@Anonymous wrote:
@Pway wrote:
I am going to guess that all your accounts reported a zero balance and that is the reason. Remember that util has no memory and you will regain those points.
I think that might be what happened. I only have those two cards. Cap1 hasn't reported yet and the other one reported a 0 balance. The only thing with a balance right now is a loan that I have which has a $1600 balance. Does anyone know how often Cap1 reports? They told me 2-3 days after the statement cut and they haven't reported. (emphasis mine -- CGID)
Another common confusion we see a lot is equating the date that you first see a balance updating on your report with the date that the creditor reported it. That would make sense if the CRAs instantly updated their databases and your reports with the new balance as they receive it from the creditor, but this is not how it happens. The creditor reports the new balance (typically electronically) -- but it always takes at least a couple business day before the information appears on the CRA's database. Sometimes it can take much longer than 2 business days. It might tae 4, 5, 6 business days or even longer.
Here is a breakdown of the delay. I'll give you an example where a credit card company reports a new balance for an account on Sept 2.
Fri Sept 2 they report the new balance to the three CRAs.
Sat, and Sun are not business days. Neither is Monday Sept 5 since that was Labor Day. So the earliest they might start to work on processing the CC balance update is Sept 6. Give them a minimum of two business days. That means the earliest the database would get updated is Thurs Sept 8. That's the earliest, though. Let's assume that it takes them four business days. Then that means it first appears in the database on Mon Sept 12.
So already it has taken 10 calendar days before it appeared in the database -- see that?
Now there is a further possible source of delay, in the event that you are relaying on a credit monitoring service (CMS) like myFICO to pick up that change. This is the amount of time it takes the CRAs to trigger an "alert" that goes to your CMS and then the CMS has to send you an alert and then you have to see it.
All of which is to say that it can take quite a while between the date that a creditor reported it and when you finally become aware of it. You told us in your first post that the statement was generated on Sept 20. If CAP 1 reported it on the 21st, that was still only a couple days ago.
