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Help please - HBSC reporting


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Hello all,

Can someone please help me, here is the situation.

1) orchard bank is not reporting the correct balance to the CRA - what appears in the balance is what i have spent doing the month (I pay the card off every month at the end of the month) i use is as my everday card, I have called orchard bank and they have said they report my new balance every month to the CRA and told me to call the CRA's and dispute with them and the CRA told me that I had to talk to Orchard - CRA would dispute and it would come back with wrong information again - this has been going on for 3 months.

Problem 2) I have a car loan thru HBSC since 2002, paid it off in Apr 06 1 30 late (1st they report one 30 day late back in APR of 04 tried to do a goodwill letter to them to see if they removed no luck) NOW THEY ARE REPORTING 2 30 DAY LATE AND INSTEAD OF APR 04, THEY ARE NOW REPORTING 2 LATE PAYMENTS IN JUN JUL OF 05??????? on TU, yesterday it JUN JUL of 05 AND TOAY it is NOV DEC of 05, (I have to go to my bank to get copies of the cancelled checks)

I dont know what else to do, I am in the process of getting a mortgage and this has just floored me. My score with TU was 623 and it dropped 11 points Equifax is 620 (funny has not changed) and I hate experian but they are at 593 so can someone please point in the write direction, should I call again?? send another letter is there anyone that should be speaking with other than the mangers at HBSC???? Thanks for your help as always

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Hello all,

Can someone please help me, here is the situation.

1) orchard bank is not reporting the correct balance to the CRA - what appears in the balance is what i have spent doing the month (I pay the card off every month at the end of the month) i use is as my everday card, I have called orchard bank and they have said they report my new balance every month to the CRA and told me to call the CRA's and dispute with them and the CRA told me that I had to talk to Orchard - CRA would dispute and it would come back with wrong information again - this has been going on for 3 months.

All creditors report to the CRAs on or about a specific day of each month. It is never the day immediately after the due date, because your balance would show as zero (if you pay the full balance). The creditors would rather show that you have a balance. So they report at some point mid-cycle.

Call Orchard Bank and see if you can get them to tell you what date they report to the CRAs. Then pay your whole balance a few days before that date, instead of waiting for the actual due date. This should give you a zero balance on the reports.

I believe (someone will correct me if I'm wrong) that a small utilization ratio overall is better than a zero utilization, so don't do this for every credit card. Hope this helps. Good luck!

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All creditors report to the CRAs on or about a specific day of each month. It is never the day immediately after the due date, because your balance would show as zero (if you pay the full balance). The creditors would rather show that you have a balance. So they report at some point mid-cycle.

Call Orchard Bank and see if you can get them to tell you what date they report to the CRAs. Then pay your whole balance a few days before that date, instead of waiting for the actual due date. This should give you a zero balance on the reports.

I believe (someone will correct me if I'm wrong) that a small utilization ratio overall is better than a zero utilization, so don't do this for every credit card. Hope this helps. Good luck!

Most of this is incorrect. They report when they report, without regard to what your individual balance may be. HSBC cards report on the last day of the month. I pay before then every month, and thus I get a zero balance reported. They don't fiddle with the date just to report that I have a balance.

Some report the day after the due date (like Discover, Capital One), some ON the due date (like Target) and some a week after (like Juniper). HSBC reports at the end of the month, regardless of due date. Or balance.

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Some report the day after the due date (like Discover, Capital One), some ON the due date (like Target) and some a week after (like Juniper). HSBC reports at the end of the month, regardless of due date. Or balance.

I guess they must vary, because my Discover is not reported on the day after due date. I don't have the other cards you mention, but my other cards never report a zero balance. The reporting date they chose probably has more to do with their accounting needs.

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I guess they must vary, because my Discover is not reported on the day after due date. I don't have the other cards you mention, but my other cards never report a zero balance. The reporting date they chose probably has more to do with their accounting needs.

Just because you don't see the update on your reports immediately doesn't mean they didn't report on that date. Some months it's quicker than others. This month, for instance, EX updated my Discover really quickly. Statement closed on the 15th, reported on the 16th, EX had the update showing by the 17th. Do you subscribe to a credit monitoring service like TrueCredit, which tells you exactly which day they report every month? It's not usually the same as the day you're able to finally view the update.

If your cards don't report with a zero balance even though you pay before the reporting dates, it's because you're not as familiar with the reporting dates as you think you are. And they're not always exactly the same if the due date isn't the same every month (my Juniper cards can report anywhere from the 24th to the 27th and the due date is always different). So in order to report at zero, you have to make sure you pay a week before it's due... or before the last day of the month, with HSBC.

