topic Re: Credit card utilization in General Credit Topics

Credit card utilization

Anonymous — Wed, 12 Feb 2020 15:08:18 GMT

Is credit utilization reported monthly? If I had a high utilization last month but this month is back to where it should be, how soon will this be reported?

Re: Credit card utilization

Anonymous — Wed, 12 Feb 2020 15:17:10 GMT

It updates whenever the card reports the balance to the CRA's. For example: My statement date for my Capital One card is the 6th of every month and on the 9th whatever balance I have left on the card (if any) that's what get's reported. I'm sure others will chime in as well!

Re: Credit card utilization

Remedios — Wed, 12 Feb 2020 15:19:16 GMT

@Anonymous wrote:
Is credit utilization reported monthly? If I had a high utilization last month but this month is back to where it should be, how soon will this be reported?

As soon as your card reports.

Most report right after statement date.

US Bank reports last business day of the month.

Allow at least 7 days for update to reflect on all three CRAs, some are slower than the others, even though they recieve data at the same time.

Re: Credit card utilization

Kree — Wed, 12 Feb 2020 17:04:30 GMT

Some companies will report "off cycle" or outside of their regular reporting schedule when you pay a balance down to zero.

Utilization has no "memory" the reports only care what your score is now. Theoretically you could go from 0% to 100% to 0% and have the exact same score as you started with. Althoguh high Uti could have other negative effects.

Welcome to the forum.

Re: Credit card utilization

Anonymous — Wed, 12 Feb 2020 17:11:33 GMT

It should report anywhere from a couple days to a week after your statement cuts. So let's say your statement cuts today, 02/12/2020, you should expect to see the balance/utilization reflecting on your CR between 02/13 - 02/19.

Re: Credit card utilization

Anonymous — Wed, 12 Feb 2020 17:33:24 GMT

This is very helpful. Thank you so much. I've been wondering if it updates monthly or if this utilization is just going to be a burden on my credit report.

Re: Credit card utilization

SouthJamaica — Wed, 12 Feb 2020 20:09:34 GMT

@Anonymous wrote:
This is very helpful. Thank you so much. I've been wondering if it updates monthly or if this utilization is just going to be a burden on my credit report.

It updates daily as new balances report.

Re: Credit card utilization

Anonymous — Sat, 15 Feb 2020 21:13:28 GMT

Check your credit card statement's "closing date". Good luck.

Re: Credit card utilization

Anonymous — Sun, 16 Feb 2020 10:34:06 GMT

Make an account at Credit Karma go to utilization and it will show you the day of the month each reports. Just be aware there’s usually a one day variance based on the months.

I found this is the easiest place to get all the dates in one spot nice and easy and quick.