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Will changing credit card due date affect when balance is reported?

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Will changing credit card due date affect when balance is reported?

I have a card with Capital One. My payment is due the 18th & my statement cuts on the 22nd. I plan on paying this card down to $0 next week & would like to move forward with purchasing a home. Unfortunately, they are going to report a high balance to the CRAs & I would have to wait until the end of March for my $0 balance to be reported. If I change my due date to the 2nd will my statement date change and will Capital One report my balance earlier in March as opposed to the end of March? I'm trying to find any way to make Capital One report $0 ASAP.  Thanks for any tips. 

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Valued Contributor

Re: Will changing credit card due date affect when balance is reported?

Because your new statement period is current, changing your due date I believe would reflect either next statement period or the one thereafter. 




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Message 2 of 6
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Established Contributor

Re: Will changing credit card due date affect when balance is reported?

Yes it will affect the due date but not that soon.  It takes at least one and usually 2 billing cycles for a due date change with C1.  And if I'm reading correctly, today is your statement date, which will be the balance reported and much too late to effect what will report for February considering your statement already generated a due date.  Even if the due date is the 23rd, 24th, etc, too late and the earliest you might see the change will be a new due date of 5/2.  

 

There are some lenders that will report off cycle when you request but I've never requested and not heard that C1 will do it but you can at least ask for an off cycle to the CB after the payment posts.

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Message 3 of 6
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Frequent Contributor

Re: Will changing credit card due date affect when balance is reported?


@moneymoney0004 wrote:

I have a card with Capital One. My payment is due the 18th & my statement cuts on the 22nd. I plan on paying this card down to $0 next week & would like to move forward with purchasing a home. Unfortunately, they are going to report a high balance to the CRAs & I would have to wait until the end of March for my $0 balance to be reported. If I change my due date to the 2nd will my statement date change and will Capital One report my balance earlier in March as opposed to the end of March? I'm trying to find any way to make Capital One report $0 ASAP.  Thanks for any tips. 


I recently had changed the due dates on 2 cap1 credit cards and it took almost 2 billing cycles for them to click in, during that time I would send in payments but the balance remained the same on credit reports until the new due dates and statement cuts went into effect.

 

So bottomline is the changing of due dates is not immediate. It may take 1 or 2 cycles depending on when you requested it.

 

I have read that mortgage companies can do a process called "Rapid Rescoring" where updates are accelerated so instead of waiting for the monthly update you can get an update in a few days.

 

So if you pay down the balance it will be reported much sooner and your score will show the improvement much faster.

Message 4 of 6
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Community Leader
Super Contributor

Re: Will changing credit card due date affect when balance is reported?

OP, you can still move forward with applying for a mortgage. Just tell LO that you're paying that card off the following week and they can do a rescore, if needed. Or, you can show your bank statement the proof of CC payoff. Your worries or trying to jump through hoops are for naught. 


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Super Contributor

Re: Will changing credit card due date affect when balance is reported?


@moneymoney0004 wrote:

I have a card with Capital One. My payment is due the 18th & my statement cuts on the 22nd. I plan on paying this card down to $0 next week & would like to move forward with purchasing a home. Unfortunately, they are going to report a high balance to the CRAs & I would have to wait until the end of March for my $0 balance to be reported. If I change my due date to the 2nd will my statement date change and will Capital One report my balance earlier in March as opposed to the end of March? I'm trying to find any way to make Capital One report $0 ASAP.  Thanks for any tips. 


Yes changing the due date changes the statement date which, with Capital One, is the reporting date.

 

However, it will usually take one or two cycles before the change goes into effect, so it is doubtful that you will be able to accomplish the result you're looking for. 

 

Some lenders are willing to make an offcycle report if you ask them, but I don't believe Capital One is one of them.


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