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Will Chase report $0 bal mid-cycle from rewards?

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Anonymous
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Will Chase report $0 bal mid-cycle from rewards?

I know if you have a non-zero balance previously reported by Chase from your regular monthly reporting that you can bring that balance to zero mid-cycle with another payment and Chase will report that now-zero balance.  What if you pay your balance off mid-cycle using rewards?  Does Chase still do a mid-cycle $0 reporting?

Message 1 of 9
8 REPLIES 8
Anonymous
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Re: Will Chase report $0 bal mid-cycle from rewards?

It shouldn't matter what payment method brought it down to a $0 balance. I noticed, at least with my Freedoms, is that Chase tends to report whenever I pay them down to $0 (which I tend to pay it to $0 a few times every month), at least according to Experian anyways.

Message 2 of 9
Anonymous
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Re: Will Chase report $0 bal mid-cycle from rewards?

My statement cut 8/16 at 99.5% utilization, I paid it off 2 days later (8/18) -- they never even reported my statement balance at all.  Continued to report $0 as last month and every month.  I expected to see a FICO alert drop and then another rise a few days later, but I guess I PIF'd too soon.

 

Last month I used my bonus to get it to $0 and it still mid-cycle reported $0 after reporting 99% utilization.  But that was more than 2 days after statement cut that I PIF'd.

Message 3 of 9
Anonymous
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Re: Will Chase report $0 bal mid-cycle from rewards?

Gotcha.  I'll see if they report $0 soon.  From the experience of those reading this, when you pay down to $0, typically how long does it take Chase to report that new $0 balance and/or how long until you typically see it show up on your reports?

Message 4 of 9
HeavenOhio
Senior Contributor

Re: Will Chase report $0 bal mid-cycle from rewards?

In my experience, Chase reports zero really fast. It's faster than it takes them to report a positive statement balance. The report date seems to be the same as the date the payment was made. How fast the report itself catches up likely depends on the bureau and the service you use to monitor it.

 

It's interesting that ABCD notes that paying to zero two days after the statement cuts works if you want to maintain a continuous zero balance. I've paid one day after the statement cuts several times and maintained zero. Being able to do that is nice if you want to cut a positive statement balance and not have it show up on your report.

 

It looks like paying to zero with rewards works to update your reported balance too. That's an interesting gray area because with most cards, redeeming rewards doesn't count as a payment, i.e. the minimum is still owed and you need to pay the statement balance to be paid in full. The exception would be if your rewards redemption brings your balance to zero. Banks aren't going to require you to have a negative balance.

Message 5 of 9
Anonymous
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Re: Will Chase report $0 bal mid-cycle from rewards?

I'm actually pi**ed that Chase didn't report my 99.7% balance because I wanted some data points, lol.  Oh well, I just put 100% on my card this week and next statement I will wait 4 days before PIF.  Sucky 1.5% rewards but thankfully only a $500 toy card limit so I am willing to lose the 0.5% from Discover (first year) to see if I can get Chase to auto CLI from max usage monthly.

Message 6 of 9
HeavenOhio
Senior Contributor

Re: Will Chase report $0 bal mid-cycle from rewards?

ABCD, I think as far as Chase is concerned, they're already seeing max usage on your statement balance. I don't see why they'd also need that balance to appear on your credit report.

Message 7 of 9
Anonymous
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Re: Will Chase report $0 bal mid-cycle from rewards?

Mostly because of data points fielded from two other credit forums we can't discuss as well as 5 friends of mine who had extreme high activity but no auto CLIs until they reported the balance on their statements.

 

Only then did they get auto CLIs and hefty ones.  A great friend of mine and once business partner was stuck at $4000 or something on his Chase card -- for years.  Always put $5000-$10,000 through it but PIFd before statement.  Once he started letting 80%, 90% report he got 2 auto CLIs in 2017.

 

Not saying it's the only factor but it does have solid data points elsewhere that Chase's auto CLI isn't strictly based on utility but on reported utilization.  Who knows.

 

I also have data points from people who had higher SLs seemingly because they had high bank balances with Chase.  I keep very little in Chase because no interest (or at least horrible interst, I think I get like $1.10 a year from them lol) but I may transfer $15,000 into my Chase accounts when I run up to my next card app in mid 2018.

Message 8 of 9
Anonymous
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Re: Will Chase report $0 bal mid-cycle from rewards?


@Anonymous wrote:

I'm actually pi**ed that Chase didn't report my 99.7% balance because I wanted some data points, lol.  Oh well, I just put 100% on my card this week and next statement I will wait 4 days before PIF.  Sucky 1.5% rewards but thankfully only a $500 toy card limit so I am willing to lose the 0.5% from Discover (first year) to see if I can get Chase to auto CLI from max usage monthly.


I believe it will eventually report on the CRAs under "highest balance" eventually.  One time I ran 6k through it but it only reported my $10 statement but a month later the 6k was reflected in the "high balance" column.

 

The only creditors I have that never report my true highest balances are Citi and Discover.

Message 9 of 9
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