Overlimit Question

[Anonymous]

I'm posting this in here since it's related to my rebuilding and my credit score, more than I'm worried about the actual overlimit itself.

I had two cards post overlimit this month because I didn't know statement closing dates.  

Niether card is over limit now, and my Platinum card will report a balance of $3 which should at least push me back where I was, not where I wanted to be.  

I'm considering a mid-cycle update, if I can figure out how to do it, but I'm curious how much damage it would do if I left it.  Neither card should report overlimit again.  Both cards had payments enroute when the statements issued.   Now that I know the statement dates and payment due dates, no payment due so I was just maxing and paying down the quicksilver card.  

Basically the question is should I initiate a mid-cycle update or will leaving this and letting it correct itself on it's own be ok?  

I now know that I will be calling and asking what the statement date is on any new card.  

[A1Credit]

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@Anonymous wrote:

I'm posting this in here since it's related to my rebuilding and my credit score, more than I'm worried about the actual overlimit itself.

I had two cards post overlimit this month because I didn't know statement closing dates.  

Niether card is over limit now, and my Platinum card will report a balance of $3 which should at least push me back where I was, not where I wanted to be.  

I'm considering a mid-cycle update, if I can figure out how to do it, but I'm curious how much damage it would do if I left it.  Neither card should report overlimit again.  Both cards had payments enroute when the statements issued.   Now that I know the statement dates and payment due dates, no payment due so I was just maxing and paying down the quicksilver card.  

Basically the question is should I initiate a mid-cycle update or will leaving this and letting it correct itself on it's own be ok?  

I now know that I will be calling and asking what the statement date is on any new card.  

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The statement itself should have the statement date listed.  This date usually does not change and is the same date every month.

[Anonymous]

It may have an effect now, but any points lost will he gained back when they report again next month. No need to ask for an update if your not applying for anything soon, which I would think not if you have two cards you are figuring out now.

Depending on which you’re talking about, Chase and Cap1 cut statements for me 3 days after my due date; Amex, Sync, and PenFed more like 5-7 days

[Anonymous]

The Quicksilver one I could have calculated the statement date on but I didn't know it on the first cycle and at the time the statement cut I didn't  realize when it was going to cut.  It literally cut almost 30 days earlier than my first CapOne Platinum statement.

The CreditOne I felt like an idiot on.  I knew about the $75 annual fee but where it didn't show up right away I just figured it was going to be billed monthly (like after the first year).  Yeah, I know better now.  2 days prior to the statement I sent a payment from the CapOne 360 checking, statement came out on the 4th, and payment posted today.  

Both were just stupid mistakes, with payments enroute.  The Quicksilver I had just pushed over the limit with fuel and I initiated the payment the same day the statement cut.  They literally crossed each other because the statement cut and the payment posted the same night.

And yeah, I'm not looking for anything right this minute.  It will be probably be June or July before I'm looking to do anything more.  I need to give these cards time to show a history.  

[Anonymous]

Well I take that back, there was something I was going to do this month but I guess I can wait.  I was going to switch insurance companies because I expected an increase, not a drop.  Between new credit and overlimit I took a hit on all but TU so far. 

They should all come back up when everything finishes reporting because the Platnium closed on a $2.19 balance to be reported bringing me back under 100% utilization.

I'll wait until next month to handle insurance.  My credit has improved enough Geico actually sent me a letter encouraging me to try to them because my credit improved.  

I'm trying to get my insurance rates down so it's realistic to finance a car, but I'm not looking to finance until next fall.  I would just like the benefit and costs savings now.  

[RobertEG]

Percent util is based only on the current month, and prior high % util impact will not effect scoring in later months.

The substantive issue is whether high or overlimit % util might trigger their algorithm that considers consumers for a decrease in credit limit.

Many algorithms will only trigger if the util level remains high for several months, and not be triggered by only a single month's bump.

If the creditor decides to do a credit limit decrease over concern of increased risk due to maintenance of a high % util, that can have significant future scorind impact, in that as you reduce your current balance, and reduction in credit limit could keep your % util at a higher level.

[Anonymous]

I don't usually maintain a high util% and this months isn't done calculating yet, but will be at 80% or higher again because of this.

I only ran high util on my platinum (oldest card) for a few months while moving.

[Anonymous]

When Credit One hit before the CapOne Plantinum was updated it tanked my TU score so I went ahead and initiated a balance dispute, with the current exact balance, with Equifax.

They may not update it or they may wait 30 days, but I figured it was worth a shot.  

Things change and having my scores as low as they tanked due to that overlimit concerns me because it changes my options with things going on here.

I will do the same with CapOne since I know they do update "IF" the QS card ever posts to TU.  Right now TU is the only one the QS Card is not showing on and the Platinum card hasn't been udpated yet.

But the QS One is on every other credit report.  The Platinum is expected to update tomorrow, if they do Saturday updates.

[Anonymous]

I might not be understanding this correctly. You have two new cards (based on you not knowing the reporting dates)? Both were over the limit at the end of the cycle? Then you filled a dispute with one of them based on it reporting that you were over and your score dropped?

If that is all accurate, I'd be more worried about them closing my card(s) than anything else at this point.

[Anonymous]

I only disputed the balance.  Because at the time it posted I had a payment enroute.

Nothing else.  I actually called Credit One before I did that to ask if they would update.  They said no so I asked if a dispute on the balance would change it.  They said I could try so I did.

The Capital One I will go for a mid-cycle update because both cards will have almost a $0 balance.

And yes it's over my Credit Score at the moment because their are things going on that I may need to do something before the end of the month.  The lower credit score could hinder that, and it may be a literal need.  Vehicle issues.  

So yeah, I do not want to risk being at the end of the month and having to wait 2 weeks because the interest is high enough to push the payment up.  

If I decide to do the auto loan I have 2 places I've spoken with about it and I talked with one of them specifically, lower interest, before I made a decision.

I rarely dispute anything on my credit.  I typically just pay it off and deal with it.  But in this instance their are background things going on that I need to put myself in the best position to handle if they occur.  

Personally I'm hoping it doesn't, but I need to be prepared for it.