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Once the new statement hits and everything reports to the bureaus (hopefully accurately), will I regain all of my lost points? Should I ask them to fix this now or just let it update naturally?
Here's what happened...I'm assuming that during Synchrony's investigation of my dispute about them reporting my replacement card as a new card, they reported my new balance. However, they failed to report that they had tripled my CL. So, it looks like I've spent double my limit. Scores dropped 30-40ish points. This is the 4th hit that I've taken bc of this lost card. Aside from it inflating my new account figure, when they reported the lost card, they reported the balance that day, which was almost 100%. I always PIF before statement cuts, so that was disappointing. Oh, wait, they also removed original payments from the new account during this investigation. They were reporting previously, but now only 2/4 are on the new account. I'm almost afraid to ask them to fix it out of fear that they'll screw something else up.
I don't believe that anything is illegal, it's all accurate info. It's just that most lenders do the upgrades/PC's so that they don't report as new.
Also, there's no law requiring that they have to report to CB's. It's all voluntary, so compaining and blaming aren't likely to catch very many bees.
Sometimes we don't always get the desired results when dealing with the Banks on such matters. lol
Thanks for your responses. Do you think that I'll regain those lost points after they send new data to the bureaus after the next statement? I'm primarily referring to the points that I lost for using all of my card's available credit.
@Anonymous wrote:
You’re right they don’t have to report. But if they do report, they must report accurately. When they replace a card, that’s not a new account, it’s not a new opening and there should not be a new date of opening.
A PC or upgrade might be arguable. A PC or upgrade might be arguable
One more time? 😂
The only thing that I would add, in the past, when 2 of my CU cards had to be replaced, one due to fraud and the other was lost, the replacement were reported as a new account. So, I would imagine some community banks or smaller or regional CUs still do this and likely is due to their internal systems, same thing happened with a couple CC upgrades. Not illegal IMO.
@Anonymous wrote:
Yeah mobile doubles things sometimes, I don’t always catch it. LOL! 😉
Just doesn’t seem right for a replacement card on the same account though, just doesn’t seem fair, doesn’t seem like it should be right.
Maybe it is legal but if it is, it shouldn’t be, IMHO. So if I lose my card, I’ve got to decide whether I want to take a new account to get a replacement card? Reset my age of the youngest revolving account and have lower scores for a year because somebody stole my card or I lost it? If it is legal they should make it illegal.
i thought about that the last time that this was brought up. someone mentioned that they didn't report their card lost for this reason. now, as the creditor, you really don't want your customers NOT reporting their card lost. this probably doesn't happen a lot, but what happens when someone loses their card and a thief goes on a spree? now, the CC company has to pay --- literally, when the customer could have at least tried to minimize their losses by reporting the lost card immediately.