Bizarre 37 point increase

[Revelate]

---

@Anonymous wrote:

---

@NRB525 wrote:

When your Discover statement prints, perhaps in the next few days or weeks, that is the time when the effect of the BT will show up on that card.

The fact that Discover shows that on your on-line account, that Discover knows you owe that to them, has no bearing on the timing of when EX or any other credit bureau gets that information. Only after Discover prints your next statement, and Discover sends their data file to EX, TU and EQ, THEN you will see the effect on your EX score.

---

I can't say I understand the logic behind this, though. Neither my Chase nor my Discover statements have printed. Yet, the balance on my Chase fell to $0 and the Discover had no change. So one card reported but the other didn't, why?

---

Chase will do a mid-cycle report of $0 if your balance hits $0.  Awfully friendly consumer reporting which I abuse shamelessly when I need to pretty up for whatever reason, started I think about a year ago?

Discover will do a midcycle report if you ask them which is probably second best all things considered, most only just report statement or end of month and you have to plan around that.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:

This morning I logged in to check my Experian score (which I get updates on almost daily). After about 14 days of literally no change (was at 775 every day), this morning I saw a 37 point increase to 812.

Naturally I wanted to see how this could have possibly happened. So I dug into the details of my credit report. As it turns out, I recently did a BT from one of my cards to another. The BT completed about 4 days ago, but for whatever reason the Experian report is showing a $0 balance on both cards (the one where the balance was, and the one I transfered the balance to).

I guess when Experian looked at my profile to determine my score, that snapshot in time must have caught some weird limbo state where the balance was not being reported anywhere!

Anyways, wanted to share this experience with the community to see if anyone has anything to say about this. I fully expect my credit score to drop back down again when the BT balance actually reports on one of my cards.

---

Quick! App AMEX before the BT reports!  

---

Funny you should mention that! I actually did app and was approved for an Amex BCE a few weeks ago, but that card hasn't appeared on my CR yet. There's actually about to be a flurry of new activity on my CR:

1. New Amex card at $10k CL. This will have a positive impact on my UTI by reducing it to about 15% when the BT posts.

2. New auto loan at $30k. I have no idea how new loans factor into my credit score, aside from AAoA.

3. AAoA will probably go from 4 years to 3 years due to the new Amex and the new auto loan. Update: Actually tomorrow is May, so my AAoA decrease probably won't have any score impact. As I understand it, from a scoring standpoint, 4 years 8 months is the same as 4 years 1 month.

4. Recently closed auto lease that showed closed but with a balance due. I paid off this balance a few days ago, so balance should go to $0 soon. Not sure if this actually has any impact on my credit score or not.

So yeah, it will be interesting to see what the net effect of all this is.

I thought about using the opportunity to apply for another card, but really the only one I want is the Chase CSR, butI currently don't have the spend ability to get the bonus, so I'm going to wait.

---

I had posted that as a rather tongue-in-cheek comment, as AMEX was the only EX puller I could think of off the top of my head...but thinking about it further, I think BOA also pulls EX, if you've ever thought about their product line at all? *shrug*

[Anonymous]

---

@Revelate wrote:

Discover will do a midcycle report if you ask them which is probably second best all things considered, most only just report statement or end of month and you have to plan around that.

---

First I heard that Discover offers this -- what's the walk thru to getting them to force a $0 mid-cycle?  Call, secure message, chat?

Not expecting to need it but would be nice to keep noted in my Discover notes file!

[Revelate]

---

@Anonymous wrote:

---

@Revelate wrote:

Discover will do a midcycle report if you ask them which is probably second best all things considered, most only just report statement or end of month and you have to plan around that.

---

First I heard that Discover offers this -- what's the walk thru to getting them to force a $0 mid-cycle?  Call, secure message, chat?

Not expecting to need it but would be nice to keep noted in my Discover notes file!

---

I forget which path I used but think it was just their chat interface though I suspect any of the three methods would be fine knowing Discover's laudable customer support arm.

[Anonymous]

Great to know.  

I'm still new with Discover and am patiently waiting the third statement cut so I can change my statement date from the horrid 23rd to something that fits my schedule better (like the 10th).  Once they make that change I can't imagine needing that feature but it's a big one for someone who may want to apply for new credit or a loan mid-cycle.

[NRB525]

---

@Anonymous wrote:

---

---

---

---

2. New auto loan at $30k. I have no idea how new loans factor into my credit score, aside from AAoA.

4. Recently closed auto lease that showed closed but with a balance due. I paid off this balance a few days ago, so balance should go to $0 soon. Not sure if this actually has any impact on my credit score or not.

