@KeithW wrote:I paid off a couple of cards 3 business days ago and they both reported for the month today, but are showing the old balance and not the current paid off balance. Is that normal to have several days of lag like that?
Yes. It all depends on the close date, not when it shows up on your report. It may not show up until the next time the lender reports.
There are a few cards that will update off cycle when paid to $0. However, most cards report once a month and your payment may have posted after the cut off. Although reported a few days after paying them off, if for example your due date is the 10th and your close date is the 14th, some cards will update and report activity somewhere between and/or up to your close date, but not all do this.
My due date on one card is the 20th, the statement close date is the 23rd and shows up on EX around the 27th, TU around the 29th and EQ around the 30th. The day it shows up is somewhat irrelevant and not guaranteed but the due date and statement close date should be the same each month. I say somewhat irrelevant since if you're apping and the account hasn't reported or been updated by a CB by the time then it is not included in the review or your score if it causes a change. If I made a charge or payment on the 22nd for this card since the statement date/close date is the 23rd, that activity will show up when reported "as of the 23rd". This is not the same for all of my cards.
How much time and whether activity after the due date and before or by the statement close date may vary per lender. You kind of need to figure this out for each card if you need or want a certain balance to be reported. You already know your due date. Your credit report will show the "balance reported as of" date. Learn these for each card as well as the up to what date you can make a payment or charge before the statement close date and it be reported as of close date. Again, when it shows up on your report may vary. For me, the same account will show up on my report on different days per my example above. Has nothing to do with when it was reported by the lender. But "balance as of" date is the same.
https://www.creditkarma.com/credit-cards/i/credit-card-companies-report-credit-bureaus/
Although the link is from a CK article, it applies across the board.
Am I understanding that you're expecting WF to report your $0 off cycle? When does this account normally report monthly?
I have 2 cards with WF and they have never updated off cycle for me when paid to $0. WF is not a known creditor to do off cycle reporting. I don't think they even oblige when you ask as done sometimes when people are apping for something and want's the $0 balance to be reflected before their credit is pulled.
