@bass_playr wrote:So I understand that credit card companies update once a month on your balance, etc. What I'm trying to figure out is that last month I paid down about $12K in CC balances. None of these payments have shown up on MF yet. However, I get daily updates if I spend on any of my cards. I was hoping that the payment updates would have shown up at the end of January but so far none of them have. Three cards, two Cap One and one Discover. Not sure when they send their monthly updates. But I find it strange that while they have not shown the payment updates, I'll get a notification if I put $80 in gas in my truck on a card. I used a card twice in the last 3 days and both times, within a day or two, I have a notification on my MF telling me that the balance increased, with a corresponding drop in credit score of a couple points.
Payments were all made on 1/17. The CC companies do show the payments were received and the balances are reported correctly when I go to my accounts on them. But they never updated on my credit report. Weird. I paid my usage down to 11% and according to the latest alerts on MF I'm at a combined total of 84% on those 3 cards still. Any thoughts from those in the know more than I am ?
It's hard to tell from your post what the problem is.
If you get alerts from your lenders when you incur charges, that's between you and them. It has nothing to do with your credit reports.
Your payments wouldn't "show up" on MyFICO.
Usually the lender reports your balance once a month to the credit bureaus. Most lenders report the statement balance, with some exceptions.
As to when your updated reported balances would "show up on MyFICO" that depends on where on MyFICO you're talking about. If you pull a report from MyFICO, your current reported balances would be in the report.
MyFICO alerts do NOT tell you about balance updates from when you make a payment or a charge. When a MyFICO alert informs you that a balance has increased or decreased, they mean that the once-per-month reported balance has changed from what it was on that account in the prior month.
The only lenders of which I am aware which regularly report more than once per month are Synchrony and Chase. Chase reports whenever you pay your balance down to zero. Synchrony sometimes reports randomly.
If you tell us which lenders you are talking about, we can probably tell you when those lenders report.
@bass_playr wrote:So I understand that credit card companies update once a month on your balance, etc. What I'm trying to figure out is that last month I paid down about $12K in CC balances. None of these payments have shown up on MF yet. However, I get daily updates if I spend on any of my cards. I was hoping that the payment updates would have shown up at the end of January but so far none of them have. Three cards, two Cap One and one Discover. Not sure when they send their monthly updates. But I find it strange that while they have not shown the payment updates, I'll get a notification if I put $80 in gas in my truck on a card. I used a card twice in the last 3 days and both times, within a day or two, I have a notification on my MF telling me that the balance increased, with a corresponding drop in credit score of a couple points.
Payments were all made on 1/17. The CC companies do show the payments were received and the balances are reported correctly when I go to my accounts on them. But they never updated on my credit report. Weird. I paid my usage down to 11% and according to the latest alerts on MF I'm at a combined total of 84% on those 3 cards still. Any thoughts from those in the know more than I am ?
MF is the slowest updating and not what you should probably be relying on if you want prompt updates.
Capital One's creditwise will do a daily pull of your TU when you open it, alongside a free daily TU report from TU themselves if you request it through their service center
Experian should do a daily check afaik
myEquifax has a $5/month plan for a daily credit report
the advantage with the above services over myFICO is that they will show you your full report, so you can see when/how balances have been reported/changed/updated
when you get a myFICO update, it's just a score update and not a complete picture of everything that might have changed
that's not to say myFICO is bad to have, but to only be using myFICO will leave you pretty blind most of the month while you're waiting for your monthly update
@bass_playr wrote:Thanks for responding.
"
It's hard to tell from your post what the problem is."
My concern is this. I get multiple updates from MyFico alerts throughout the month--not just one per month, but multiple alerts, telling me my revolving credit usage has increased. But when I paid $12K spread across 3 cards to drop my balances and usage down, I never got any alerts from that. All three cards show the payments made, all credited to those accounts on 1/17.
The issue is this--these creditors are reporting to the bureaus multiple times per month about account balance increases. I'll give you some examples--again, this is all contained in my MyFico alerts.
1/19, TU and EQ reported card balance increase of $126 on Discover
1/21, TU and EQ reported increase of $207 on Discover.
1/22, EX and EQ reported balance increase of $251 on Discover.
1/24, TU and EX both reported balance increase of $318 on Cap One.
2/6, TU and EQ both reported increase of $547 on Discover . EX reported increase of $80 on Discover
2/7, TU reported payment of $5,216--this just happened after I started this thread. The other payments to the other 2 cards have not shown up yet.
Most of the increases are on the same card, we use it and pay it down monthly for the cash back. So, we are getting multiple reports within days from the same bureau on the same account showing charges. While I know you said that doesnt happen, it sure is, as I'm looking at it right now.
"Your payments wouldn't "show up" on MyFICO."
But they do. I get the alerts as reported by the Bureaus, which can only get updates from the creditors as far as I know.
"
Usually the lender reports your balance once a month to the credit bureaus. Most lenders report the statement balance, with some exceptions."
That was my understanding as well, which is why I'm asking about this because the MF alerts show multiple entries within days on the same exact card.
As you probably gathered by now, Discover and Cap One are the card companies.
I've never heard of anything like that.