Credit bureau

[Gazed416]

I've recently paid off my credit, but my credit score is still negative. I'm not sure if I'm supposed to wait until the 1st of September, or if there's another way that I can do it

 

[beefymoocow]

I've recently paid off my credit, but my credit score is still negative. I'm not sure if I'm supposed to wait until the 1st of September, or if there's another way that I can do it

No. If you missed your payment. This will stay on your record for 2 years. Having your credit paid off can actually decrease your credit score if you don’t have any other credit line. I know someone who upgraded to a Fnb fusion card from a credit card and their credit score apparently took a hit because a fusion account isn’t classified as a credit card.

 

[Snyper564]

No. If you missed your payment. This will stay on your record for 2 years. Having your credit paid off can actually decrease your credit score if you don’t have any other credit line. I know someone who upgraded to a Fnb fusion card from a credit card and their credit score apparently took a hit because a fusion account isn’t classified as a credit card.

just fyi you can have a fusion and credit card.

 

[Gtx Gaming]

No. If you missed your payment. This will stay on your record for 2 years. Having your credit paid off can actually decrease your credit score if you don’t have any other credit line. I know someone who upgraded to a Fnb fusion card from a credit card and their credit score apparently took a hit because a fusion account isn’t classified as a credit card.

Correct my credit score took a hit as I have no credit card now. As canceled my credit card only use fusion account now.
But took one up with discovery now.

 

[Mylky]

I've recently paid off my credit, but my credit score is still negative. I'm not sure if I'm supposed to wait until the 1st of September, or if there's another way that I can do it

Another thing I've noticed is that Credit Bureau's are often one to two months behind except when you have a credit enquiry (those reflect instantly). So if you have no negative events (those take up to two years to disappear) and you are just looking to see your lower credit utilization and better payment history reflect, that will only happen about two months from now. For instance my current credit report via Experian (Clearscore) and Compuscan (TymeCoach) updated three days ago with information that applied two months ago. So if I had 3% utilization reported, it's not my latest utilization but the June/July numbers. It doesn't make a difference since I keep my utilization the same every month and pay off my cards monthly, but it's important to note in case you have any major credit changes that you are expecting to reflect.

As far as the FNB fusion thing others mentioned, I don't understand those guys. You'd think the fusion facility would at least reflect as an overdraft since they go as far as putting an enquiry on your record, but alas. The important thing is to never cancel your oldest credit card. You'll lose massive points on your credit score for losing that credit history and the utilization balance.

 

[Gazed416]

Another thing I've noticed is that Credit Bureau's are often one to two months behind except when you have a credit enquiry (those reflect instantly). So if you have no negative events (those take up to two years to disappear) and you are just looking to see your lower credit utilization and better payment history reflect, that will only happen about two months from now. For instance my current credit report via Experian (Clearscore) and Compuscan (TymeCoach) updated three days ago with information that applied two months ago. So if I had 3% utilization reported, it's not my latest utilization but the June/July numbers. It doesn't make a difference since I keep my utilization the same every month and pay off my cards monthly, but it's important to note in case you have any major credit changes that you are expecting to reflect.

As far as the FNB fusion thing others mentioned, I don't understand those guys. You'd think the fusion facility would at least reflect as an overdraft since they go as far as putting an enquiry on your record, but alas. The important thing is to never cancel your oldest credit card. You'll lose massive points on your credit score for losing that credit history and the utilization balance.

Personally I don't have negative events. Some of my current balances reflect incorrectly, so yes, they are a month behind. It's annoying because I want to apply for car finance. I've spoken to Wesbank, and they have said that I need to 'sort out' my current balances with TransUnion. Okay, so I did. It takes 20 days for them to update it (excl weekends). This morning I called TransUnion, but I have lodged a 'my current balance reflects incorrectly' dispute on their website on the 31st of August, 2019. So, this morning they say "yes, it's lodged, but it isn't processed". WHY THE HELL NOT?? "You're suppose to lodge it online, and then call us for us to process it. We'll process it now" Lol. It makes no sense. I give you a task online, and then you tell me that I was also 'suppose' to call. I wasn't suppose to do anything since I wasn't instructed to do so. But anyway, it's processed now. I have to wait until the 1st of October.

Also, I'd like to mention STD Bank. Apparently their online pre-approval system 'no longer works', and I have no idea which credit bureau they use to actually approve clients. I wouldn't say that I desperately need a car, but I am running out of patience.

 

[Crowley]

Personally I don't have negative events. Some of my current balances reflect incorrectly, so yes, they are a month behind. It's annoying because I want to apply for car finance. I've spoken to Wesbank, and they have said that I need to 'sort out' my current balances with TransUnion. Okay, so I did. It takes 20 days for them to update it (excl weekends). This morning I called TransUnion, but I have lodged a 'my current balance reflects incorrectly' dispute on their website on the 31st of August, 2019. So, this morning they say "yes, it's lodged, but it isn't processed". WHY THE HELL NOT?? "You're suppose to lodge it online, and then call us for us to process it. We'll process it now" Lol. It makes no sense. I give you a task online, and then you tell me that I was also 'suppose' to call. I wasn't suppose to do anything since I wasn't instructed to do so. But anyway, it's processed now. I have to wait until the 1st of October.

Also, I'd like to mention STD Bank. Apparently their online pre-approval system 'no longer works', and I have no idea which credit bureau they use to actually approve clients. I wouldn't say that I desperately need a car, but I am running out of patience.

Just wait for your credit score to suddenly fall for no reason. All accounts paid, no new applications, no negative anything yet my score fell quite a bit. Nobody at Transunion could tell me why. The only answer I got was that it gets calculated by the system.

 

[Mylky]

Just wait for your credit score to suddenly fall for no reason. All accounts paid, no new applications, no negative anything yet my score fell quite a bit. Nobody at Transunion could tell me why. The only answer I got was that it gets calculated by the system.

Did you check if the same happened with the other bureaus? A system issue with one credit bureau would be weird, but if your score dropped on all the bureaus you might have actually had a change that would reflect on the other reports (default accounts due to identity theft, older credit accounts reflecting as 'closed' due to inactivity (remember length of credit history can contribute up to a quarter of your score), credit limits shrinking thus increasing your utilization ratio, etc)

Somoene opened a store account in my name previously, but only one bureau reflected it as an enquiry and then an account. The others only picked it up when it became inactive. Heaven only knows what kind of methodology is really being used, but it helps to not just use one bureau like Transunion, but also check Experian, compuscan etc

Edit : and the latter two you can get free access to your monthly report/score. I found Transunion will give you the report free but not the score, and even that only once a year so if anyone knows how to access Transunion monthly report and score without a fee, please post.

 

[Crowley]

Did you check if the same happened with the other bureaus? A system issue with one credit bureau would be weird, but if your score dropped on all the bureaus you might have actually had a change that would reflect on the other reports (default accounts due to identity theft, older credit accounts reflecting as 'closed' due to inactivity (remember length of credit history can contribute up to a quarter of your score), credit limits shrinking thus increasing your utilization ratio, etc)

Somoene opened a store account in my name previously, but only one bureau reflected it as an enquiry and then an account. The others only picked it up when it became inactive. Heaven only knows what kind of methodology is really being used, but it helps to not just use one bureau like Transunion, but also check Experian, compuscan etc

This was just Transunion, was very weird.