So yeah, it will be interesting to see what the net effect of all this is.

---

It will be interesting to see the effect of this shift, moving out of an auto lease and a new auto loan, presumably at or nearly 100% utilization.

One of the frequent thread-starters here is " I paid off my auto loan and score dropped by XX points ! ". Replacing it with a new loan may mitigate some of that, but likely needs to have some time to pay down, reduce utilization, to get back to a favorable Installment Loan effect.

I don't know if an auto lease counts as an installment loan, likely so. Doesn't seem like it could be revolving.

[medicgrrl]

I refinanced my auto loan and when the current loan showed as paid off, I dropped about 10 points. My new loan reported this week and I lost 6 more points. I have no other installment debt. As always, YMMV

[Anonymous]

---

@Revelate wrote:

---

@Anonymous wrote:

---

@NRB525 wrote:

When your Discover statement prints, perhaps in the next few days or weeks, that is the time when the effect of the BT will show up on that card.

The fact that Discover shows that on your on-line account, that Discover knows you owe that to them, has no bearing on the timing of when EX or any other credit bureau gets that information. Only after Discover prints your next statement, and Discover sends their data file to EX, TU and EQ, THEN you will see the effect on your EX score.

---

I can't say I understand the logic behind this, though. Neither my Chase nor my Discover statements have printed. Yet, the balance on my Chase fell to $0 and the Discover had no change. So one card reported but the other didn't, why?

---

Chase will do a mid-cycle report of $0 if your balance hits $0.  Awfully friendly consumer reporting which I abuse shamelessly when I need to pretty up for whatever reason, started I think about a year ago?

Discover will do a midcycle report if you ask them which is probably second best all things considered, most only just report statement or end of month and you have to plan around that.

---

Hmmm, I did not know this, but just paid my Chase Amazon VS to zero right smack dab in the middle of the billing cycle. Would love to see it report as zero!  Thanks, Revelate!

[Anonymous]

---

@NRB525 wrote:

---

@Anonymous wrote:

---

---

---

---

2. New auto loan at $30k. I have no idea how new loans factor into my credit score, aside from AAoA.

4. Recently closed auto lease that showed closed but with a balance due. I paid off this balance a few days ago, so balance should go to $0 soon. Not sure if this actually has any impact on my credit score or not.

So yeah, it will be interesting to see what the net effect of all this is.

---

It will be interesting to see the effect of this shift, moving out of an auto lease and a new auto loan, presumably at or nearly 100% utilization.

One of the frequent thread-starters here is " I paid off my auto loan and score dropped by XX points ! ". Replacing it with a new loan may mitigate some of that, but likely needs to have some time to pay down, reduce utilization, to get back to a favorable Installment Loan effect.

I don't know if an auto lease counts as an installment loan, likely so. Doesn't seem like it could be revolving.

---

Yes, my auto lease showed as an installment loan. On my EX report where the auto lease first reported as closed, I had the following changes:

1. Auto lease was closed, but still showed a balance (end-of-lease fees, which I have since paid off). I mention this because I'm not sure if a closed account with balance is treated differently than a closed account with $0 balance.

2. 1 more hard inquiry showed up

With these two changes, I lost only 6 points (791 to 785). I know a hard pull usually dings my score about 5 points, so I found it really interesting that the auto lease closing had virtually no effect. Maybe that's because I have other open installment loans?

Also, the new hard inquiry was for a new credit card, which oddly didn't register as "seeking new credit" until the next day. This resulted in another 3 point drop.

Score dropped another 7 points a few days later when some balances reported. One card went from 47% to 53% usage, which I think was the main cause of the 7 point drop. But, it could also be because the "number of cards showing a balance" increased by 1?

Anyways, it's interesting data points to me. I feel that I'm learning a lot about how credit scores are calculated. Experian helps with this because I get daily report/score updates.

[Anonymous]

Well, it's been a couple of days, and my EX score is still at 812. The BT balance still hasn't shown up on my Discover (statement doesn't cut until later this month).

This morning my new auto loan finally showed up in my report. AAoA decreased slightly as a result, but still remained in the 4 year bucket. Neither of these two changes resulted in any movement in my score. Frankly, I'm pretty surprised at this. Could it be because I already had other open installment loans (student loan and a personal loan)?

My old auto lease is still reporting as closed but with a balance. I'll have to see if my score changes at all when the balance finally reports as $0. I doubt it, because it's an installment loan so the reported balance doesn't affect my credit utilization.