them in advance (SM or call) to determine my cycle date just in case.  Sometimes it's easy for folks to assume there's going to be a time lag on a statement cycle or even reporting, but in a variety of cases, it's not.  It depends when the account was generated on the system to cycle out.

Also, even if some lenders approve an account on X date, some will 'backdate' the opening of the account to the 1st of that corresponding month.  And, the beauty of FICO scoring, no memory... plus as soon as you PIF, Chase will report the zero balance without having to wait until the next statement cycle.

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Okay awesome thanks for clarifying! They made the minimum payment to $35 after that statement was generated. I definitely do not want to carry a balance on my Marriott card. 

One other question I have in regards to the Marriott Bonvoy CC is how do I view my points? I have an account with Marriott and it states I have all the benefits but my points are not reflecting. While on chase I am receiving "Hooray you earned XXX points for XXX purchase". 

[CivalV]

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@Anonymous wrote:
I was approved for my CSP at the beginning of November. I too didn’t expect it to cut a statement before my quoted closing date in December. It did bump me down a point because my credit usually sits at a 1% usually because of my charge card so it bumped to 7% which has never happened, but oh well lol it’s still good.

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Yeah I was totally T boned lol 

Oh well lesson learned and now when I pay the balance down my UTL will lower and hopefully I will see some point increase 

[hawkins]

Must be timing I guess. I just got the CSP the day after you and my due date is not till sometime in January. Interesting.

[randomguy1]

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@hawkins wrote:
Must be timing I guess. I just got the CSP the day after you and my due date is not till sometime in January. Interesting.

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Me too.

Approved: 11/17/19

Due date: 01/14/20

I didn't want to risk the high util so I just paid a 3k bill yesterday.

[FinStar]

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@CivalV wrote:

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@FinStar wrote:

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@CivalV wrote:

So I was approved for my Chase Marriott Bonvoy CC literally 2 weeks ago. Well Nov 16th to be exact. My first payment is due for Dec 26th but Chase reported my balance????

I recieved an email in regards to my Chase statement!!! WHOA! I also noticed Experian is reporting my card was opened Nov 1st? How is that possible if I recieved the inquiry and was approved on Nov 16th? 

First off I was not expecting my account to report this fast. I figured I would have at the very least until my payment due date to pay down my balance. Thankfully my CL gave me UTL padding. Oddly enough I did not lose points for the inquiry or balance change but I did gain 3 points. I am paying down the balance in 2 weeks so my UTL will drop. 

Has this happened to anyone else? I am super confused. 

---

Yes, in the sense of timing.   That said, I typically contact them in advance (SM or call) to determine my cycle date just in case.  Sometimes it's easy for folks to assume there's going to be a time lag on a statement cycle or even reporting, but in a variety of cases, it's not.  It depends when the account was generated on the system to cycle out.

Also, even if some lenders approve an account on X date, some will 'backdate' the opening of the account to the 1st of that corresponding month.  And, the beauty of FICO scoring, no memory... plus as soon as you PIF, Chase will report the zero balance without having to wait until the next statement cycle.

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Okay awesome thanks for clarifying! They made the minimum payment to $35 after that statement was generated. I definitely do not want to carry a balance on my Marriott card. 

One other question I have in regards to the Marriott Bonvoy CC is how do I view my points? I have an account with Marriott and it states I have all the benefits but my points are not reflecting. While on chase I am receiving "Hooray you earned XXX points for XXX purchase". 

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Typically, once your Chase statement cycles, Marriott will receive the information from Chase within a few days.

[Anonymous]

Congrats on the 3 pt gain to your CR, and the 15 free bonus days to the age of the account lol.

When I opened my Chase card, I received it on the 11th or 12th, charged 1,200 in 5 days, and the statement closed on the 17th. It was all good though. 

[Anonymous]

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@CivalV wrote:

So I was approved for my Chase Marriott Bonvoy CC literally 2 weeks ago. Well Nov 16th to be exact. My first payment is due for Dec 26th but Chase reported my balance????

I recieved an email in regards to my Chase statement!!! WHOA! I also noticed Experian is reporting my card was opened Nov 1st? How is that possible if I recieved the inquiry and was approved on Nov 16th? 

First off I was not expecting my account to report this fast. I figured I would have at the very least until my payment due date to pay down my balance. Thankfully my CL gave me UTL padding. Oddly enough I did not lose points for the inquiry or balance change but I did gain 3 points. I am paying down the balance in 2 weeks so my UTL will drop. 

Has this happened to anyone else? I am super confused. 

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@CivalV  As a general practice, Experian reports any new account as dated on the 1st of the month the account was opened. Equifax and TransUnion, on the other hand, report the actual date the account was opened.

See this thread for further discussion, in particular note RobertEG's comment on the METRO 2 format used by lenders/creditors to report to the credit bureaus:  How does Fico calculate AOYA for multiple new accounts?