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Delay in Balance Update

KeithW
Frequent Contributor

Delay in Balance Update

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?

EQ701 TU708 EX687
Message 1 of 6
5 REPLIES 5
Trudy
Valued Contributor

Re: Delay in Balance Update


@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.

 

 

FICO - 8: 05/07/21 AU 8 BC 8
FICO - 9: 05/07/21 AU 9 BC 9
F5,F4,F2 05/07/21 AU... BC...
Vantage 05/07/21
As of 05/01/21:
AoOA - 25Y2M | AoYA – 0Y6M | AAoA – 12Y0M
Open: 11 CC: (1 reporting 8.02% : 0.25% AGG UTL) | 1 PLOC | 1 MTG loan: 58.15% UTL
Closed: 1 MTG loan | 2 Auto loans | (EQ) 2 CC, (EX & TU) 1 CC
INQ: (EQ) 0/24 | (TU) 2/24 | (EX) 1/24
Message 2 of 6
Superduper2014
Frequent Contributor

Re: Delay in Balance Update

@Trudy 

 

"There are a few cards that will update off cycle when paid to $0. "

 

This is what's happening to my wells fargo credit card. They should have reported on the 7th of April as usual, but I paid it off to zero and they are still nor reporting to this day to any of the 3 bureaus. 

I called their CLI review department since their customer service team provided no help, and the lady stated she submitted a form that will be reviewed by another individual at wells fargo, that supposedly will communicate to the bureaus the updated balance. 

It probably won't work. I have started disputes with all three about incorrect balance and added my card statement to see if that works faster. 

If you know of any other way to get Wells Fargo to update this info to the 3 bureaus asap., please let me know. 

 

All wells fargo provides for credit disputes is an address you can write to:

This from wells fargo website:

You may dispute the accuracy of the information that we report to consumer reporting agencies by writing to us at Wells Fargo Credit Bureau Dispute Resolution, P.O. Box 14517, Des Moines, IA 50306-3517. Please describe the information in detail that you believe is inaccurate and provide any supporting documents with your dispute. If your dispute relates to identity theft, you will need to provide us with an identity theft report.

 

But it would be great if I can find the number for these poeple instead of wasting more time. 

 

 

Message 3 of 6
Trudy
Valued Contributor

Re: Delay in Balance Update

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.

FICO - 8: 05/07/21 AU 8 BC 8
FICO - 9: 05/07/21 AU 9 BC 9
F5,F4,F2 05/07/21 AU... BC...
Vantage 05/07/21
As of 05/01/21:
AoOA - 25Y2M | AoYA – 0Y6M | AAoA – 12Y0M
Open: 11 CC: (1 reporting 8.02% : 0.25% AGG UTL) | 1 PLOC | 1 MTG loan: 58.15% UTL
Closed: 1 MTG loan | 2 Auto loans | (EQ) 2 CC, (EX & TU) 1 CC
INQ: (EQ) 0/24 | (TU) 2/24 | (EX) 1/24
Message 4 of 6
zen25
Contributor

Re: Delay in Balance Update

I am having the same issues with Wells Fargo.

Seems they missed April cycle.

Message 5 of 6
Superduper2014
Frequent Contributor

Re: Delay in Balance Update

Yes I am furious at Wells Fargo for messing up this cycle. 

They were supposed to report on the 7th or 8th this month. 

 

They screwed up my plans. 

 

They may have done this on purpose or not. who knows. I need to get this resolved asap. 

Message 6 of 6
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