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Negative Statement Balance Question

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Negative Statement Balance Question

I have a credit card with a negative balance, and the statement will probably close with a negative balance, because of a sizable refund from a vendor. If it matters, it's on a Chase Amazon card.

 

Do credit card companies report negative statement balances to FICO? Are negative balances SUBTRACTED from my total utilization for the period?

Message 1 of 33
32 REPLIES 32
Super Contributor

Re: Negative Statement Balance Question


@adelpit wrote:

I have a credit card with a negative balance, and the statement will probably close with a negative balance, because of a sizable refund from a vendor. If it matters, it's on a Chase Amazon card.

 

Do credit card companies report negative statement balances to FICO? Are negative balances SUBTRACTED from my total utilization for the period?


No and no. They are simply reported as zero balances.


7/31 FICO 8: EQ 751 TU 781 EX 748 Total revolving limits 713500 (592500 reporting)
Message 2 of 33
New Member

Re: Negative Statement Balance Question

Hmmm, not the answer I wanted to hear. Thanks for the quick response!

Message 3 of 33
Super Contributor

Re: Negative Statement Balance Question

Also keep in mind that some lenders will actually send you a check for the amount of the negative.  I'm not sure if Chase is one of them (Capital One is, for example) but you may receive a check in the mail.

Message 4 of 33
New Member

Re: Negative Statement Balance Question

True! Synchrony Bank has sent me checks for 11 cents for "rewards" earned on my Walmart credit card!

Message 5 of 33
Established Contributor

Re: Negative Statement Balance Question

That usually occurs when the credit has been sitting there for 30, 45, 60, 90 days etc... IMO, it is silly for them to send a check out for 11 cents. I guess if people don't cash them and they expire, the bank or company has possibly made money in the process. In either case, to avoid this, just make a purchase with the card. Which is probably the idea also... to get you to swipe and then they make money either way.    🤔

Current myFICO 3-Bureau FICO Score 8 and VantageScore 3.0 data points:



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Message 6 of 33
Established Contributor

Re: Negative Statement Balance Question

Oh yeah, welcome new member to the forum!!!    😎

Current myFICO 3-Bureau FICO Score 8 and VantageScore 3.0 data points:



“Most people work just hard enough not to get fired and get paid just enough not to quit.”
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Message 7 of 33
New Member

Re: Negative Statement Balance Question

I agree that the idea is to void the "reward" by mailing checks that get lost, tossed or uncashed, though mailing an 11 cent check presumably costs them over 11 cents. Synchrony Bank, Walmart and their infernal IBM cash-registers—a marriage made in hell!

 

Not to change the subject but, are those little badges at the bottom of many posts here showing credit scores a perk for signing up for a MyFICO package? I need to know because I'm a member of the 800+ club and I'd like to prove it to forum members. I know how I did it, have wisdom to share. My goal being here is credit nirvana—a perfect 850 score.

Message 8 of 33
Established Contributor

Re: Negative Statement Balance Question

To add a signature just click the link and go from there, but keep in mind that you have to have a certain number of posts and activity to get to be able to add it...   😎

 

 https://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/m...

Current myFICO 3-Bureau FICO Score 8 and VantageScore 3.0 data points:



“Most people work just hard enough not to get fired and get paid just enough not to quit.”
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Message 9 of 33
Moderator Emeritus

Re: Negative Statement Balance Question

For my credit card experiences no negative balance reporting. The bureaus have showed zero.
Starting Score: 000
Current Score: 850
Goal Score: 850


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Message 10 of 33
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