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Question on credit scoring on my reports

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MikeyMagic
Frequent Contributor

Question on credit scoring on my reports

Hello

 

Hoping someone can answer this for me. My Cap1 statement date ends on the 15th and my balance is $300. If I don't pay anything it will report to the credit bureaus within a couple of days and show the $300 balance plus 100% utilization for Cap1 as my credit limit is $300 right?

 

So my question is if I made a payment in full the next day and then called Cap1 and had them do an off-cycle report showing my balance is $0, would that make my credit score go up again? Basically I was under the impression that utilization has no memory.

 

So if Cap1 reports to the credit bureaus first that I owe $300 and then 3 days later another report gets sent to the bureaus stating my balance is $0, will that cancel out the 1st report sent saying I owe $300?

 

I guess I'm wondering if I pay my full balance a day later even though I missed doing it before the statement closing date, as long as I get an off-cycle report sent to the bureaus once I pay - it will counteract the initial reporting that I owe $300 right?

 

Hope I am making sense. Cap1 told me they will do off-cycle reporting if I call and ask.

 

I usually make my payments in full before the statement closes on all my cards but I think I will be 1 day late on my Cap1 bill this month. 

Message 1 of 12
11 REPLIES 11
Brian_Earl_Spilner
Credit Mentor

Re: Question on credit scoring on my reports

Off cycle reporting is not something that is normally done. Usually you have to convince them there's a valid reason for it like you need to rapid rescore for a mortgage. Then there's the problem of them actually doing it. You could run into an instance where instead of off cycle reporting they submit a dispute. This happened to me with my target card and now it has a comment that I disputed the balance. Regardless of which road they take you can expect between 1-3 weeks for it to be reported by a lender, which kind of defeats the purpose of asking for one. That's not taking into account any lenders that soft pull you and see your utilization suddenly max out. 

    
Message 2 of 12
Horseshoez
Senior Contributor

Re: Question on credit scoring on my reports

@MikeyMagic, as @Brian_Earl_Spilner said, off-cycle reporting is virtually never done; the only financial institution I am aware of who reports mid-cycle when a balance hits zero is Chase.  At this point you probably have no other option than to make sure you pay your card either in full, or at least down the the level you want reported, before your next statement cuts (and make sure no latent charges post before the statement cut).

Chapter 13:

  • Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
  • Filed: 26-Feb-2015
  • MoC: 01-Mar-2015
  • 1st Payment (posted): 23-Mar-2015
  • Last Payment (posted): 07-Feb-2020
  • Discharged: 04-Mar-2020
  • Closed: 23-Jun-2020

 

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 3 of 12
MikeyMagic
Frequent Contributor

Re: Question on credit scoring on my reports


@Horseshoez wrote:

@MikeyMagic, as @Brian_Earl_Spilner said, off-cycle reporting is virtually never done; the only financial institution I am aware of who reports mid-cycle when a balance hits zero is Chase.  At this point you probably have no other option than to make sure you pay your card either in full, or at least down the the level you want reported, before your next statement cuts (and make sure no latent charges post before the statement cut).


I appreciate your answer but let's assume best case for me Cap1 does an off-cycle report - will that counter the $300 balance reported to the credit bureaus if it's sent correctly?

 

And also if an off-cycle report can't be done, once it's paid in full before the due date and that's reported eventually to the credit bureaus, will that counteract the $300 balance that was reported? Thanks.

Message 4 of 12
MikeyMagic
Frequent Contributor

Re: Question on credit scoring on my reports


@Brian_Earl_Spilner wrote:

Off cycle reporting is not something that is normally done. Usually you have to convince them there's a valid reason for it like you need to rapid rescore for a mortgage. Then there's the problem of them actually doing it. You could run into an instance where instead of off cycle reporting they submit a dispute. This happened to me with my target card and now it has a comment that I disputed the balance. Regardless of which road they take you can expect between 1-3 weeks for it to be reported by a lender, which kind of defeats the purpose of asking for one. That's not taking into account any lenders that soft pull you and see your utilization suddenly max out. 


You made me more depressed lol. Appreciate your insight.

Message 5 of 12
Horseshoez
Senior Contributor

Re: Question on credit scoring on my reports


@MikeyMagic wrote:

@Horseshoez wrote:

@MikeyMagic, as @Brian_Earl_Spilner said, off-cycle reporting is virtually never done; the only financial institution I am aware of who reports mid-cycle when a balance hits zero is Chase.  At this point you probably have no other option than to make sure you pay your card either in full, or at least down the the level you want reported, before your next statement cuts (and make sure no latent charges post before the statement cut).


I appreciate your answer but let's assume best case for me Cap1 does an off-cycle report - will that counter the $300 balance reported to the credit bureaus if it's sent correctly?

 

And also if an off-cycle report can't be done, once it's paid in full before the due date and that's reported eventually to the credit bureaus, will that counteract the $300 balance that was reported? Thanks.


