HOW IS THIS POSSIBLE

[Anonymous]

I paid off all my credit cards in the middle of August including my FP account.. The payment is due on the 2nd of the month and showed a zero balance.

This was reported at the end of the month to show zero being owed. Last night I had a zero balance. This morning when I happen to check the account it

has a $6.00 charge on it which is their monthly fee. So I logged into Experian and low and behold, the $6.00 balance is showing on Experian.

how the heck would this even be possible. I thought they updated once a month. this would seem to indicate they are pulling your exact balance

on the day the report is pulled.

[GregB]

Virtually all CC report once a month and report the statement balance. There are a few that report at the end of the month. If there is a monthly fee, I would expect that to be charged at the time the statement is generated. Is it? What is your statement date?

Sometimes, a CC will update an extra time but that is normally for an unusual event like a CL increase/decrease. I can't see it is likely that a CC will update more than once a month.

Payment due date is irrelevant.

The CC updates the CRA and the CRA uses that info in any reports until the CC updates that info.

[Anonymous]

I came up with a simple solution for that problem several months ago. I just pay a dollar or two more than the monthly fee amount when I PIF.

So if the balance was $50.00, I would pay 50 + 7 +  2 (the 2 is extra in case of $1 minimum finance charge). So that leaves maybe a balance of -1.

It's also a good idea to PIF a few days BEFORE the due date.

All of this FORCES them to report balance of 0

[Anonymous]

I think I am not being clear in  my original post so I will try again.

I paid this account in full mid aug and the PIF date is Aug 28. On 9/2 the account posted to my CR and showed a zero balance. Ok cool and the next update shouldnt be until around 10/3 right?

Well when I logged in today and saw the new $6 charge, I also updated report (Ihave unlimited reports with EX) and low and behold there is the $6.00 balance.

how is that possible since it was just updated on the CR a few days ago

[GregB]

Payment due date is still irrelevant to FICO.

What is your STATEMENT date? What does it show for a balance? Is the monthly fee on the statement?

We are trying to figure out if the CCC reports the statement balance or on a fixed day of the month.

[Anonymous]

ok I figured it out. The statement date is Sept 5 so in that same time the fee posted and it was reported to the CR. I was thinking FP updates CR at the end of the month but they do not.

Thanks everyone

[Booner72]

Oh I'll tell you how it's possible.  That is the monthly fee that First Premier charges you - and they charge it on the date the statement is cut.  The only way to get your First Premier account to report a zero balance is to push a payment through via online banking or mail in a check way in advance.

They are sneaky snakes in the grass.

I went through this exact same problem in June/July when I was trying to get all but 1 card to report a zero balance.  i was so furious and anxious!

Good Luck!!

[Anonymous]

This is just one of the reasons why folks are anxious to close FP accounts as soon as they are able to get into a better account with better manners. 

[Booner72]

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@aleicgrant wrote:

I think I am not being clear in  my original post so I will try again.

I paid this account in full mid aug and the PIF date is Aug 28. On 9/2 the account posted to my CR and showed a zero balance. Ok cool and the next update shouldnt be until around 10/3 right?

Well when I logged in today and saw the new $6 charge, I also updated report (Ihave unlimited reports with EX) and low and behold there is the $6.00 balance.

how is that possible since it was just updated on the CR a few days ago

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Are you sure that your EX report had the zero balance on 9/2/11, but today 9/6/11 EX showed $6.00 ??  Are you saying that they reported August's activities twice for September?

[creditgambler2018]

what is a FP account?