Couple questions on credit rebuilding

Anonymous · ‎04-11-2016

Almost a year ago my credit was tanked around 473 or so. Since then I have sold my car that I had a loan for, paid off all of my collections and have picked up a few credit cards with low balances. One of my questions is in regard to the credit cards. I got a notification from credit karma that my credit dropped. It was sitting at 609 on Credit Karma. My total credit card balance went up $30 and dropped my score on there about 30 points. I was floored. I had a high utilization on the cards (85%) because I had picked some stuff up from the local hardware store for my family. Once I saw that I immediately paid off the balance. It has been 3 weeks and my report hasnt updated. Its actually showing a couple balances from a couple months ago still. How long does it usually take to update?

Last month I got 2 cards for $500 each and neither of those have shown up on my credit report yet. I have gotten the bill and already paid off those cards too. I am in need of a new vehicle very soon and was hoping to see an increase in my score. My score right now is hovering around 588 on myFICO.

I moved addresses in December and my credit card bills were sent to an old address. I forgot all about my credit cards and bills due to being laid off and moving in with parents and such. It wasnt until I pulled my credit report that I realized I had missed a payment on 2 of my cards. Can this be reversed so it doesnt show late payment on my report due to address change?

I am in the military and under the student loan repayment program. Last year the government was supposed to pay for my student loans but they were having an issue with their system. I was unawar of this problem. I was not paying on my student loans because the government was supposed to, by contract. However, due to a bug in the system they were late in the payment and I fell 6 months behind on my student loan payments. I now have 17 missed payments from student loans alone. These were all from last year and after I had found out I had them take out funds autoatically just in case. Will these negatives hurt my score badly?

Anonymous · ‎04-11-2016

Just had an alert post on myFICO saying one of my credit cards was nearing credit limit. It was at $265 our of $300 a month ago and I actually ended up overpaying by $155 (forgot who I sent checks to) its is now still sitting at $75 credited to my account so negative $75 out of $300. Why would i get an update just now when its been paid for almost 2 weeks?

Anonymous · ‎04-12-2016

@Anonymous wrote:
Just had an alert post on myFICO saying one of my credit cards was nearing credit limit. It was at $265 our of $300 a month ago and I actually ended up overpaying by $155 (forgot who I sent checks to) its is now still sitting at $75 credited to my account so negative $75 out of $300. Why would i get an update just now when its been paid for almost 2 weeks?

Cards only report their balance once per month, usually a few days after the statement closes. But some banks may take longer to report, or they may report all accounts on one specific day. The balance that gets reported is whatever is on the statement. Ideally you want to pay your balances down BEFORE the statement closes, so it reports a low balance.

Anonymous · ‎04-12-2016

How do I find out whent he statements close? Is that whate people mean by the cut date? Can I call each company and get that info from them?

Anonymous · ‎04-12-2016

Was able to look up the statement dates of each of my accounts. They are all over the place during the month. Might have to write down the dates of each and make sure I make myself a note to call them and pay them off a few days in advance to make sure payment goes thru.

susieqj · ‎04-12-2016

You can ask capital one to cut the statement for your 2 cap1 cards on the same date. It may take 1-3 billing cycle to reflect. I am not sure about the others.

Anonymous · ‎04-12-2016

I will give that a shot. Once they all reflect 0 balance I will try and work out a deal so they all cut the same day. That would be ideal. Right now I have notifications in my phone to pay each one on thier respected days a couple days in advance so the payment clears in time. Should work for now.

Anonymous · ‎04-12-2016

Don't pay so much attention to the statement date that you forget about the due date.

Anonymous · ‎04-12-2016

The way I have my reminders set up for my credit cards is I will be paying them off before the statement even comes out. If I am not able to make full payment before statement I will get a statement and pay if off at that time.

Does anyone know if I can get those late payments removed for my credit cards due to change of address with a possible GW letter?

Also on my FedLoan late payments due to them not getting a check from the goverment is that on me completely or is it possible for them to take care of those too? those 17 late payments are really whats killing my derogs

Anonymous · ‎04-13-2016

Just got off the phone with Capital One for the second time today. First call was to have both of my statements cut on the same date. Second call was to ask about a payment made a week ago that hasnt incresed my available credit and ended up being a check by the company to make sure the payment is legit since its the first payment. My statement date was the 9th for my very first statement on my Platinum card. My Quick silver 1 card hasnt had a statement yet even though the cards were applied for and activated the same day.

During the second call I asked if my platinum card was available for any upgrades and she said I was available to upgrade to the Quick Silver card. Only problem is thier office is closed right now so I have to call back in the morning. I've read alot of threads here that recommend to upgrade so I will be doing that first thing tommorrow. Than a month from now I will be checking in on a CLI and hoping for the best.

This forum is so packed full of useful information. Thank You all.

**Edit** How long should I wait until I combine my Quicksilver (once i get it) and Quicksilver 1 cards? Should I still do the 70 day CLI and wait the 6 month mark for the automatic increase than ask to combine them?