I have a click citi line that was about 3/4 used until 2 days before my billing cycle ended (on 8/9), at which point I paid it off in full. I did this specifically so that it would show a 0 balance on my EQ report this month. As of this morning, EQ's creditwatch shows me using 3/4 of the line. I conclude that they must not have waited till the end of the statement to report. It could have been end of calander month (July), and it does say July as "Date of Last Activity." I would suspect it hadn't posted yet, except that the amount is EXACLTY what I owed 3 days ago and I owed considerably less at the end of the last cycle. Might anyone be able to advise me as to (a) how citibank posts to EQ, and (b) how I could get this changed? TIA, Dave
I always said they do this----->GEORGE'S payment for $7,000 on $7,000 due...arives at the payment processing center... GEORGE OWES $7,000...HERE IS HIS PAYMENT IN FULL...OK I PRESS THIS RED BUTTON TO SEND TO THE CRA'S HIS CURRENT BALANCE OF $7,000...WAIT...ONE, TWO, THREE SECONDS...OK IT'S THERE...NOW I IMPUT THE $7,000 PAYMENT!!!
I should clarify.. I did an ACH "pull" from their web site, so I KNOW that they received the $--wasn't a question of their not crediting it in time, as it shows paid on 8/8 on my online statement.
I don't think they have any LOGIC to their reporting...they COULD report the statement amount...the day the statement prints...on the last day of the month...or the first...OR ONLY IF SOMEBODY HAS A BIRTHDAY IN THEIR OFFICE...
I know that US Bank does this, and have mentioned it on the US Bank thread. I was very careful to pay my balance down to zero before the cycle closed because I did not want a balance reported, but they reported my month-end balance instead(my cycle closes on the 8th or 9th) They do, however, report every month, so at most it can take an extra reporting period to correct. I think I've seen it happen occasionally with other cards, but not regularly. There are a few companies that report every single month like clockwork about 3 days after the cycle closes. B of A, Chase, and First USA come to mind. Why can't every company do this?? Citi and Amex have (IMO) the most reporting issues this year, although they have superb customer service and quickly respond to complaints. But we shouldn't have to force them to report correctly, should we?
great reply, Calypso. Thank you. Is there some rule that CC companies should report after a cycle closes? Or is it just a convention? A thread adding to Calypso's information would be most useful..I assume there's no FAQ about this somewhere...? Are the rest of your experiences similar to Calypso's?
Yes. Citibank did that to me as well, even though they had been previously reporting the statement balance. On this instance, they reported the "high balance of the month". I think the CC are trying to stay a step ahead of increasingly FICO savvy consumers.
Thanks breeze and marci. marci, you have that phrase in quotes--did they actually tell you that the "high balance" is what they MEANT to report? Any pattern to when this happens?
I don't know re the pattern of how they choose when to report a "high balance". Although I didn't talk with Citi re that credit report, I simply noticed that each month the statement balance was reported without fail, except this month. The statement balance was much lower than the "high balance" but they reported the latter anyway - both as a high balance and the current balance. Go figure...
Well, something is up in Citiland, and I am disappointed. I hate to be paranoid, but this seems intentional. If CC companies can ding your FICO (while they keep their own internal scoring accurately) they might keep you *captive.* The little no-limit trick can severely impact a FICO score. So can reporting the high of the month instead of your closing balance. I use credit cards for convenience and rewards, but I am going to give my business to companies that report my info accurately. Has anyone used Planetfeedback regarding this matter?
I think the CC are trying to stay a step ahead of increasingly FICO savvy consumers. marci Of what value is a credit score when it has been artifically generated? LB 59
1*Just because it's the truth doesn't mean ypu're paranoid. 2*-3* This violates the complete accurate information reporting requirement; does it not? LB 59
You can dispute your balance with equifax as incorrect balance and it is usually updated in a few days or so.. I do it all the time.. kev