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If your cards don't report with a zero balance even though you pay before the reporting dates, it's because you're not as familiar with the reporting dates as you think you are.

Sorry, perhaps I wasn't clear. I pay my bills in full, just before the due date. I don't pay them in relation to the reporting date. So if my balances don't show as zero on my reports, it must mean that the creditors are reporting sometime other than immediately after the due date. This is why I suggested that the poster find out when the reporting date is, and you were kind enough to share the reporting dates for your cards.

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Sorry, perhaps I wasn't clear. I pay my bills in full, just before the due date. I don't pay them in relation to the reporting date. So if my balances don't show as zero on my reports, it must mean that the creditors are reporting sometime other than immediately after the due date. This is why I suggested that the poster find out when the reporting date is, and you were kind enough to share the reporting dates for your cards.

OK. So the reason you are not showing a zero balance is that you don't pay in relation to the reporting date. Which is pretty much what I was saying. It's not because the creditor is manipulating reporting dates because they'd rather see a balance report instead of zero. And it certainly isn't true that cards "never" report immediately after the due date. Some do, some don't.

The poster doesn't have to call and find out anything, because Orchard cards report on the last day of the month. ;)

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Comment to #1) Never, ever speak to their Customer Care Specialists about Credit Reporting. In your CARDMEMBER AGREEMENT AND DISCLOSURE STATEMENT under "CREDIT REPORTING" there is an address provided for Disputes. Put it in writing and HSBC will respond timely. The CSR are not capable of handling CRAs Disputes. Mail Credit Disputes To:

DISPUTE PROCESSING DEPT.

HSBC CARD SERVICES

12447 SW 69TH AVENUE

PORTLAND, OR 97223-8517

"I use it as my everyday card". Although you may PIF every month at the end of the calendar month, by the time Orchard (HSBC Services) Reports (on their day) you had made additional charges and/or some charges may be still Outstanding. Just keep that in mind.

Comment to #2: Here's what you can do. There is a New Program used by Mortgage Brokers called RAPID RESCORING CREDIT REPORT. Rapid Rescoring is a fairly new way to rapidly correct errors on a Credit Report. This method is used when you are near to closing on a home, or purchasing a car. An error is identified and may be cleared within 3 days and almost certainly by 5.

It has been reported that using this method, it is now possible to improve your Credit Score within 24 hours and save thousands. Rapid Rescore can add 50 points to FICO. Mortgage Brokers and Credit Unions are willing to use this method NOT traditional banks. Visit, www.debthelp.com/kc/50-rapid-rescoring-credit-report.html for more info, ask your Broker, if any, or Google "Rapid Rescore".

Hope this helps,

June

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Most of this is incorrect. They report when they report, without regard to what your individual balance may be. HSBC cards report on the last day of the month. I pay before then every month, and thus I get a zero balance reported. They don't fiddle with the date just to report that I have a balance.

Some report the day after the due date (like Discover, Capital One), some ON the due date (like Target) and some a week after (like Juniper). HSBC reports at the end of the month, regardless of due date. Or balance.

Capital One has been known to do inter-statement reporting, though this seems fairly new. I have heard of it when someone had a balance at statement close and made a significant payment, but what the specific criteria are is unclear to me.

HSBC accounts reliably report at the end of the month, which is why I'm annoyed about the fact that they don't post the same day unless you pay them (I get paid on the last day of the month). Fscking subprime companies.

Interestingly, the Neiman Marcus card (serviced by HSBC) offers free same-day payments.

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Capital One has been known to do inter-statement reporting, though this seems fairly new. I have heard of it when someone had a balance at statement close and made a significant payment, but what the specific criteria are is unclear to me.

HSBC accounts reliably report at the end of the month, which is why I'm annoyed about the fact that they don't post the same day unless you pay them (I get paid on the last day of the month). Fscking subprime companies.

Interestingly, the Neiman Marcus card (serviced by HSBC) offers free same-day payments.

Yeah, for a few months earlier in the year Capital One started reporting with every payment in addition to their regular day-after-statement reporting, so anyone who made two payments during the month got reported twice. That seems to be gone or at best sporadic since their early-October systems "upgrade" (which some of us can attest stopped our reporting altogether).

Capital One right now is the grand exception to all reporting rules. They reported my account in September, then reported nothing at all until mid-November... when they finally reported OCTOBER's statement balance instead of November's. My reports are stuck on "last reported 10/06" after being stuck on 9/06 for two months. Many people had the same experience but of course C1 denies all knowledge and blames the CRAs even though the problems coincided with their computer issues.

