@Toastmaster wrote:Okay, I have a big problem here and I humbly ask for your advice.
My Statement Close Date for my Capital One card has been on the 16th of the month for over 3 years since I've had this account. I noticed that in November 2020 Capital One changed it to the 18th. Then in December 2020 and January 2021 it was the 19th. I called into Capital One because I was worried about what was going on and I spoke with the agent who told me that Capital One made some internal changes and that my new statement close date will be the 19th of every month going forward.
Fast forward to today, I get a notification that my statement close date was the 16th of this month... The reason this is an issue is because the eporting to the credit bureaus now looks like my balance is WAY HIGHER than it actually is!!!
This makes my utilization look SUPER HIGH when in fact I have the money to pay it right now, I just thought I had time because my statement cut date was a few days away.
The problem is that after learning this, I immediately I call in to Capital One customer service and ask for a supervisor. I get someone named Oscar who supposedly was a senior account representative supervisor... Who long story short, did not help me... Did not care... And basically told me to go f myself. He would not escalate the matter to his manager, he will not give me a mailing address to corporate, he wouldn't even give me his last initial. In fact he threatened to hang up on me if he's suspected I was "recording the call".
I need to get to someone in management, upper management, the Consumer Financial Protection Bureau, the Better Business Bureau... Somebody, to fix this reporting mess...because THEIR OWN employee told me the wrong statement cut date and now it makes ME look bad! All my scores are over 700 but I am expecting a big ding after this mess, and it's all Crapital One's fault!
Has anyone ever been through this? How do you go about fixing this? Thank you for any help!
I've merged your post into the existing one concerning the change in Capital One statement dates (and edited that title).
To address a few things in your post:
- The change in statement dates was clearly communicated to you ahead of time on a previous statement.
- When you state that your balance is way higher than it is, you mean that you were unable to artifically manipulate the amount of spending in the current cycle prior to the monthly statement balance reporting to the credit bureaus? If they reported the statement balance, that would be the actual balance which is what they are obligated to report.
- If your utilization looks super high, then that would be because it is "super high." They are not reporting anything above and beyond what the statement balance was.
- If the CSR threatened to hang up if you were recording the call, it seems as though your conversation with the CSR likely took on the very aggressive tone of your post. That is not generally the best way to get someone to help you, particularly if the company did not do anything wrong.
- What would you be hoping to accomplish by speaking with upper management? What would be the basis for a CFPB or BBB complaint? That they correctly reported your balance to the consumer credit reporting agencies?
- As for fixing, you could simply pay the balance and let the next statement report a lower balance?
@Toastmaster wrote:Okay, I have a big problem here and I humbly ask for your advice.
My Statement Close Date for my Capital One card has been on the 16th of the month for over 3 years since I've had this account. I noticed that in November 2020 Capital One changed it to the 18th. Then in December 2020 and January 2021 it was the 19th. I called into Capital One because I was worried about what was going on and I spoke with the agent who told me that Capital One made some internal changes and that my new statement close date will be the 19th of every month going forward.
Fast forward to today, I get a notification that my statement close date was the 16th of this month... The reason this is an issue is because the eporting to the credit bureaus now looks like my balance is WAY HIGHER than it actually is!!!
This makes my utilization look SUPER HIGH when in fact I have the money to pay it right now, I just thought I had time because my statement cut date was a few days away.
The problem is that after learning this, I immediately I call in to Capital One customer service and ask for a supervisor. I get someone named Oscar who supposedly was a senior account representative supervisor... Who long story short, did not help me... Did not care... And basically told me to go f myself. He would not escalate the matter to his manager, he will not give me a mailing address to corporate, he wouldn't even give me his last initial. In fact he threatened to hang up on me if he's suspected I was "recording the call".
I need to get to someone in management, upper management, the Consumer Financial Protection Bureau, the Better Business Bureau... Somebody, to fix this reporting mess...because THEIR OWN employee told me the wrong statement cut date and now it makes ME look bad! All my scores are over 700 but I am expecting a big ding after this mess, and it's all Crapital One's fault!
Has anyone ever been through this? How do you go about fixing this? Thank you for any help!
CapOne has apparently decided to no longer maintain fixed statement dates. While having a fixed date is lovely, it's not a lender requirement. Many lenders have variable dates that adjust according to the # of days in a month - it's very common.
Usually, the statement date will only vary within a 3-4 day range. Does CapOne provide your next statement closing date somewhere in your account portal? If so, then you'll have to be mindful to check it each month.
I dont think filing a complaint will get you anywhere if this is a corporate-wide business decision.
Have you asked CapOne if they'd be willing to do an off-cycle reporting to the credit bureaus as a courtesy so you can have a lower balance reported?
