REPORTED 59% UTILIZATION!?

[CoreyGSHS]

Hi, everyone. I am extremely angry at the moment as I just logged into CK and my score dropped by 46 points. I checked and for some extremely odd purpose, I reported a 59% high utilization on my $700 credit card ($411 balance). 

I have on my online Bank of America account that my statement CLOSES ON OCTOBER 3, 2014....... I paid my $411 balance down to $35 about a week ago because I wanted to show a good 5% utilization. It reported on October 2. How can this even happen!? Is there any way I could call up TransUnion and get it fixed? I am lost for words at the moment... 

[CoreyGSHS]

Another very odd sight is on my full report, I am shown that I had a card closed, then a new card added to my account? As far as I am concerned about four days ago, Bank of America sent me an e-mail telling me they are sending me a new card due to suspicious activity... 

This is what I am shown on Credit Karma: 

Credit Report Activity

Oct 2, 2014 You have had 1 new account added to your credit report.
The following accounts have been added to your credit report since your last score update on Sep 25, 2014:

Account: Type: Date Opened: Credit Limit: Balance:
1. BK OF AMER Credit Card Jun 2, 2014 $700 $411

Oct 2, 2014 1 account has been removed from your credit report Accounts Activity
Oct 2, 2014 You are using a high percentage of your available credit card limits. Credit Limit Activity
Your overall credit card balance on cards reporting a credit limit has increased to more than 50% of your available limits since your last update on Sep 25, 2014:

Date: Credit Card Limit: Open CC Debt (w/Limits): CC Utilization:
1. Sep 25, 2014 $700 $34 5%
2. Oct 2, 2014 $700 $411 59%

[Shock]

Not too sure on this one. maybe call BOA and see if there was a mixup?

It's only for the month anyways, if youre not applying for any loans or credit, it's not gonna matter in 30 days

And as far as the suspicious activity, again, call the backdoor and find out why.

[CoreyGSHS]

@Shock Are you positive? Is it going to take a hit to my score for a while and will the lenders in the future be able to see this high utilization? Man, I was happy about being on a successful path to building my credit with 3 good months in and now this mess has caused problems.... 

[Shock]

Utilization changes from month to month. In November, when it goes down again, your score should recover. Lenders will only consider it for the the month tht they pull your report. They don't have access to the past months because it isn't relevant anymore. Say you apply for a new card. They pull your credit. Think of a credit pull as a screenshot. They can only see your profile and its contents at the very moment they pull it, nothing before, nothing after. 

So if you arent applying for anything this month, as I said, it wont matter. Next month, in November, when your utilization drops down again to say 5%, they will only be able to see that. Let's say BOA reports it on the 2nd. If you apply for a card on the 3rd, 4th, or 5th, or anytime before the next report (Dec 2nd, for example) from BOA, they will see that 5%.

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@CoreyGSHS wrote:

@Shock Are you positive? Is it going to take a hit to my score for a while and will the lenders in the future be able to see this high utilization? Man, I was happy about being on a successful path to building my credit with 3 good months in and now this mess has caused problems.... 

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[CoreyGSHS]

That makes me feel a lot better and eases my mind. Thank you very much. 

There is just some very weird new things that my account is showing.... I got this e-mail from them a few days ago stating, "We have learned that your Bank of America® credit card information may have been compromised at an undisclosed merchant or service provider. This does not mean fraud has or will occur on your account, but we are taking precautionary steps to help protect your account." "We will issue you a new card within this--- and that--- date".  

What's different is that after that e-mail, all of my transactions afterwards have an icon beside them that says, "Cash Advance" instead of my usual "Purchases".... What the hell? Oddly enough after that e-mail and when the cash advance icon popped up next to my newly purchases, I was at the $411 balance that just reported before it should have..  Phew, I guess I am going to be making some calls to BoA tomorrow.. Wonder if I need to call the three bureaus as well or dispute? 

[CoreyGSHS]

Also, do you or anyone know if they will automatically fix and update the utilization problem seeing as my account has been giving problems (and they maybe know that) or will it always stay reported as 59% of Sept 2014? Is it permanent? 

[IWOL]

Bank of America often does mid cycle updates. They also do a CR update when you get a CLI. you can call them and ask them to do another update but no guarantee they will. It's not a big deal because it will report regularly on the statement closing date next month and it will update the new balance.

[Shock]

Yeah, seems like you have lots of questions. Just call the backdoor and ask why youre getting a new card. Ask them if it will be a new tradeline (it shouldnt be) and ask them what the reported balance is for October to the bureaus. I would make sure your accont is not compromised..sounds like you have lots going on..