topic Off-Cycle Balance update for Credit Cards (ex. BofA) in Credit Cards

Off-Cycle Balance update for Credit Cards (ex. BofA)

Anonymous — Tue, 14 Jul 2020 14:37:42 GMT

Hey everyone,

I'm looking for some advice in regards to mid-cycle or rather, off-cycle credit card balance reporting updates to the CBs. I'm in the process of buying a house and need to get my Mortgage Scores up a 5-10 points. I'm using the AZEO method and have paid off all my CC balances except one, which I left a few hundred on (<5% utlization). My problem is I am closing on the house at the end of July and I'm still waiting on final 2 banks (Barclays and BofA) to close statements and report $0 balances to the CBs. My Barclays statement closes on the 10th each month. According to Experian and Credit Karma, Barclays balance was updated on June 11th, so a day after statement close. It is now July 14th and no updated balance so far....My BofA statement closes July 23rd. Based on previous months it seems like the updated balance is sent to CBs around July 27th. I need to have everything updated NLT end of week so the bank can re-pull credit prior to closing so docs can be updated etc. I'm kicking myself for not knowing about the AZEO method earlier. Desperate to find a solution to get scores up a bit.

Question(s)

1. Barclays CC updated on June 11th last month and I would expect update July 11th. Is there a lag in reporting from Credit Karma and Experian accounts versus what is actually sent and update on the Reports?

2. How can I get Bank of America to update mid-cycle? I tried the chaning personal info strategy but doesnt appear to have worked. I changed my address on file last week, but still no updated balance yet.

3. Is there any other way to get BofA or Barclays to update CC balance sooner?

4. Through myFico I get alerts on any changes to CB data/reports. But for whatever reason, each Credit Beaureue alert for balance changes is a day lag for each CB. Why is that? For ex. my Cap1 CC balance updated as of July 6th. TU alert on 7/9, EQ alert on 7/10 and EX alert on 7/11. How do I know when the data is truthfully updated with the CBs?

Sorry for all the questions! Even though I think I am fairly knowledgable with Credit Reporting and Scores, I keep getting thrown for a loop.

Any ideas or suggestions are appreciated!!

Thanks!

Re: Off-Cycle Balance update for Credit Cards (ex. BofA)

randomguy1 — Tue, 14 Jul 2020 18:04:07 GMT

@Anonymous wrote:
Hey everyone,

I'm looking for some advice in regards to mid-cycle or rather, off-cycle credit card balance reporting updates to the CBs. I'm in the process of buying a house and need to get my Mortgage Scores up a 5-10 points. I'm using the AZEO method and have paid off all my CC balances except one, which I left a few hundred on (<5% utlization). My problem is I am closing on the house at the end of July and I'm still waiting on final 2 banks (Barclays and BofA) to close statements and report $0 balances to the CBs. My Barclays statement closes on the 10th each month. According to Experian and Credit Karma, Barclays balance was updated on June 11th, so a day after statement close. It is now July 14th and no updated balance so far....My BofA statement closes July 23rd. Based on previous months it seems like the updated balance is sent to CBs around July 27th. I need to have everything updated NLT end of week so the bank can re-pull credit prior to closing so docs can be updated etc. I'm kicking myself for not knowing about the AZEO method earlier. Desperate to find a solution to get scores up a bit.

Question(s)
1. Barclays CC updated on June 11th last month and I would expect update July 11th. Is there a lag in reporting from Credit Karma and Experian accounts versus what is actually sent and update on the Reports?
2. How can I get Bank of America to update mid-cycle? I tried the chaning personal info strategy but doesnt appear to have worked. I changed my address on file last week, but still no updated balance yet.
3. Is there any other way to get BofA or Barclays to update CC balance sooner?
4. Through myFico I get alerts on any changes to CB data/reports. But for whatever reason, each Credit Beaureue alert for balance changes is a day lag for each CB. Why is that? For ex. my Cap1 CC balance updated as of July 6th. TU alert on 7/9, EQ alert on 7/10 and EX alert on 7/11. How do I know when the data is truthfully updated with the CBs?

Barclays usually takes a couple of days for my Experian to report then on EQ\TU shortly after. It should be reporting any day now.

I don't know if BofA does it, but you can contact your creditor and see if they can do an off cycle push. Good luck.

Re: Off-Cycle Balance update for Credit Cards (ex. BofA)

HeavenOhio — Tue, 14 Jul 2020 22:44:56 GMT

@Anonymous, I'm not sure about the banks you mention. The ones that are known for updating upon request are Discover and Chase.

You might gain a point or three by bringing your balance of a "few hundred" down to a tiny amount (at least $5 but not much more). I lose three points on my Experian "mortgage" family of scores with a balance somewhere between $140 and $149. That's on a 24k card with overall limits of 72k.