Hi Tufa. There's two issues.
One is whether the CRA will store the information that the credit card company reports to them. The answer is that yes they will store it, yes it goes onto your report, and when the CCC reports a much lower balance the following month, that will not erase what they reported before. This is because CRAs now store the balance reported not only for the most recent month but for every month going back at least a year or so, often much longer.
The other issue is what fields from the CRA that FICO uses to compute your score. The current FICO models (and those in the past) only use the most recently reported balance when assessing CC utilization. That is because these models were made before the CRAs started storing many consecutive months of balance and payment history.
But future credit scoring models will almost certainly be designed to consider the much richer dataset that the CRAs now supply. Exactly how they will do it no one can say for sure.
So this means that in a couple months from now your FICO 8 score will be fine. But if you want to ensure that the 106% utilization during Nov 2015 for that card is never considered by any future credit scoring model or any manual underwriter, then you need to work with the creditor to have that data corrected by each CRA.
Even simpler would be to work with the creditor now and see if they will agree to not report it. That may be difficult for them, since what they report is probably done in an automated fashion. But they can submit a correction a few months later.
I am not taking a position on whether you need to get this corrected. I am just letting you know that, if you decide you don't want it in your credit file, then you have to do the usual legwork to get it removed. A reasonable approach might be to use Credit Karma now to track your reports weekly (and print hardcopies). By mid January the new (far lower and correct) balance should be reporting. At that time you can try getting a full blown credit report from ACR and see what the historical balances say during Oct-Dec. If you want your Nov 2015 balance to only report the charges you made, you'll have to work with CRA and creditor to get that changed.
AU:
