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Credit utilization not updated?

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Anonymous
Not applicable

Credit utilization not updated?

I just checked my Experian FICO Score and the credit utilization hasn't been updated, however the credit score did get updated (and it is now lower). How come? Last time it was updated was on September 5th, then on September 9th I paid off my balance, then I used my card again and continued to make payments throughout the month of September (balance is $0 right now). The score was just updated today, October 5th, but the credit utilization is still at 80%, just like last month... why!? And now my score is lower... can I dispute it?

Message 1 of 17
16 REPLIES 16
tomfromrictmame
Frequent Contributor

Re: Credit utilization not updated?

Exactly what are you considering disputing?




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Message 2 of 17
Anonymous
Not applicable

Re: Credit utilization not updated?

Or just call to ask why the credit utilization hasn't been updated since last month. My credit score went down like 18 points, so I'm guessing they are assuming I didn't pay off my balance, but I did! The only other thing that happened was that I got approved for a Quicksilver one, and actually, the added credit is not reflected in my score yet.

Message 3 of 17
Scupra
Super Contributor

Re: Credit utilization not updated?

Where are you checking scores and obtaining utilization from?

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801 EQ FICO 06/2022
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793 EX FICO 04/2022
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Message 4 of 17
Anonymous
Not applicable

Re: Credit utilization not updated?

Here: https://www.freecreditscore.com/

It gives me utilization as percentage, so right now it says 80% (on a credit limit of $300) when it should be 0% for a combined credit limit of $2,300 as I got approved for a Quicksilver One about two and a half weeks ago.

Like I said, I paid off my balance on September 9th (the score got updated on September 5th and now again on October 5th), then I used my card throughout the month, but made several payments as well (never used more than 30%). I left my balance at $30 (so 10%) for a few weeks, then I paid off my balance to avoid interest charges.

You can guess how disappointed I am to find out that instead of improving my score it actually went down... but the balance/utilization is not updated, so... maybe it will be updated and my score should go way up??? It makes no sense to me... I wanted to apply for more CCs this month because I was sure my credit score would be much better after paying off my balance.

 

(Thanks for moving the thread)

Message 5 of 17
Anonymous
Not applicable

Re: Credit utilization not updated?

I found this on that website under Disputes:

 

"

Incorrect Details on Real Accounts

The information on your credit report comes directly from the companies that provide credit to consumers. Sometimes, that information gets reported incorrectly. Examples of incorrect details include:

  • Open accounts reported as closed
  • Reports of late payments that never happened
  • Incorrect balances, credit limits, or other numbers"

So yes, I can dispute based on incorrect balances. This Score gets updated every month, so I can either dispute it now or wait until November 5th... but if I wait, my score will go up from 686 that I have right now, instead of going up from 703 that I had last month.

Message 6 of 17
Scupra
Super Contributor

Re: Credit utilization not updated?

Well the Cap1 card will take time to report as you know.. Do you know when your other card reports to the CRA's? Did a balance possibly still report?

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
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Message 7 of 17
Anonymous
Not applicable

Re: Credit utilization not updated?

I don't know if it reports exactly on the 1st, or a few days after. The bank statement arrives on the 6th or 7th, the September statement arrived on the 6th, but my credit score on Experian's website reflected the balance of the statement already, even on the 5th.

On September 6th I got my Wells Fargo Secured CC statament online, with a balance of $266, but on Experian, as of September 5th my credit score was 703 with a balance of $266 (one day earlier than my statement). So I'm sure my banks reports first, then sends me the statement. Following that same schedule, my bank should have reported no balance already, and I should get my bank statement tomorrow.

Message 8 of 17
Anonymous
Not applicable

Re: Credit utilization not updated?

I just checked the complete credit report. and it turns out September hasn't been reported by Wells Fargo yet. So my question is, how come my credit score did go down? I had one HP from Cap 1, but I was approved and 18 points is a lot for just one pull...

Message 9 of 17
Anonymous
Not applicable

Re: Credit utilization not updated?

When my bank finally reports September's statement, will be score go up or will I have to wait until November!!? It's weird because last month it was reported before the 5th... it's Wells Fargo so....

Message 10 of 17
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