What the heck? Chase reported my balance twice in the last two weeks?!

[delaney1]

Chase always reports for me a few days before the 21st statement closing date. So they did that, as I saw my balance reflected as $10 on a credit limit of $500. Well, I paid off the $10 balance on 6/29  and just got an alert from equifax that my balance changed ( it's now showing as $0)  and my score went from 686ish down two points. TU is also noting a new balance $0 and my score dropped from 675 to  663. 

Why would this happen? Any insight? Thanks in advance.

[Revelate]

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@delaney1 wrote:

Chase always reports for me a few days before the 21st statement closing date. So they did that, as I saw my balance reflected as $10 on a credit limit of $500. Well, I paid off the $10 balance on 6/29  and just got an alert from equifax that my balance changed ( it's now showing as $0)  and my score went from 686ish down two points. TU is also noting a new balance $0 and my score dropped from 675 to  663. 

Why would this happen? Any insight? Thanks in advance.

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Chase changed their policy maybe around the first of this year to explicitly that: report statement balance, but as soon as it's paid off, it'll report $0.

It's actually a nice policy to have (I abuse it shamelessly when I'm prettying my reports) but it caught me once offguard when I was trying to catch a high single card utilization limit data point, and it has caught at least one other person with the dreaded all revolving accounts reporting $0 negative.

Once known though it isn't hard to manage, it's just a shock to see the first time.

[delaney1]

Interesting. They must not be too consistent with this, haven't noticed a drop in scoring until this month and I pay it off every month.Thanks for the info.

[CreditDunce]

In general, having fewer TL's report a balance will increase your score.  But if all of your revolving lines report 0, then it will hurt your score. 

It is also possible that the zero balance triggered a score alert.  But the actual reason your score dropped is something else.

[JagerBombs89]

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@Revelate wrote:

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@delaney1 wrote:

Chase always reports for me a few days before the 21st statement closing date. So they did that, as I saw my balance reflected as $10 on a credit limit of $500. Well, I paid off the $10 balance on 6/29  and just got an alert from equifax that my balance changed ( it's now showing as $0)  and my score went from 686ish down two points. TU is also noting a new balance $0 and my score dropped from 675 to  663. 

Why would this happen? Any insight? Thanks in advance.

---

Chase changed their policy maybe around the first of this year to explicitly that: report statement balance, but as soon as it's paid off, it'll report $0.

It's actually a nice policy to have (I abuse it shamelessly when I'm prettying my reports) but it caught me once offguard when I was trying to catch a high single card utilization limit data point, and it has caught at least one other person with the dreaded all revolving accounts reporting $0 negative.

Once known though it isn't hard to manage, it's just a shock to see the first time.

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I didn't know that was the policy with Chase.  I always noticed they report statement and then it updates to $0 a couple days later, so that's good to know! 

[delaney1]

After thinking about it, I know what happened. I recently got a new card, so haven't been using my Chase card. Usually there are additional purchases to buffer me from hitting a zero balance after I pay off the statement balance. I've been using the new card, so no buffer. Chase is going in the SD with a recurring charge. It's my oldest account (20 years!), so I'm hanging on to it.

[NY2014]

Chase always report a day or two after my due date on my (CSP)  it updates again after final statement cuts I always pay down to $0 balance , one time i had a pending charge not posted yet but i already paid off a day before the statement cut off, i got an alert on my credit report balance change $18 score increased  5 points. and your right Revelate. I acually  like it...

[Anonymous]

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@Revelate wrote:

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@delaney1 wrote:

Chase always reports for me a few days before the 21st statement closing date. So they did that, as I saw my balance reflected as $10 on a credit limit of $500. Well, I paid off the $10 balance on 6/29  and just got an alert from equifax that my balance changed ( it's now showing as $0)  and my score went from 686ish down two points. TU is also noting a new balance $0 and my score dropped from 675 to  663. 

Why would this happen? Any insight? Thanks in advance.

---

Chase changed their policy maybe around the first of this year to explicitly that: report statement balance, but as soon as it's paid off, it'll report $0.

It's actually a nice policy to have (I abuse it shamelessly when I'm prettying my reports) but it caught me once offguard when I was trying to catch a high single card utilization limit data point, and it has caught at least one other person with the dreaded all revolving accounts reporting $0 negative.

Once known though it isn't hard to manage, it's just a shock to see the first time.

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Hmm ... Chase has done the zero balance reporting for me going on at least three years when balance changes after the statement cutoff reported balance. Have had Chase accounts back to 2005.

[Anonymous]

I applied for the CSP and Freedom a few months ago and left roughly a $50 balance on the days of ithem reporting. It shot my scores up and I was super happy about it!

Up until a few days ago...I paid them both off the other day to then get an email from MyFico telling me my scores had changed after the usual CC report day which confused me.

Turns out my scores all dropped like 12 points, 18 on my Experian. Loving life. I guess I will just let them both report a balance every month now to keep my scores up. Not used to this on my other credit cards, but I guess its good for people who usually have a lot of debt and want it to report quickly when paying it off.

[Revelate]

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@Spider15 wrote:

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@Revelate wrote:

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@delaney1 wrote:

Chase always reports for me a few days before the 21st statement closing date. So they did that, as I saw my balance reflected as $10 on a credit limit of $500. Well, I paid off the $10 balance on 6/29  and just got an alert from equifax that my balance changed ( it's now showing as $0)  and my score went from 686ish down two points. TU is also noting a new balance $0 and my score dropped from 675 to  663. 

Why would this happen? Any insight? Thanks in advance.

---

Chase changed their policy maybe around the first of this year to explicitly that: report statement balance, but as soon as it's paid off, it'll report $0.

It's actually a nice policy to have (I abuse it shamelessly when I'm prettying my reports) but it caught me once offguard when I was trying to catch a high single card utilization limit data point, and it has caught at least one other person with the dreaded all revolving accounts reporting $0 negative.

Once known though it isn't hard to manage, it's just a shock to see the first time.

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Hmm ... Chase has done the zero balance reporting for me going on at least three years when balance changes after the statement cutoff reported balance. Have had Chase accounts back to 2005.

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Are you referring to making a payment after statement closes but before they report?  There is a lag and I'd been caught by that once.

Now though I can have a reported balance hanging out for a week or more after it reports, pay it to $0, and trigger the mid-cycle update. That is a new change for me anyway on my Freedom.