cancel
Showing results for 
Search instead for 
Did you mean: 

Creditor says they reported, but none of the bureaus updates balance. What to do?

Superduper2014
Frequent Contributor

Creditor says they reported, but none of the bureaus updates balance. What to do?

Hello guys, 

 

I paid off a full balance on my wells fargo credit card before the statement closed.

It posted correctly before next stetement was cut and according to their credit specialist that I requested to speak to, they reported the new zero balance on the 7th of April. 

Unfortunately, as of today April 12th there is NO balance update on any bureaus. 

I need to figure out what to do in order to get this to show up on my Transunion at least, since I need to apply for a new card that pulls TR. 

Would going online and creating a dispute with TR stating Wells fargo has not updated the balance to zero help me expedite this or it will be worse to do this?

 

Also, I have a Capital One offer in one of my cards that I wanted to take and today is the last day it is available online. 

I wonder if Cap one looks at your credit report before sending you any money for bal transfers assuming you request a check to deposit in your bank account.

I want them to see the updated report of the huge payment I made to wells fargo, but it seems that on a Sunday I have zero chance that any bureau will update the reports apparently?

 

Any insight appreciated. Thanks

14 REPLIES 14
AllZero
Mega Contributor

Re: Creditor says they reported, but none of the bureaus updates balance. What to do?

@Superduper2014  What CMS Credit Monitoring Service are you using? Is it real time? Is it weekly or daily updates?

 

$1 you can obtain your 3 bureau FICO 8 reports at Experian.com or creditchecktotal.com. Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

Free credit reports (disregard the VantageScore 3.0 score) at:
creditkarma.com for weekly TU and EQ
wallethub.com for daily TU

Message 2 of 15
Superduper2014
Frequent Contributor

Re: Creditor says they reported, but none of the bureaus updates balance. What to do?

thanks for the reply 

 

I am subscribed to Experian which allows you to update every day and provides real fico. 

 

I am also subscribed to Transunion and they allow the daily updateb, but vantage score. 

 

Basically I just want to update. I know the update will bring my ultilization down and my scores will be up. 

 

Not sure what to do. 

 

 

 

 

Message 3 of 15
AllZero
Mega Contributor

Re: Creditor says they reported, but none of the bureaus updates balance. What to do?

I wouldn't recommend disputing just yet. Maybe it just takes time for the update?

 

Experian usually is the quickest to update after the close date. TransUnion and Equifax lags behind, allow up to 1 week.

Message 4 of 15
AllZero
Mega Contributor

Re: Creditor says they reported, but none of the bureaus updates balance. What to do?


@Superduper2014 wrote:

Also, I have a Capital One offer in one of my cards that I wanted to take and today is the last day it is available online. 

I wonder if Cap one looks at your credit report before sending you any money for bal transfers assuming you request a check to deposit in your bank account.

I want them to see the updated report of the huge payment I made to wells fargo, but it seems that on a Sunday I have zero chance that any bureau will update the reports apparently?


If this is a BT offer on your current Capital One card, I think you should be okay. However, I'm not familiar with BT check to deposit into bank account. Hopefully, more experienced members can advise.

Message 5 of 15
Superduper2014
Frequent Contributor

Re: Creditor says they reported, but none of the bureaus updates balance. What to do?

The credit bureaus have not updated zero balance yet!! I have been on the phone for 1hr just waiting to get someone on the line but they are not even picking up, to find out why they haven't updated. 

 

I am starting to think this is Wells Fargo's fault and not he bureause since it has been a while now.

 

Isn't this unusual? usually everything gets updated on time when creditors report. 

Message 6 of 15
AllZero
Mega Contributor

Re: Creditor says they reported, but none of the bureaus updates balance. What to do?


@Superduper2014 wrote:

The credit bureaus have not updated zero balance yet!! I have been on the phone for 1hr just waiting to get someone on the line but they are not even picking up, to find out why they haven't updated. 

 

I am starting to think this is Wells Fargo's fault and not he bureause since it has been a while now.

 

Isn't this unusual? usually everything gets updated on time when creditors report. 


Very odd indeed. I would imagine it's all automated. Maybe it's on Wells Fargo side if all 3 of the bureaus have not updated.

Message 7 of 15
Superduper2014
Frequent Contributor

Re: Creditor says they reported, but none of the bureaus updates balance. What to do?

Again today no update on balance on any bureau. 

Called Wells fargo again, they said they will submit a form for reporting the zero balance but it will take whatever time. 

I started online disputes with all three bureaus and submitted the statement showing zero balance. 

 

I have been also trying to get transunion on the phone, but the wait time has been more than 1 hr and then I just give up. 

 

Not sure what else to do OR if the disputes I started for incorrect balance will affect my credit card application with US Bank. 

They sent me a mailer with an offer for a credit card with 2 yrs of zero APR. I may just try and apply today anyway. Thoughts?

Message 8 of 15
AllZero
Mega Contributor

Re: Creditor says they reported, but none of the bureaus updates balance. What to do?


@Superduper2014 wrote:

Again today no update on balance on any bureau. 

Called Wells fargo again, they said they will submit a form for reporting the zero balance but it will take whatever time. 

I started online disputes with all three bureaus and submitted the statement showing zero balance. 

 

I have been also trying to get transunion on the phone, but the wait time has been more than 1 hr and then I just give up. 

 

Not sure what else to do OR if the disputes I started for incorrect balance will affect my credit card application with US Bank. 

They sent me a mailer with an offer for a credit card with 2 yrs of zero APR. I may just try and apply today anyway. Thoughts?


@Superduper2014  I don't know what your current reported utilization, inquiries, or new accounts are. It's best to have your profile optimized before applying for credit. So perhaps wait if your utilization is high?

Message 9 of 15
Superduper2014
Frequent Contributor

Re: Creditor says they reported, but none of the bureaus updates balance. What to do?

I was thinking the same. 

I also am trying to apply as soon as possible since you never know if the economy will tank further and it will be harder to get new cards. 

I am at 29% utilization right now and only one inquiry in the past 12 months. 

 

How do I get my Transunion Fico score? US bank pulls TR and I only was able to get the vantage score when signing up to TR trueidentity. NOt sure why they don't give a real fico. 

Message 10 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.