Cap 1 Mid Cycle Balance Update

[CFAN]

Just wanted to let you know that if you have miss timed your payment to Cap 1 and have a high balance reported, they can do a mid cycle update.  This helped me out as I had paid my minimum payment, made a charge, the cycle ended and reported my balance, then I paid it down.  Util went from 8% to 90%!  Not good!

To have them update, call the back door number for a Sr Account Manager.  Explain that your credit report shows your balance as X but really should be Y.  Ask them to put in a dispute on the balance. 

The way the rep read it to me "A dispute will correct an inaccurate balance immediately once processed."  He said they usually process same day.

I did this yesterday and the balances were updated with all 3 bureaus today.  Pretty Cool!

[JayRizzo]

Yes, as a courtesy most ccc's will submit an update, but this is "not" routine as you stated... it was mis-timed, so they will do it once... maybe twice, but definitely not a third time.

Things you already know, but good reading for others:

Problem:  ...the cycle ended and reported my balance, then I paid it down

Solution: Pay it down before the cycle ends

Problem:  I had paid my minimum payment, made a charge...

Solution:  Try to pay more than the minimum and do not make another charge until the day AFTER your cycle/statement end date

[CFAN]

Exactly.  However, with Cap1 their "normal" reps claim they cannot do it. 

Hard to pay more than the minimum with a $30 balance though!   Needed to have some util.

[JayRizzo]

Excellent!!!  Keepin' it low with $30 -- you're playing the Credit Game like a Pro!   Yeah, minimum means nothing in this case hahahaa!!!!