I've read different takes on when Chase and Cap report balances and utliizations to the credit bureaus, which is supposed to be a few days after the closing statement. Just want to know if that's the case and if they're consistent with reporting each month. Been working extra hard to pay off some of my high balance cards to possibly look into getting the CSP or Marriott Bonvoy card around October and close a few in 2021. June and July has been a tale of two stories with my score increases.
In June, I paid down my Chase Slate (now Freedom) to 30% and Cap1 QS1 to 25%. EX score jumped 22 pts.
In July, I paid down the Chase Freedom to 12%, Cap1 QS1 to 10% and Citi Shell to 0%. EX score jumped 4 pts.
Kind of weird that July was much less despite the lowered util and considering my payments on my others cards were a little more than normal (high balances from April and May, but I'm starting to paying them off by 20% each month). Hoping August and September will be much better with score increases for a few reasons:
Freedom and QS1 balances will at 2% as well as my Discover being below 68.9% in this months payment.
Synchrony Sam Ash balance will be at 8% when I make extra payment this month.
Two HP will hit the one year mark at the end of this month.
Always right after closing in my extensive experience with Chase. The only exception to that is if you pay off the account to flat $0 balance, Chase will do a mid-cycle report and update it to $0.
Cap 1 I haven't had a balance in a while but I don't remember there being anything usual there (right after closing again) but someone else can probably give you more recent information.
Good to know, everyone! Wanted to be sure on that since I just spent the weekend working on a strategy to pay off the three high balance cards over the next 8 months. Was going to start with the lower two cards but it makes mores sense to pay down the highest one with the highest interest rate Especially since my highest is a Chase card and the way they've been reducing CL and closing some cards recently.
@marcforza1 wrote:
In June, I paid down my Chase Slate (now Freedom) to 30% and Cap1 QS1 to 25%. EX score jumped 22 pts.
In July, I paid down the Chase Freedom to 12%, Cap1 QS1 to 10% and Citi Shell to 0%. EX score jumped 4 pts.
I would Venture a guess that if you did the exact math of what those balances and ratios were it would make more sense given the thresholds you crossed. Maybe you crossed both individual on one or multiple cards AND an aggregate the first month, and just an individual the 2nd? I would imagine it's something along those lines. Aggregate thresholds are 9%, 29%, 49%, 69%, 89%, and 100%. Individual thresholds are the same, but excluding the 9% (though some people have a minor break point somewhere on the low end as well.)
Also, I echo what everyone else said about both of those FIs as well. That has been the same experience for me with each one of them.
@Ficoproblems247 wrote:
@marcforza1 wrote:
In June, I paid down my Chase Slate (now Freedom) to 30% and Cap1 QS1 to 25%. EX score jumped 22 pts.
In July, I paid down the Chase Freedom to 12%, Cap1 QS1 to 10% and Citi Shell to 0%. EX score jumped 4 pts.
I would Venture a guess that if you did the exact math of what those balances and ratios were it would make more sense given the thresholds you crossed. Maybe you crossed both individual on one or multiple cards AND an aggregate the first month, and just an individual the 2nd? I would imagine it's something along those lines. Aggregate thresholds are 9%, 29%, 49%, 69%, 89%, and 100%. Individual thresholds are the same, but excluding the 9% (though some people have a minor break point somewhere on the low end as well.)
Also, I echo what everyone else said about both of those FIs as well. That has been the same experience for me with each one of them.
The thresholds are what I've been following for the last few months.We'll see what happens this month and September when several of the cards hits 5% and stays in that range for awhile.