@rebound2014 wrote:Okay... so for several months I've also been receiving these invitations in the mail. I never paid them much attention since the contents smelled of just another CFA. That is, until I recently came across this thread and began to give it a closer look. And wouldn't you know it, low and behold, I received yet another invite in todays mail haha.
So I noticed that Gidgets loan reported almost immediately... If I followed correctly, her timeline looked like this:Applied: 5/31
Funded: 6/2
Reported to TU: 6/4
Yet, James has yet to see the loan reported and his data points were as follows...
Applied: 5/16
Funded: 5/18
Reporting To CRA: None to date...
Statement: 6/5 <---- which one would assume this date would have been the time for GS to actually report the new TL, right?
Due Date: 6/20
It's my understanding that the customer still chooses their own due date here... pretty stock for most unsecured PL's or auto-loans.
So my question... do we know what GidgetsMom chosen due date was? And if THIS is the reason her's reported so quickly? Just trying to figure out if there's a formula for controlling the reporting of the new account w/our new friend, Marcus
I did not request a different date or change my due date. I was given the 30th of June as my first due date by Marcus. I'm not sure why mine reported so quickly. I'm pretty sure I saw a post from James that his reported within a week of mine.
Yep, you're absolutely right. I found it buried on page 4... looks like it reported the day after yours did. June 5th. Which makes me wonder... are these monitoring reports of a new account (which for me TU is the worst on updating) or were these discovered via SP/Backdoor report checks in real time?
Ex: I use My Privacy Matters to access daily SP's and view reports, as needed.
@jamesdwi wrote:I get myfico alerts as well as use creditkarma and credit sesame.
Okay. Me too. But even with the delayed TU updates, 2-3 weeks would still be an excessive delay for myFICO to pick up on it. Speaking for myself, I tend to find that TU usually runs about 4-5 days behind EX/EQ both here on MF and my SP access elsewhere.
This makes me wonder if GS might report all new acounts for the preceding month around the 1st of the following month. Stockpile and then do a single reporting to CRA's, perhaps there's some cost-reduction benefit to them for doing such? Pure theory/speculation, clearly I wouldn't know how any of THAT works w/regard to contracts. And since they are brand new to retail banking, there is no way to know their habits for certain.
Still, with your apps being [roughly] 2 weeks apart, yet being picked up on by monitoring within 24 hrs of each other? That's still just.. odd.
Basically here's what I'd be looking to do, if plausible...
I could definitely stand to benefit from their offer and would utilize it to consolidate CC debt (although I would not note that in my app), as well as refinancing 80% of my remaining balance on a Disco PL that is set at an insulting rate, I want enough to reduce util and still provide 2 full years of history (March 2018) on the account before it's PIF.
I was also planning to join PenFed next month. Just trying to figure out if there's a way to polish my reports even more for PenFed (further reduction of util - both revolving & installment) and then pull the trigger there before GS reports the new TL. So, I would take out 25K and immediately pay that back down to 75% util.. the rest would go to existing debt. And my fear is that this plan of action (if the new account reported beforehand) might risk my being classified as an Egyption w/PenFed - whereas I see it as cost-effective debt management by reducing rates 66%-75% across the board, and enabling me to wipe it all out in half of the time. Regardless, I don't want to miss an opportunity to get in w/PF this Summer.
Decisions, decisions... complicated by speculation. 
