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Discover Reported Balance 2 Within 15 Days of Having The Card

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Anonymous
Not applicable

Discover Reported Balance 2 Within 15 Days of Having The Card

My credit score has went down by 20-40 points because of a new Discover card I received. They reported it twice in one month. I received the card on July 19th and they reported the card balance twice by July 31st. My first statement date is on August 24th, so i'm confused on why it was reported twice. It even states I paid for August already. I always pay my cards off before the due date, but as you can tell I did not get a chance to do it because they randomly reported it. Is this a common thing with Discover? Can this be disputed?

Message 1 of 6
5 REPLIES 5
Remedios
Credit Mentor

Re: Discover Reported Balance 2 Within 15 Days of Having The Card

You cannot dispute "reporting" as long as it's accurate. 

 

Sometimes lenders report before the first statement as in "look here, new account". 

Sometimes they will report if AU is added.

Some wait till the first statement,  and quite a few do not even report untill second statement.

 

In any case, world is not ending, Discover will report again at the statement closing. If you cannot wait 2 weeks, use chat and ask them if they would report off cycle for you. 

If they do, whatever balance is present that day will get reported. 

I think that's completely unnecessary given how soon your next statement day is. 

 

I dont see Fico dropping by 40 points over a new account even if you went without applying for a long time, so I have to ask, where are you seeing this 20-40 range drop? 

Message 2 of 6
SouthJamaica
Mega Contributor

Re: Discover Reported Balance 2 Within 15 Days of Having The Card


@Anonymous wrote:

My credit score has went down by 20-40 points because of a new Discover card I received. They reported it twice in one month. I received the card on July 19th and they reported the card balance twice by July 31st. My first statement date is on August 24th, so i'm confused on why it was reported twice. It even states I paid for August already. I always pay my cards off before the due date, but as you can tell I did not get a chance to do it because they randomly reported it. Is this a common thing with Discover? Can this be disputed?


No it's not a common thing with Discover.


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 708

Message 3 of 6
Anonymous
Not applicable

Re: Discover Reported Balance 2 Within 15 Days of Having The Card

Of course it is not the end of the world, but it dropped me to fair instead of good. I was getting ready to get an auto loan and now I will not have the best offer I could've received. Unforunately, I cannot wait because I really need a vehicle. The main thing people are missing is credit utilization. I always keep it 1-3%. It went to 6% the first time and then 16% the 2nd time. Majority of the points dropping came from that part not the actual new line of credit. I have never had this issue with Capital one and Discover had no clue on why they report it the second time. 

 

I like Discover, but this one 100% hurt me at the wrong time. 

Message 4 of 6
randomguy1
Valued Contributor

Re: Discover Reported Balance 2 Within 15 Days of Having The Card


@Anonymous wrote:

Of course it is not the end of the world, but it dropped me to fair instead of good. I was getting ready to get an auto loan and now I will not have the best offer I could've received. Unforunately, I cannot wait because I really need a vehicle. The main thing people are missing is credit utilization. I always keep it 1-3%. It went to 6% the first time and then 16% the 2nd time. Majority of the points dropping came from that part not the actual new line of credit. I have never had this issue with Capital one and Discover had no clue on why they report it the second time. 

 

I like Discover, but this one 100% hurt me at the wrong time. 


There should be some accountability here of not applying for new credit when seeking a large loan. Lesson learned. At least it wasn't for a mortgage. 

Message 5 of 6
Remedios
Credit Mentor

Re: Discover Reported Balance 2 Within 15 Days of Having The Card


@Anonymous wrote:

Of course it is not the end of the world, but it dropped me to fair instead of good. I was getting ready to get an auto loan and now I will not have the best offer I could've received. Unforunately, I cannot wait because I really need a vehicle. The main thing people are missing is credit utilization. I always keep it 1-3%. It went to 6% the first time and then 16% the 2nd time. Majority of the points dropping came from that part not the actual new line of credit. I have never had this issue with Capital one and Discover had no clue on why they report it the second time. 

 

I like Discover, but this one 100% hurt me at the wrong time. 


 

I dont think we are "missing" anything when it comes to utilization. 

Most of us here understand the importance of individual and aggregate utilization quite well. 

I'm not trying to minimize what you feel as a "problem", but that's a self correcting issue within 10 days, or you can ask them to report off cycle, in which case it will be 2-3 days. 

 

Where are you seeing 40 point drop, and are you talking about individual utilization at 16% or aggregate?

 

 

Message 6 of 6
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