Off cycle report?!? Help please!

[Anonymous]

I just checked my Experian app, which monitors FICO 8 and my score dropped 14 points from 681 to 667. The only thing that changed was my Cap One Quicksilver One balance from $0 to $960, which is basically maxed out since it only has a $1000 CL. Problem is, I use this card throughout the month and always PIF before the statement closes on the 21st. However, this balance reported off cycle on the 11th! Why would it do this? This is the first time Cap One has ever reported off cycle. I jumped on and paid in full right away. Will they report the $0 balance on the 21st as usual? Does it make sense that I'd lose 14 points for being maxed out? I'm otherwise at 20% agg uti with that balance report. What's more? I'm in the middle of mortgage underwriting right now! I don't expect them to pull my credit that one last time until early June so that should be plenty of time for Cap One to report me back down to zero. Anyone see any issues with that?

[Brian_Earl_Spilner]

They should report again on cycle. If not, you can request them to report. If that doesn't work, you should be able to pay for a rapid rescore if needed 

[sarge12]

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@Anonymous wrote:

I just checked my Experian app, which monitors FICO 8 and my score dropped 14 points from 681 to 667. The only thing that changed was my Cap One Quicksilver One balance from $0 to $960, which is basically maxed out since it only has a $1000 CL. Problem is, I use this card throughout the month and always PIF before the statement closes on the 21st. However, this balance reported off cycle on the 11th! Why would it do this? This is the first time Cap One has ever reported off cycle. I jumped on and paid in full right away. Will they report the $0 balance on the 21st as usual? Does it make sense that I'd lose 14 points for being maxed out? I'm otherwise at 20% agg uti with that balance report. What's more? I'm in the middle of mortgage underwriting right now! I don't expect them to pull my credit that one last time until early June so that should be plenty of time for Cap One to report me back down to zero. Anyone see any issues with that?

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It absolutely makes sense that 1 card would ding the score that much. The good news is, since you paid it off, when the new balance reports you will get the points back...every single point. Utilization is a point in time metric in fico 08, and both aggregate and individual card utilization affects the score. Ideal is AZEO and that card be under 29% utilization. The aggregate utilization should be under 9%. Try to get CapOne to do an off cycle report of the 0 balance if another pull will happen before the statement cuts. You should consider making multiple payments every month on any low credit limit cards. Being a point in time metric it is usually not necessary to maintain ideal utilization all the time, only before a credit app. Being in the middle of underwriting on a mortgage changes that. Your interest rate will be set by using the middle mortgage credit score. That interest rate is a big deal on a 30 year mortgage, a very big deal. If at all possible do AZEO and be within the recommended utilization or it could cost you every single month for 30 years. You said they will not pull till early June, I hope that is right. 

[Anonymous]

I spoke to a CSR after a 45 minute hold and they said they'd report as normal after the 21st. So all should be well. She had no reason to offer why they reported off cycle in the first place. The only thing I can think is that I would have normally made a payment after the card reached $500 or so balance, even if that meant making a payment mid-month. I didn't do that this time because I've been marshalling cash in case there are any unforeseen expenses with the closing on my house. I intended to make the payment when I got paid in two days anyway. But this balance was abnormal for the way I use the card. Still, it wasn't like I carried a balance for months. And my other Cap One was paid off. Jeez Cap One. No need to be so data sensitive! 

is it fair to think that those 14 points were the result of this card balance? EX was already my lowest score because I have 12 inquiries in 12 months on EX (as opposed to 5 and 6 on EQ and TU). I'm anticipating getting the 14 points back. Does that sound right?

[Brian_Earl_Spilner]

If that was the reason for the score drop, you'll get it back.

[sarge12]

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@Anonymous wrote:

I spoke to a CSR after a 45 minute hold and they said they'd report as normal after the 21st. So all should be well. She had no reason to offer why they reported off cycle in the first place. The only thing I can think is that I would have normally made a payment after the card reached $500 or so balance, even if that meant making a payment mid-month. I didn't do that this time because I've been marshalling cash in case there are any unforeseen expenses with the closing on my house. I intended to make the payment when I got paid in two days anyway. But this balance was abnormal for the way I use the card. Still, it wasn't like I carried a balance for months. And my other Cap One was paid off. Jeez Cap One. No need to be so data sensitive! 

is it fair to think that those 14 points were the result of this card balance? EX was already my lowest score because I have 12 inquiries in 12 months on EX (as opposed to 5 and 6 on EQ and TU). I'm anticipating getting the 14 points back. Does that sound right?

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Yes, you should get every single point back, but if possible it might get you a lower interest rate if you can get the cards to AZEO with that 1 card reporting under 29%. A half point of interest is a lot on a 30 year mortgage. If you can get that done, even by borrowing enough to do so from family, it might be well worth it, but I have no idea how much you would need to reach the ideal utilization to get a better rate.

[M_Smart007]

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@Anonymous wrote:

I just checked my Experian app, which monitors FICO 8 and my score dropped 14 points from 681 to 667. The only thing that changed was my Cap One Quicksilver One balance from $0 to $960, which is basically maxed out since it only has a $1000 CL. Problem is, I use this card throughout the month and always PIF before the statement closes on the 21st. However, this balance reported off cycle on the 11th! Why would it do this? This is the first time Cap One has ever reported off cycle. I jumped on and paid in full right away. Will they report the $0 balance on the 21st as usual? Does it make sense that I'd lose 14 points for being maxed out? I'm otherwise at 20% agg uti with that balance report. What's more? I'm in the middle of mortgage underwriting right now! I don't expect them to pull my credit that one last time until early June so that should be plenty of time for Cap One to report me back down to zero. Anyone see any issues with that?

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I think there are a few errors right now with on cycle reporting. Some are not updating at all.

[Anonymous]

In case anyone cares about the DPs, I was the original poster (see above). When my capital one card unexpectedly reported the balance mid-cycle of $960 on a $1000 credit limit, I lost 11 points on Equifax, 9 points on Trans Union, and 14 points on Experian. I subsequently lost another 3 points on EX when it finally started reporting a several months old Wells Fargo Visa Signature Card nearly a month after the other bureaus reported that card. The statement closed with that Cap One Card PIF as always. I got all 11 points back on EQ, I got 10 points on TU (gained an extra point somehow!), and on EX I got 13 of the total 17 points that I'd lost back. So, that's good. Especially since I'm scheduled to close on the home my wife and are buying on Friday with the lender set to do a soft pull just before closing to ensure nothing has changed about my credit!