Some accounts report faster than others?

[newhis]

I usually read that after statement close it can take a few days for the information to reach the bureaus.

DW has an auto loan that reports on the 1st and the payment is on the 1st. Every month it reports the balance before the payment, I guess they automatically report the balance before they process the payment. This time she was able to update her reports via CK on the 2nd, and both reports (TU/EQ) list the latest (as February 1st).

My guess is some lenders do send the information fast and others take some time, right? or I understand that backwards, I mean, lenders do report but bureaus sometimes take a couple of days to update the information?

Back to the auto loan. As it is today, it will report $0 balance 1 month after it is already paid, unless she pays a few days before due (like the 28th), then they will report $0 a few days later (on the 1st). Is there any advantage to move the payment day a few days early? I think will only help her when the balance jump a threshold, it will be 1 month early, nothing big, right?

[Anonymous]

I think your thought process on this is correct, it will only help her reported balance on the loan (and thus utilization) by getting it to cross any threshold(s) 1 month sooner.  As you said, no big deal really.

I think the delays can be a combination of the two factors you suggested here, the lender reporting and the bureaus updating.

I've got a few accounts that seem to do this as well if I pay ON the due date, so I tend to pay 3-4 days ahead of the due date.  I set most of my autopays for the 27th of the month for accounts due on the 1st, for example.

Slightly off topic here, but I have an auto loan through Wells Fargo Dealer Services and their reporting is all over the place.  Sometimes it's early in the month, sometimes late, sometimes they even skip a month.  I think it may have to do with how I pay the account.  It's a $250/mo payment, but every month I pay $400.  Sometimes I'll pay $500, but usually $400.  As with many of these type of installment loans, overpaying simply pushes out your next payment due date because their goal is to still get the same amount of interest out of you in the long run.  My next payment due date for example isn't until 11/26/17.  I think maybe because I don't follow the typical expected pay pattern with my account that they tend to report all over the place as a result.  Just a guess though.

[Revelate]

It's a batch process for updating the bureaus, TU especially is all over the map with how quickly information gets into the dataset in my experience.  Bothered me at one point as I work around IT and even at their scale it should be more consistent but ultimately decided didn't matter.  BBS is on point regarding the paying ahead bit.

Re: WFDS, I didn't see that behavior and I prepaid a bunch on WFDS, though this was several years ago so maybe they changed?  Out of curiosity BBS what's your APR with them?  

[Anonymous]

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@Revelate wrote:

Re: WFDS, I didn't see that behavior and I prepaid a bunch on WFDS, though this was several years ago so maybe they changed?  Out of curiosity BBS what's your APR with them?  

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Ridiculously high, 6.99%.  I got approved for the loan back when my score was in the low 600's in early 2015.  I'm not a fan of WFDS at all, and in late 2015 I filed a complaint with them with the BBB because of the way they were applying payments to my account.  I wrote about this in a thread in the auto loan section last Spring that's probably buried somewhere.  Long story short, say I'd make a regular monthly payment which would bring my balance down to $10,000 (for example).  If I signed back in and made ANOTHER payment of $500, naturally it would apply the payment to my next payment meaning that a good chunk of that payment was going to interest.  Using their online system, there was no way to force the total amount of an additional payment to go to principal.  CS said that every month I had to call them right after making an additional payment and "request" that the additional payment go only to principal.  This was a 15 minute phone conversation every month because I was either told that they "can't do that" or that "any additional payment automatically goes to principal" or any other excuse until finally I was transferred to the right person that would "apply my payment to principal for me."  Problem was, using the $10,000 balance example above, say I made that extra $500 payment, my principal balance obviously should come down to $9500.  It wouldn't; it would come down to $9614 or some other oddball number proving to me that the entire payment I was making wasn't going entirely to principal.  It was basically a shady business practice that has highly turned me off from them.  I've thought about refinancing and ending my relationship with them, but I don't want to deal with a brand new account/installment loan to be honest and it's not worth the couple of hundred bucks of interest savings at this point since the loan is already half paid down and I pay usually double payments monthly give or take.

[Anonymous]

Actually Rev, here's a link to that thead from last April:

http://ficoforums.myfico.com/t5/Auto-Loans/Stay-away-from-Wells-Fargo-Dealer-Services/m-p/4542550/hi...

As I recall, I actually joined this forum because of that issue.  I notice that I joined here on 4/11/16 and posted that on 4/12/16

[Anonymous]

This is also slightly off topic but my DH's CK report shows the new Chase card we got in Jan.  However, it does not show up on mine.  Not on my Fico info either beyond the HP.    Will be curious to see how long it takes to show up.   Could be I dont get another report from CK for a week.

[Revelate]

WFDS is a simple interest loan, so any interest on the account is first paid and then the rest is applied to principal.

Other than the marginally improved interest fees, not sure I see the reason to do a principal only one?

[Anonymous]

Right, any interest that has accrued since the last payment.  If someone makes 2 payments on the same day, the first payment would cover the interest since the last payment, but the second payment would have no interest associated with it as no time has elapsed for any interest to be added.

[cashcardscore]

I know for a fact that one of my accounts sends data to the CRAs before it processes payments. I received a FICO alert but it didn't make sense. The amount on the alert is not the same as what my bank is showing.

That kind of irritates me because the amount that I paid this month wont be reported until next month.