EDITED TO ADD:
Seems you have no grounds for complaint. According to the very first post of this thread, CapOne notified Consumers of this change via their Oct. 2020 billing statements. Do you read your statement notices?
@refereeguy1390 wrote:It's because of how short February is. It's not your statement date that is fixed, it's our payment date. My payment due date is the 8th. 25 days before that is the 13th in a 30 day month and the 14th in a 31 day month. Of course in a non-leap year February, 25 days before the 8th in the 11th. So when I went to pay down my balance on the 12th, it was too late. It will fix itself next month.
TY - I dont have CapOne but the poster i responded to made it seem like it was always fixed and then suddenly wasn't- so I assumed it was a change in that policy. Then I read the first post of this thread and realized it was actually a change to the grace period policy (and not just for feb) - and CapOne notified everyone in October.
@K-in-Boston wrote:
@Toastmaster wrote:Okay, I have a big problem here and I humbly ask for your advice.
My Statement Close Date for my Capital One card has been on the 16th of the month for over 3 years since I've had this account. I noticed that in November 2020 Capital One changed it to the 18th. Then in December 2020 and January 2021 it was the 19th. I called into Capital One because I was worried about what was going on and I spoke with the agent who told me that Capital One made some internal changes and that my new statement close date will be the 19th of every month going forward.
Fast forward to today, I get a notification that my statement close date was the 16th of this month... The reason this is an issue is because the eporting to the credit bureaus now looks like my balance is WAY HIGHER than it actually is!!!
This makes my utilization look SUPER HIGH when in fact I have the money to pay it right now, I just thought I had time because my statement cut date was a few days away.
The problem is that after learning this, I immediately I call in to Capital One customer service and ask for a supervisor. I get someone named Oscar who supposedly was a senior account representative supervisor... Who long story short, did not help me... Did not care... And basically told me to go f myself. He would not escalate the matter to his manager, he will not give me a mailing address to corporate, he wouldn't even give me his last initial. In fact he threatened to hang up on me if he's suspected I was "recording the call".
I need to get to someone in management, upper management, the Consumer Financial Protection Bureau, the Better Business Bureau... Somebody, to fix this reporting mess...because THEIR OWN employee told me the wrong statement cut date and now it makes ME look bad! All my scores are over 700 but I am expecting a big ding after this mess, and it's all Crapital One's fault!
Has anyone ever been through this? How do you go about fixing this? Thank you for any help!
I've merged your post into the existing one concerning the change in Capital One statement dates (and edited that title).
To address a few things in your post:
- The change in statement dates was clearly communicated to you ahead of time on a previous statement.
- When you state that your balance is way higher than it is, you mean that you were unable to artifically manipulate the amount of spending in the current cycle prior to the monthly statement balance reporting to the credit bureaus? If they reported the statement balance, that would be the actual balance which is what they are obligated to report.
- If your utilization looks super high, then that would be because it is "super high." They are not reporting anything above and beyond what the statement balance was.
- If the CSR threatened to hang up if you were recording the call, it seems as though your conversation with the CSR likely took on the very aggressive tone of your post. That is not generally the best way to get someone to help you, particularly if the company did not do anything wrong.
- What would you be hoping to accomplish by speaking with upper management? What would be the basis for a CFPB or BBB complaint? That they correctly reported your balance to the consumer credit reporting agencies?
- As for fixing, you could simply pay the balance and let the next statement report a lower balance?
Concur with the above statements by @K-in-Boston.
Also, @Toastmaster, notification of the changes were compliant by regulation and provided in advance. It is up to the accountholder to exercise a review of these changes as provided, whether you receive electronic or non-paperless communications.
For your reference, below is the excerpt of such communication during Sep/Oct timeframe via statement. The cited "reporting mess" could have been avoided if you had reviewed the notification in order to be proactive of any changes that would have impacted the way you normally make your payments or any methods that you track your own utilization.
Not sure if your aware, but utilization has a short memory and your credit score will be right back to where it would have been after your next statement reports. (as long as your utiliztion will be the same as what you wanted it to be by making that payment before this statement closed)
No harm no foul.... 
Have to agree with others -
Report them if you like, no skin off the nose of anybody here, but, it won't achieve anything in terms of any change in policy or adjustment to your account/credit/etc, and, this is a very temporary issue anyway. FICO 8 has no memory of balances at any point in the past. It is calculated based on statement balances at the time the score is generated and that is it. So, in a hypothetical situation where a balance reports high and you lose 20 points, you'd regain all 20 of those points next statement if your balances are back to where they normally are and nothing else changes. It is not like you need to regain ground beyond simply paying the balance back to where you want it.
Long story short, I wouldn't worry about it and would just be aware of this in the future. JMO, but good luck regardless!