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What do you think drives the creditors' business decisions to choose their reporting dates?

If they report when balances are high (i.e., not immediately after due date), then they can show a large amount of receivables on their books.

Or do they pick a time when the employees who do the reports are not doing whatever else it is that they usually do? Or are these employees keying in the data constantly, but it is not all released until the chosen day?

Thoughts?:?:

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What do you think drives the creditors' business decisions to choose their reporting dates? Thoughts?:?:

Not quite sure. But you certainly can choose how you pay them. Beat them at their own game. And it is a game! ALWAYS pay earlier than the "Due Date" and ALWAYS pay more than the "Minimum Payment." It will be to your advantage. The experts say paying just one day earlier may boost your score. It sure can't hurt.

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Not quite sure. But you certainly can choose how you pay them. Beat them at their own game. And it is a game! ALWAYS pay earlier than the "Due Date" and ALWAYS pay more than the "Minimum Payment." It will be to your advantage. The experts say paying just one day earlier may boost your score. It sure can't hurt.

That's how I do it. I have my accounts' reporting dates committed to memory, and my payments are timed accordingly, to make sure the lowest possible balance is reported. I also time my usage to ensure that I don't use a card until it's reported... then I know I can use it for another month without it affecting my scores at all.

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Unfortunately, I'm not yet solvent enough for this.

I just pay when I have money (I'm still building up my cash reserves), which is twice a month when I'm paid. I will change which card I put charges on based on the reporting date, though.

(This is why I'm not not not going to Neiman Marcus until the statement cuts. Not.)

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Thanks to all,

Quote:

June:

Comment to #1) Never, ever speak to their Customer Care Specialists about Credit Reporting. In your CARDMEMBER AGREEMENT AND DISCLOSURE STATEMENT under "CREDIT REPORTING" there is an address provided for Disputes. Put it in writing and HSBC will respond timely. The CSR are not capable of handling CRAs Disputes. Mail Credit Disputes To:

DISPUTE PROCESSING DEPT.

HSBC CARD SERVICES

12447 SW 69TH AVENUE

PORTLAND, OR 97223-8517

"I use it as my everyday card". Although you may PIF every month at the end of the calendar month, by the time Orchard (HSBC Services) Reports (on their day) you had made additional charges and/or some charges may be still Outstanding. Just keep that in mind.

Comment to #2: Here's what you can do. There is a New Program used by Mortgage Brokers called RAPID RESCORING CREDIT REPORT. Rapid Rescoring is a fairly new way to rapidly correct errors on a Credit Report. This method is used when you are near to closing on a home, or purchasing a car. An error is identified and may be cleared within 3 days and almost certainly by 5.

Thanks I spoke to my broker about this and she is going to look into it for me. Thanks everyone for your help I really appreciate

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That's how I do it. I have my accounts' reporting dates committed to memory, and my payments are timed accordingly, to make sure the lowest possible balance is reported. I also time my usage to ensure that I don't use a card until it's reported... then I know I can use it for another month without it affecting my scores at all.

I like your strategy about timing your Usage. That's really smart.

Also, the experts say that you can pay twice a month to pay less Interest and lower your Balance, where the Interest is calculated by the number of days in the Billing Cycle. I'm not into that one yet!

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Thanks I spoke to my broker about this and she is going to look into it for me. Thanks everyone for your help I really appreciate

Educate yourself on this as well. This way you will know for yourself what she is doing or supposed to do. If she cannot Rapid Rescore within hours or days, find a broker who can. There's another well-kept secret that mortgage brokers had been using for years to get their clients approved. Speak to your broker or PM me.

Best Regards,

June

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Also, the experts say that you can pay twice a month to pay less Interest and lower your Balance, where the Interest is calculated by the number of days in the Billing Cycle. I'm not into that one yet!

I don't pay my bills twice monthly for that reason, though it's a good one.

I pay my bills twice monthly because that's how I'm paid. If I pay them every time I'm paid, then it doesn't matter when the billing date is: I'll always pay at least once during a billing cycle.

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I am reallllllly hatin on HSBC for the 2 30 day late that keeps moving from month to month. my eq score was 620 nowww it is 587 and i am gonna just freaking scream, my scores stayed in the mid 5's for so long and I was sooo proud of reaching even the 600 mark. This is getting crazy, for the past 3 months I have worked my butt off in doing the right thing. I can see IF I WAS LATE 2 but I was not, OMG WHEN WILL IT END. ??????? I know there is no magic fix but DA#@ I have been working at this credit repair for close to 2 years - just frustrated and to have them just out of the blue report something totally false boggles my mind. I have old reports and cancelled checks. I need a nap

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