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Making a payment on credit card closing date.

Outdoorstech1
Frequent Contributor

Making a payment on credit card closing date.

My Amazon Synchrony Card (credit limit $7K) and Chase Sapphire Reserve Credit Card (credit limit $26k) have closing dates of the 5th - today! 
-I made a payment this morning on my Amazon card to pay balance to zero.  "Payment $ 1324.81 scheduled for 03/05/21"
-I want to make a large payment on my Chase Sapphire Reserve card to lower credit usage. credit limit is $26,000 and I have a $10k 0% interest balance until Summer 2021. 

If I make a payment on my Chase / Amazon on the closing date ( today) to help lower the balance, is it too late for it to close with the updated balance or does it depend on how long it takes the bank to accept the payment?  I really care about Chase to help lower the utilization because I want to apply for an auto loan next week and want to show bank I dont have high balances. Can I call a lender and ask them to send my updated balance to the credit bureaus so it shows my latest balances etc?  I also just paid off my TD Auto Finance loan two days ago but not sure when updates get sent to the credit bureaus. 

 

Chase: Closing Date: 02/06/21 - 03/05/21 | Payment Due: 03/02/21

Message 1 of 7
6 REPLIES 6
randomguy1
Valued Contributor

Re: Making a payment on credit card closing date.


@Outdoorstech1 wrote:
My Amazon Synchrony Card (credit limit $7K) and Chase Sapphire Reserve Credit Card (credit limit $26k) have closing dates of the 5th - today! 
-I made a payment this morning on my Amazon card to pay balance to zero.  "Payment $ 1324.81 scheduled for 03/05/21"
-I want to make a large payment on my Chase Sapphire Reserve card to lower credit usage. credit limit is $26,000 and I have a $10k 0% interest balance until Summer 2021. 

If I make a payment on my Chase / Amazon on the closing date ( today) to help lower the balance, is it too late for it to close with the updated balance or does it depend on how long it takes the bank to accept the payment?  I really care about Chase to help lower the utilization because I want to apply for an auto loan next week and want to show bank I dont have high balances. Can I call a lender and ask them to send my updated balance to the credit bureaus so it shows my latest balances etc?  I also just paid off my TD Auto Finance loan two days ago but not sure when updates get sent to the credit bureaus. 

 

Chase: Closing Date: 02/06/21 - 03/05/21 | Payment Due: 03/02/21


If your statement date is 3/5 then it is most likely too late. With Chase, if you pay it off to zero, they will update the credit bureaus and you should see that reflected in a few days later.

Message 2 of 7
FinStar
Moderator

Re: Making a payment on credit card closing date.

For SYNCB Amazon, it's unlikely to update in time.  It usually takes a day or so to reflect the payment regardless if you made it today.  As far as Chase, there's a slight possibility it may update during overnight processing if you make the payment directly from your Chase deposit account before 8pm EST.

Message 3 of 7
Outdoorstech1
Frequent Contributor

Re: Making a payment on credit card closing date.

If I pay Chase to say $5k, can I call Chase Monday and have them push to bureau's so it updates on my CR the lower balance?

Message 4 of 7
peripate
New Visitor

Re: Making a payment on credit card closing date.


@Outdoorstech1 wrote:

If I pay Chase to say $5k, can I call Chase Monday and have them push to bureau's so it updates on my CR the lower balance?


If the system didn't take it in overnight processing, a call is not going to be able to push a new update to the credit bureaus.

However, as mentioned above, paying off the balance to 0 always works with Chase.

 

If you're looking to maximize your score for another app--guess you might want to wait a month or pay down the full balance. Hope it works out.

Message 5 of 7
Jnbmom
Community Leader
Senior Contributor

Re: Making a payment on credit card closing date.

@Outdoorstech1 

 

 

 

Just a side note, I would  suggest not paying  your bills on the due date, so much can go wrong in this situation. It's better to pay a few days before in case there is a snag with the payment. JMO

EXP 758 TU 783 EQ 729
Message 6 of 7
FlaDude
Established Contributor

Re: Making a payment on credit card closing date.

My experience with Chase (and Amex, FWIW) is that if I make a payment on the statement date, the payment is reflected in the statement. I think they must do the statement processing at the end of the day.

Scores: March 21 FICO 8: EX 810, TU 808, EQ 813
AoOA: closed: 36 years, open: 25 years; AAoA: 11.8 years
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Freedom Unlimited, Chase Amazon, Chase CSP, Chase United Explorer, Citi AA Plat, Sync Lowes, Sync JC Penney - total CL 145k
Loans: Chase car loan (35k/6yrs 0.9%)
Message 7 of 7
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