Is Credit One just bad at reporting to the bureaus?

[frankjaeger]

I'm post BK and trying to rebuild my credit. I have a Credit One card that I've been using and paying off in full every month, but it doesn't seem to be reporting correctly.

For example: month one my balance was $86 when the statement cut and that balance reported to the bureaus. I paid it in full and then the next month I charged another $80, and when that statement cut, paid it in full. The next month I charged $60 and the statement cut and I paid it in full.

However, it's reporting to the bureaus as "balance decrease from $86 to $80" and then "balance decrease from $80 to $60". There have been no "balance decrease to $0" reported.

Am I doing something wrong? Shouldn't it be reporting like "balance decrease from $86 to $0" followed by "balance increase from $0 to $80" followed by "balance decrease from $80 to $0" etc etc..?

[Remedios]

Credit One reports statement balance, not how much you paid. Whatever amount is on your statement is what gets reported to CRAs.

Chase is the only lender that comes to my mind that re-reports whenever balance is brought to $0.00. 

[Anonymous]

They are reporting the statement balance which is pretty much industry standard. If you want them to report $0 you need to pay the balance before the statement cuts.

[frankjaeger]

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@Remedios wrote:

Credit One reports statement balance, not how much you paid. Whatever amount is on your statement is what gets reported to CRAs.

Chase is the only lender that comes to my mind that re-reports whenever balance is brought to $0.00. 

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So is that good or bad for my credit? Is it better to be constantly reporting a balance or should it be occasionally reporting $0?

[Iusedtolurk]

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@frankjaeger wrote:

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@Remedios wrote:

Credit One reports statement balance, not how much you paid. Whatever amount is on your statement is what gets reported to CRAs.

Chase is the only lender that comes to my mind that re-reports whenever balance is brought to $0.00. 

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So is that good or bad for my credit? Is it better to be constantly reporting a balance or should it be occasionally reporting $0?

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Could be bad or could not be bad it all depends on your utilization. You want to keep util under 30% or ideally under 10% for best results.

Util example- If you have one card and your balance is:

100 on a 1000 credit limit you are using 100/1000 = 10% util

500 on a 1000 credit limit you are using 500/1000=50% util

You didn't list your credit limit so take for example if its 400

80 on a 500 cl is 80/400 = 20% not bad

160 on a 500 is 160/400 =40% bad

Also ideally you want 3 revolving accounts so that 2 cards report ZERO balance and one reports a small balance to get maximum credit points.

You also need 1open installment loan to get points for CREDIT MIX.

Here's a fantastic post I consider a Must Read to help you along your journey:

Credit Primer