MBNA Credit Card Reporting Mid-Cycle
Author: shan
Posted: Thu Aug 24, 2006 1:59 pm
Post subject: MBNA card reporting mid-cycle
My BOA/MBNA amex rewards card is already reporting to CBs and my cycle doesn't end til the 11th. My first cycle ended about a week after I got the card. I paid in full as soon as I got the statement. That balance was reported to CB, but it changed today. Now they have my current balance listed. Is it common for them to report 2x month or more?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Thu Aug 24, 2006 2:04 pm
Post subject: Re: MBNA card reporting mid-cycle
Quote:
"shan"
My BOA/MBNA amex rewards card is already reporting to CBs and my cycle doesn't end til the 11th. My first cycle ended about a week after I got the card. I paid in full as soon as I got the statement. That balance was reported to CB, but it changed today. Now they have my current balance listed. Is it common for them to report 2x month or more?
I made 5 payments to CAPITAL ONE (in one month) and the CRA's were updated 5 times
The credit card companies can update at any time ALTHOUGH they usually update in the fist 5 days of the month or in the first 5 days AFTER the statement date
I have had them UPDATE after a large BT
But they won't always UPDATE after a large payment
Author: shan
Posted: Thu Aug 24, 2006 3:26 pm
Post subject: MBNA Credit Card Reporting Mid-Cycle
I made a payment on the MBNA website last night for the total balance so maybe that has something to do with it then. Of course they probably won't update with the $0 balance. That stinks! I was trying to time everything perfectly so that my balance would be low at the end of my statement. Thanks for the info mouse!
Author: maddybeagle
Posted: Thu Aug 24, 2006 3:32 pm
Post subject: MBNA Credit Card Reporting Mid-Cycle
MBNA doenst normally report but once per month based on my tracking.....I believe that they will report more frequently if you use the bill pay to make a large payment out or make a large purchase (somewhere greater than 2-3K). I get around this by making smaller bill pay payments out over several days and havent had it report.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: shan
Posted: Thu Aug 24, 2006 6:16 pm
Post subject: MBNA Credit Card Reporting Mid-Cycle
I haven't made any large purchases or payments out...all I did was pay my balance which was only $260. I don't understand why they reported it.
Author: Polonius
Posted: Thu Aug 24, 2006 9:02 pm
Post subject: MBNA Credit Card Reporting Mid-Cycle
MBNA and Bank of America are merging their systems. The reporting date could have changed for your particular account; the procedures could have changed; the policies could have changed. I've also noticed that Capital One seems to report each change in my accounts now at once, so I assume that it's doing the same for everyone. Don't think that it's personal. Perhaps those banks just report all balances each week or each day now, so of course all changes in your balances show up quickly. It's no big deal for banks to do that with the computer technologies of today.
And there's nothing to be done about it either. It makes the credit reports more accurate after all, even if that closes a loophole we've been using to our advantage...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Aug 24, 2006 1:59 pm
Post subject: MBNA card reporting mid-cycle
My BOA/MBNA amex rewards card is already reporting to CBs and my cycle doesn't end til the 11th. My first cycle ended about a week after I got the card. I paid in full as soon as I got the statement. That balance was reported to CB, but it changed today. Now they have my current balance listed. Is it common for them to report 2x month or more?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Thu Aug 24, 2006 2:04 pm
Post subject: Re: MBNA card reporting mid-cycle
Quote:
"shan"
My BOA/MBNA amex rewards card is already reporting to CBs and my cycle doesn't end til the 11th. My first cycle ended about a week after I got the card. I paid in full as soon as I got the statement. That balance was reported to CB, but it changed today. Now they have my current balance listed. Is it common for them to report 2x month or more?
I made 5 payments to CAPITAL ONE (in one month) and the CRA's were updated 5 times
The credit card companies can update at any time ALTHOUGH they usually update in the fist 5 days of the month or in the first 5 days AFTER the statement date
I have had them UPDATE after a large BT
But they won't always UPDATE after a large payment
Author: shan
Posted: Thu Aug 24, 2006 3:26 pm
Post subject: MBNA Credit Card Reporting Mid-Cycle
I made a payment on the MBNA website last night for the total balance so maybe that has something to do with it then. Of course they probably won't update with the $0 balance. That stinks! I was trying to time everything perfectly so that my balance would be low at the end of my statement. Thanks for the info mouse!
Author: maddybeagle
Posted: Thu Aug 24, 2006 3:32 pm
Post subject: MBNA Credit Card Reporting Mid-Cycle
MBNA doenst normally report but once per month based on my tracking.....I believe that they will report more frequently if you use the bill pay to make a large payment out or make a large purchase (somewhere greater than 2-3K). I get around this by making smaller bill pay payments out over several days and havent had it report.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: shan
Posted: Thu Aug 24, 2006 6:16 pm
Post subject: MBNA Credit Card Reporting Mid-Cycle
I haven't made any large purchases or payments out...all I did was pay my balance which was only $260. I don't understand why they reported it.
Author: Polonius
Posted: Thu Aug 24, 2006 9:02 pm
Post subject: MBNA Credit Card Reporting Mid-Cycle
MBNA and Bank of America are merging their systems. The reporting date could have changed for your particular account; the procedures could have changed; the policies could have changed. I've also noticed that Capital One seems to report each change in my accounts now at once, so I assume that it's doing the same for everyone. Don't think that it's personal. Perhaps those banks just report all balances each week or each day now, so of course all changes in your balances show up quickly. It's no big deal for banks to do that with the computer technologies of today.
And there's nothing to be done about it either. It makes the credit reports more accurate after all, even if that closes a loophole we've been using to our advantage...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:33 PM
0 Comments:
Post a Comment
<< Home