I am getting dizzy......

patchespuppy · ‎01-18-2015

From my alerts...

12/27 Capital One increased from 0 to 657....ding on CR -13

12/31 Chase increased from 0 to 416...ding on CR -28

12/31 Kohl's increased from 53 to 662...ding on CR -28

1/1 Chase decreased from 416 to 0....dong on CR + 9

So why when Chase balance increased was the hit -28 but when paid off 2 days later the increase in my CR was only + 9. If they are going to ding me -28 then when it is paid off the dong should be the same.

Also...is there a time frame when creditors need to report payments? All my credit cards were paid in full within one week but nothing has been reported to the CRA or if it has...the CRA have not updated their records. When I called and asked about it they said we usually report payments within 3 to 4 weeks. So then how come you are so fast at reporting usage?

Seems the CRA are quick to ding you for using your card but really slow to show payments.

Seems system at CRA is to keep you running...and they get to take their sweet time when making it right,

sunkissed · ‎01-18-2015

Where are you getting your alerts from?

patchespuppy · ‎01-18-2015

Here.....

sunkissed · ‎01-18-2015

I’m no expert on scoring, so I’m not even going to try to explain why you’re seeing these fluctuations. I also do not use myfico for alerting, so I cannot help you out with that part either. Hopefully someone more knowledgeable will chime in.

However, I can tell you that most CCC report your balance when your statements cuts. Most, not all. The CRAs do not poll the CCCs, the CCC send the information over to the CRAs.

Anonymous · ‎01-18-2015

@patchespuppy wrote:
From my alerts...
12/27 Capital One increased from 0 to 657....ding on CR -13
12/31 Chase increased from 0 to 416...ding on CR -28
12/31 Kohl's increased from 53 to 662...ding on CR -28
1/1 Chase decreased from 416 to 0....dong on CR + 9

So why when Chase balance increased was the hit -28 but when paid off 2 days later the increase in my CR was only + 9. If they are going to ding me -28 then when it is paid off the dong should be the same.

Also...is there a time frame when creditors need to report payments? All my credit cards were paid in full within one week but nothing has been reported to the CRA or if it has...the CRA have not updated their records. When I called and asked about it they said we usually report payments within 3 to 4 weeks. So then how come you are so fast at reporting usage?

Seems the CRA are quick to ding you for using your card but really slow to show payments.
Seems system at CRA is to keep you running...and they get to take their sweet time when making it right,

While utilization has no memory and you should technically be right back where you were with the change, it rarely works that way in reality. The reason is simple. Each factor in your credit score has a different weighted impact on your score at different times. As your credit profile changes the impact of one part of your profile on your score changes.

Think of it this way. Utilization has a 30% weight on your credit score for the average user. However, hardly any of us are average. For most of us, utilization plays a higher or lower weight on our score. As our credit profile changes, the impact of utilization on our score changes. If there was absolutely no change to your credit profile between the date of the increased and decreased utilization, then your score would have bounced right back to what it was. However, even a minor change like a changed reported balance on one card, a slightly changed AAoA, or an additional inquiry or account, could potentially alter the impact the utilization factor has for you. Simply put, the algorithm behind credit scoring is complicated and unless every single factor is reverted back to its earlier stage paying off a card may end up giving you a higher or lower score than before.

Source: "These percentages [referring to the weighted percentages for each category for scoring] are based on the importance of the five categories for the general population. For particular groups—for example, people who have not been using credit long—the relative importance of these categories may be different." - http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

One other factor to consider is that not all changes to your report lead to alerts by the monitoring service. Only some changes trigger an alert. Sometimes you get a weird alert showing a balance reduction and a credit score decrease. Often this is because some other non-triggering change to your report caused the score reduction (unless you did something like let all cards report 0 balances which would also result in a score reduction. For info on alerts that trigger a recalculation read this - http://ficoforums.myfico.com/t5/myFICO-Product-Feedback/FICO-3-Bureau-Credit-Monitoring-Frequently-a...

Finally, as far as creditor's duty to report, there is no such duty. Most prime lenders report to all 3 bureaus, but some small lenders only report to 1 or even none of the bureaus.

Anonymous · ‎01-18-2015

@patchespuppy wrote:
From my alerts...
12/27 Capital One increased from 0 to 657....ding on CR -13
12/31 Chase increased from 0 to 416...ding on CR -28
12/31 Kohl's increased from 53 to 662...ding on CR -28
1/1 Chase decreased from 416 to 0....dong on CR + 9

So why when Chase balance increased was the hit -28 but when paid off 2 days later the increase in my CR was only + 9. If they are going to ding me -28 then when it is paid off the dong should be the same.

