topic Another Cap 1 combo question in Credit Cards

Another Cap 1 combo question

Anonymous — Thu, 14 Jul 2016 22:40:58 GMT

I'm eligible to combine my QS and QS1.

My question is about the speed of reporting. I did two BTs this month to my BofA Cash Rewards and one paid off my QS1 balance, but the payment missed the statement date and the full balance reported.

If I combine, will they report the new $0 balance right away as a closed card? My BofA statement closes on the 22nd and I thought the combo might be a good way to force the $0 so I don't look like I severely increased my utilization since I planned on combining anyway.

Re: Another Cap 1 combo question

Anonymous — Thu, 14 Jul 2016 22:54:06 GMT

No, they won't report your balance immediately as "zero" to the credit bureaus. That will happen once the statement cuts and cycle closes.

Re: Another Cap 1 combo question

Anonymous — Thu, 14 Jul 2016 22:56:47 GMT

@Anonymous wrote:
No, they won't report your balance immediately as "zero" to the credit bureaus. That will happen once the statement cuts and cycle closes.

Thanks for responding! I'm a little confused though. If the card is closed, what statement date would that be? Do you mean they won't report the other card closed until the other card cuts a new statement?

Re: Another Cap 1 combo question

dragontears — Thu, 14 Jul 2016 23:06:27 GMT

Your next scheduled statement date on the card you are closing

Re: Another Cap 1 combo question

Anonymous — Thu, 14 Jul 2016 23:07:34 GMT

@dragontears wrote:
Your next scheduled statement date on the card you are closing

Got ya! I didn't realize closed cards would have a statement date, but that makes sense now all of a sudden for reporting. Thanks so much. Off to combine!

Re: Another Cap 1 combo question

RonM21 — Fri, 15 Jul 2016 21:37:16 GMT

That would probably be their final statement, or because you made the move mid-cycle. But as said, once the statement cuts, it will take care of that.