I have been watching my score VERY closely in hopes of applying for a farm loan. I hit a 700-score here 2-months ago after sinking to a mid 500. HOWEVER, I had 1 credit card this past month come due for my statement balance/pay down and I missed it. I paid the minimum the week prior but the balance now shows over utilized and my total utilized credit is over 50%. Therefore, about a 50-point hit with that one mistake.
Capital one stated they were willing to email me an official signed & dated balance statement once I paid it down.
Has anyone ever tried to fax these statements to the Credit Bureaus for a quicker posting of the update balance on my reporting?
Unfortunately the bureaus will not accept updates from consumers in the fashion you are asking about. Your two options are to attempt to get Capital One to do a mid-cycle report or if you are already working with a mortgage broker have them do what is known as a rapid rescore on the account in question.
Some people have reported success in getting a mid-cycle update with creditors by going into their accounts on line and changing their personal information such as an address or phone number. I don't recall if this was ever the situation with Capital One but it may be worth a try. You will have to wait several days in this case because the bureaus do not update instantly when the info is received. It takes one to several days before the information is changed. Good Luck in whatever you choose.
Alternatively if you are not doing the mortgage application right away you could just wait for the next regular statement cycle update and make sure your utilization is where you want it.
My Cap1 reports incorrectly to EQ every month (never updates for some reason), so I open an online dispute, click "incorrect amount" and within a few days, the balance is updated across all 3 bureaus and the dispute is off. This is very handy in case of a mid-cycle paydown as well.
A dispute will also result in a dispute flag, screwing up your scoring by exclusion of certain account information until the dispute is resolved.
I would not recommend filing a dispute for the purpose of assisting in score updating.
just wanted to say thanks; I took the advice of filing a balance dispute. 2-days later, the balance was updated on all 3-bureaus and score went up 30pts as a result. Thanks a million!