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Well, my question to that end would be if you paid off a large balance and they don't report in the $0 balance, it has a ripple effect. Your credit score doesn't improve and your credit appears to be worse than it actually is. That seems unfair. That being said, is there any advantage for creditors to not report in a $0 balance?
@mikesonthemend wrote:I just read on another thread that Sychrony only reports $0 balances on a qurterly basis, and >$0 monthly.
Is this to be expected from any other creditors?
Thanks.
That's not true.
Lol Synchrony sometimes reports multiple times a month.
@Anonymous wrote:Well, my question to that end would be if you paid off a large balance and they don't report in the $0 balance, it has a ripple effect. Your credit score doesn't improve and your credit appears to be worse than it actually is. That seems unfair. That being said, is there any advantage for creditors to not report in a $0 balance?
Not really sure what you mean by this above. Most creditors (outside of Chase being the most common) do not report a $0 balance just because a large balance is paid off. Most report the statement balance. If one pays off an account and doesn't make any further charges, sure, that $0 balance will report come the statement closing date. If other charges are made however, the statement balance is likely what is going to get reported, not the $0 balance that was in place temporarily.
I sent a message to BBVA Compass and they said they only report in once every 3 months unless you do something bad like make a late payment, etc. So if you pay off your balance, you will have to not use that card for up to 3 months in order to get your fico score to reflect that. That's ridiculous!!
@Anonymous wrote:I sent a message to BBVA Compass and they said they only report in once every 3 months unless you do something bad like make a late payment, etc. So if you pay off your balance, you will have to not use that card for up to 3 months in order to get your fico score to reflect that. That's ridiculous!!
Yeah that’s not true. They report every month like clockwork. I wish they didn’t report this month because they took too long to post my charges and cut my statement before I could make my payment as a result.
Wow, isn't that something? My own creditors don't even know how often they report in. I bet I could get 3 different answers if I talked to 3 different cust support reps.
@Anonymous wrote:Wow, isn't that something? My own creditors don't even know how often they report in. I bet I could get 3 different answers if I talked to 3 different cust support reps.
Yeah when I first got approved for the card, I called and asked when they would report it to the bureaus because BBVA only gave me a $2K limit. They said 90 days... day 40 I got the alerts.
Synchrony did not report my zero balance this month to TU. They reported it to EX and EQ. I called and asked if they can report and they said they did and if it didnt show up its not them its TU. I checked my report directly with TU and they did not report. This is screwing up my utilization in prep for an app.
I also got the "no statement for you because of zero balance". This is the first time I had a zero balance with them so I think they could/should only not cut a statement when you have consecutive months. So now I don't have a statement with my last payment. Seriously hope that doesn't come back to bite me. Synch really does run their operation like a community theater play, sometimes.
@Anonymous wrote:Lol Synchrony sometimes reports multiple times a month.
Yes, when your balance increases! When your balance lowers they are slow at best. Pay off your balance tomorrow and see how quick it updates.