Also...is there a time frame when creditors need to report payments? All my credit cards were paid in full within one week but nothing has been reported to the CRA or if it has...the CRA have not updated their records. When I called and asked about it they said we usually report payments within 3 to 4 weeks. So then how come you are so fast at reporting usage?

Seems the CRA are quick to ding you for using your card but really slow to show payments.
Seems system at CRA is to keep you running...and they get to take their sweet time when making it right,

That -28 included the Kohl's alert and possibly something else that wasn't mentioned in the alert. Your score went down 28 points that day, not 56 points. 9 of those points were from Chase going Up and the other 19 were from Kohl's, which I would guess has a lower credit line than the Chase card and the $662 is utilizing more of the credit line than the $416 was on the Chase. Also, as I said, it may not be the whole 19 points from Kohl's but could include something that didnt cause an alert.

Revelate · ‎01-18-2015

@Anonymous wrote:
@patchespuppy wrote:
From my alerts...
12/27 Capital One increased from 0 to 657....ding on CR -13
12/31 Chase increased from 0 to 416...ding on CR -28
12/31 Kohl's increased from 53 to 662...ding on CR -28
1/1 Chase decreased from 416 to 0....dong on CR + 9

So why when Chase balance increased was the hit -28 but when paid off 2 days later the increase in my CR was only + 9. If they are going to ding me -28 then when it is paid off the dong should be the same.

Also...is there a time frame when creditors need to report payments? All my credit cards were paid in full within one week but nothing has been reported to the CRA or if it has...the CRA have not updated their records. When I called and asked about it they said we usually report payments within 3 to 4 weeks. So then how come you are so fast at reporting usage?

Seems the CRA are quick to ding you for using your card but really slow to show payments.
Seems system at CRA is to keep you running...and they get to take their sweet time when making it right,

That -28 included the Kohl's alert and possibly something else that wasn't mentioned in the alert. Your score went down 28 points that day, not 56 points. 9 of those points were from Chase going Up and the other 19 were from Kohl's, which I would guess has a lower credit line than the Chase card and the $662 is utilizing more of the credit line than the $416 was on the Chase. Also, as I said, it may not be the whole 19 points from Kohl's but could include something that didnt cause an alert.

The pink highlight is correct: in my experience when I get a couple updates at one time, I get multiple -N listed for every single one of them (or +N though I'm not that lucky); however, when I look at the actual score movements, it was only the one drop.

In this case you had two balances + possibly other stuff land, then paid one off (Chase will now update after it's been paid, I don't know of any other lender that will do that) which gained you back 9 points from either utilization or likely number of cards with balances.

Anonymous · ‎01-18-2015

@Revelate wrote:
@Anonymous wrote:
@patchespuppy wrote:
From my alerts...
12/27 Capital One increased from 0 to 657....ding on CR -13
12/31 Chase increased from 0 to 416...ding on CR -28
12/31 Kohl's increased from 53 to 662...ding on CR -28
1/1 Chase decreased from 416 to 0....dong on CR + 9

So why when Chase balance increased was the hit -28 but when paid off 2 days later the increase in my CR was only + 9. If they are going to ding me -28 then when it is paid off the dong should be the same.

Also...is there a time frame when creditors need to report payments? All my credit cards were paid in full within one week but nothing has been reported to the CRA or if it has...the CRA have not updated their records. When I called and asked about it they said we usually report payments within 3 to 4 weeks. So then how come you are so fast at reporting usage?

Seems the CRA are quick to ding you for using your card but really slow to show payments.
Seems system at CRA is to keep you running...and they get to take their sweet time when making it right,

That -28 included the Kohl's alert and possibly something else that wasn't mentioned in the alert. Your score went down 28 points that day, not 56 points. 9 of those points were from Chase going Up and the other 19 were from Kohl's, which I would guess has a lower credit line than the Chase card and the $662 is utilizing more of the credit line than the $416 was on the Chase. Also, as I said, it may not be the whole 19 points from Kohl's but could include something that didnt cause an alert.
The pink highlight is correct: in my experience when I get a couple updates at one time, I get multiple -N listed for every single one of them (or +N though I'm not that lucky); however, when I look at the actual score movements, it was only the one drop.

In this case you had two balances + possibly other stuff land, then paid one off (Chase will now update after it's been paid, I don't know of any other lender that will do that) which gained you back 9 points from either utilization or likely number of cards with balances.

