Paying off debt and credit score

[Anonymous]

Hello everyone, I have a concern I'd like to understand. My credit score is at 610 down from 720 mainly because I went to about 60% credit utilization. I have about 9,000 in credit card balances and I'm paying that off all today in one to bring my utilization to 0 and have a clean slate. When I checked my credit score today and account balances, under the credit score, theirs a capital one balance of 29 dollars but in reality it's 700 dollars because I increased it that much in the last week. I'm guessing my credit score of 610 did not pick up the new balance which would of dropped my credit score even more for even ever credit utilization. Here's my question now, as I pay off all my credit cards today, will my next credit update show it? Or will it take another hit since it didn't pick up the last increase of credit card balance and this time it will? And it will be to early to see the credit cards being paid off. I bring up the point because when I did the credit card simulator it showed if I paid off everything my credit score will be 687 but I'm thinking on the next update of my credit score it will show instead of 687 and instead of my original score of 610, it will show something below 610 because it hasn't updated it being paid off. It will go lower because it will pick up the increased balance I did just last week. That's one thing,
Another thing is should I call all my credit cards and ask them to increase my credit line in order to give a credit boost as well? I know I shouldn't try with credit cards that run a hard check for cli but doing so for the ones that don't might it increase my credit score? My wife just totaled my new car and it was being financed, now my insurance will pay off the car and I will be in need of another car loan yet I don't know have my old 720 credit score hence why I'm paying off all my debt to increase my score. Any advice will truly help.

Thanks and God bless.

[Anonymous]

I'm no expert, but can only tell you based on my experience. All credit cards have a different date in which they report and it's usually a few days after the statement cuts. based on the dates in which your credit card statements cut, they will report the new balance. It has also been my experience that when I get a credit line increase, it also increases my score but ymmv.

[rmduhon]

When did the Capitol One statement cut? It sounds like the 700 balance happened after the statement cut which is why it didn't show. If you're going to be car shopping then leave about $25 on one of the cards for optimal scoring. If you have A Discover card you can ask them to do a mid-cycle update. Chase will automatically update if it's paid tp zero, so will most Synchrony cards.

[nupey10]

One thing that I try to keep in mind when paying off/on my CC is to pay by the closing date.  There are 2 seperate dates with CCs, one is statement date  and the other is closing date.  Whatever you want to have reported should be made by the closing date.  My Amex and citi usually show up on my Fico about 2-3 days after closing with the amount I paid.  Hope yours will as well.

[rmduhon]

Statement date and closing dates are the same. The 2 separate dates are due dates and statement (closing) date, also referred to as statement cut.

[MrsCHX]

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@rmduhon wrote:
Statement date and closing dates are the same. The 2 separate dates are due dates and statement (closing) date, also referred to as statement cut.

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This. Know when your statements cut. Pay 2-3 days beforeat the latest, depending on how quickly your card issuer credits payments. Do not use the card for 2-3 days on either side of the statement date.  

[rmduhon]

But make sure you pay at least the minimum amount due before the due date. Then you can pay more right before the statement date.