Thanks for answering a question I had about the re-reporting! I've been wondering how people have been seeing a new alert after paying a card off. It's never happened to me yet.

jamie123 · ‎01-19-2015

@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@patchespuppy wrote:
From my alerts...
12/27 Capital One increased from 0 to 657....ding on CR -13
12/31 Chase increased from 0 to 416...ding on CR -28
12/31 Kohl's increased from 53 to 662...ding on CR -28
1/1 Chase decreased from 416 to 0....dong on CR + 9

So why when Chase balance increased was the hit -28 but when paid off 2 days later the increase in my CR was only + 9. If they are going to ding me -28 then when it is paid off the dong should be the same.

Also...is there a time frame when creditors need to report payments? All my credit cards were paid in full within one week but nothing has been reported to the CRA or if it has...the CRA have not updated their records. When I called and asked about it they said we usually report payments within 3 to 4 weeks. So then how come you are so fast at reporting usage?

Seems the CRA are quick to ding you for using your card but really slow to show payments.
Seems system at CRA is to keep you running...and they get to take their sweet time when making it right,

That -28 included the Kohl's alert and possibly something else that wasn't mentioned in the alert. Your score went down 28 points that day, not 56 points. 9 of those points were from Chase going Up and the other 19 were from Kohl's, which I would guess has a lower credit line than the Chase card and the $662 is utilizing more of the credit line than the $416 was on the Chase. Also, as I said, it may not be the whole 19 points from Kohl's but could include something that didnt cause an alert.
The pink highlight is correct: in my experience when I get a couple updates at one time, I get multiple -N listed for every single one of them (or +N though I'm not that lucky); however, when I look at the actual score movements, it was only the one drop.

In this case you had two balances + possibly other stuff land, then paid one off (Chase will now update after it's been paid, I don't know of any other lender that will do that) which gained you back 9 points from either utilization or likely number of cards with balances.
Thanks for answering a question I had about the re-reporting! I've been wondering how people have been seeing a new alert after paying a card off. It's never happened to me yet.

You need to learn and understand a bit about credit reporting...

CC companies usually only report to the Credit Reporting Agencies once a month.
This is called the reporting date or statement cut date and the CC company will report the current balance of your account on this day which is usually 3 to 5 days after the payment due date on your credit card statement. (So if you use your credit card in the few days after the payment due date but before the reporting date, these new charges might be included on the very next statement.)
It can take as few as 1 day to as long as 2 weeks for the CRAs to actually post this information to your report. The amount of time it takes varies month to month and CRA to CRA.
To have the lenders report a smaller balance you need to pay down the balance at least 3 days before the payment due date. You can then go back after the new statement cuts and pay the balance to zero so you won't be charged interest.

The reason your scores took a hit was the reporting of large balances in relationship to your credit line and that you had more than one credit card report a balance. You get nicked a few extra points for every credit card more than one that reports a balance.

Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20

NRB525 · ‎01-19-2015

@Anonymous wrote:
@Revelate wrote:
@Anonymous wrote:
@patchespuppy wrote:
From my alerts...
12/27 Capital One increased from 0 to 657....ding on CR -13
12/31 Chase increased from 0 to 416...ding on CR -28
12/31 Kohl's increased from 53 to 662...ding on CR -28
1/1 Chase decreased from 416 to 0....dong on CR + 9

So why when Chase balance increased was the hit -28 but when paid off 2 days later the increase in my CR was only + 9. If they are going to ding me -28 then when it is paid off the dong should be the same.

Also...is there a time frame when creditors need to report payments? All my credit cards were paid in full within one week but nothing has been reported to the CRA or if it has...the CRA have not updated their records. When I called and asked about it they said we usually report payments within 3 to 4 weeks. So then how come you are so fast at reporting usage?

Seems the CRA are quick to ding you for using your card but really slow to show payments.
Seems system at CRA is to keep you running...and they get to take their sweet time when making it right,

That -28 included the Kohl's alert and possibly something else that wasn't mentioned in the alert. Your score went down 28 points that day, not 56 points. 9 of those points were from Chase going Up and the other 19 were from Kohl's, which I would guess has a lower credit line than the Chase card and the $662 is utilizing more of the credit line than the $416 was on the Chase. Also, as I said, it may not be the whole 19 points from Kohl's but could include something that didnt cause an alert.
The pink highlight is correct: in my experience when I get a couple updates at one time, I get multiple -N listed for every single one of them (or +N though I'm not that lucky); however, when I look at the actual score movements, it was only the one drop.

In this case you had two balances + possibly other stuff land, then paid one off (Chase will now update after it's been paid, I don't know of any other lender that will do that) which gained you back 9 points from either utilization or likely number of cards with balances.
Thanks for answering a question I had about the re-reporting! I've been wondering how people have been seeing a new alert after paying a card off. It's never happened to me yet.

Chase has been reporting an account that I closed in October, every month. It has been zero since October. Just updated it again "Paid in full". November, December, January...

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765