Specific to your question, if an off-cycle report is made, your scores are instantly recalculated.  I've only had a Chase card for a little over a year now, but three times in that year my statement was cut after a latent charge or two posted but before my payment for said latent charges posted, and each time they did a mid-cycle report, my credit reports reflected the new balance almost immediately.  With all of this said, my scores didn't change either way as my reports virtually always report <1% utilization (both total and on individual cards).

 

The one time my scores did react due to a statement being cut between a latent charge posting and my payment posting, was in late 2021 when my wife and I needed to move suddenly and the new townhome we rented didn't have a washer and dryer.  I did some research, found the set I wanted to buy, and discovered the last day of a sale was that day, so I rushed out and bought them; the CapOne card I used only had a $3,000 limit at the time and the set was nearly $2,500, and yup, you guessed it, my statement cut that night showing a very high utilization number for that one card; my scores took a pretty good whack as a result.  Even though the payment to cover the charge posted the day after my statement was cut, my scores didn't recover until the following month when that card was back down to zero.

Chapter 13:

  • Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
  • Filed: 26-Feb-2015
  • MoC: 01-Mar-2015
  • 1st Payment (posted): 23-Mar-2015
  • Last Payment (posted): 07-Feb-2020
  • Discharged: 04-Mar-2020
  • Closed: 23-Jun-2020

 

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 6 of 12
MikeyMagic
Frequent Contributor

Re: Question on credit scoring on my reports


@Horseshoez wrote:

@MikeyMagic wrote:

@Horseshoez wrote:

@MikeyMagic, as @Brian_Earl_Spilner said, off-cycle reporting is virtually never done; the only financial institution I am aware of who reports mid-cycle when a balance hits zero is Chase.  At this point you probably have no other option than to make sure you pay your card either in full, or at least down the the level you want reported, before your next statement cuts (and make sure no latent charges post before the statement cut).


I appreciate your answer but let's assume best case for me Cap1 does an off-cycle report - will that counter the $300 balance reported to the credit bureaus if it's sent correctly?

 

And also if an off-cycle report can't be done, once it's paid in full before the due date and that's reported eventually to the credit bureaus, will that counteract the $300 balance that was reported? Thanks.


Specific to your question, if an off-cycle report is made, your scores are instantly recalculated.  I've only had a Chase card for a little over a year now, but three times in that year my statement was cut after a latent charge or two posted but before my payment for said latent charges posted, and each time they did a mid-cycle report, my credit reports reflected the new balance almost immediately.  With all of this said, my scores didn't change either way as my reports virtually always report <1% utilization (both total and on individual cards).

 

The one time my scores did react due to a statement being cut between a latent charge posting and my payment posting, was in late 2021 when my wife and I needed to move suddenly and the new townhome we rented didn't have a washer and dryer.  I did some research, found the set I wanted to buy, and discovered the last day of a sale was that day, so I rushed out and bought them; the CapOne card I used only had a $3,000 limit at the time and the set was nearly $2,500, and yup, you guessed it, my statement cut that night showing a very high utilization number for that one card; my scores took a pretty good whack as a result.  Even though the payment to cover the charge posted the day after my statement was cut, my scores didn't recover until the following month when that card was back down to zero.


Oh so the reason your scores didn't recover until the following month was because although you paid the charge right after the statement cut, it didn't get reported to the bureaus until the NEXT statement closing date right? But if you were able to get that off-cycle report and Cap1 did send another report well before the following month, that score hit would have only been for a few days am I right?

 

Message 7 of 12
Horseshoez
Senior Contributor

Re: Question on credit scoring on my reports


@MikeyMagic wrote:


Oh so the reason your scores didn't recover until the following month was because although you paid the charge right after the statement cut, it didn't get reported to the bureaus until the NEXT statement closing date right? But if you were able to get that off-cycle report and Cap1 did send another report well before the following month, that score hit would have only been for a few days am I right?

 


Yes, you are correct, but as @Brian_Earl_Spilner pointed out, that isn't something you're going to easily get accomplished, if at all.  The only time I've heard of it happening is if one is applying for a mortgage, and even then, my understanding is it is not initiated by the financial institution, but by the entity you're applying to for the mortgage.

Chapter 13:

  • Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
  • Filed: 26-Feb-2015
  • MoC: 01-Mar-2015
  • 1st Payment (posted): 23-Mar-2015
  • Last Payment (posted): 07-Feb-2020
  • Discharged: 04-Mar-2020
  • Closed: 23-Jun-2020

 

I categorically refuse to do AZEO!

In the proverbial sock drawer:
Message 8 of 12
MikeyMagic
Frequent Contributor

Re: Question on credit scoring on my reports


@Horseshoez wrote:

@MikeyMagic wrote:


Oh so the reason your scores didn't recover until the following month was because although you paid the charge right after the statement cut, it didn't get reported to the bureaus until the NEXT statement closing date right? But if you were able to get that off-cycle report and Cap1 did send another report well before the following month, that score hit would have only been for a few days am I right?

 


Yes, you are correct, but as @Brian_Earl_Spilner pointed out, that isn't something you're going to easily get accomplished, if at all.  The only time I've heard of it happening is if one is applying for a mortgage, and even then, my understanding is it is not initiated by the financial institution, but by the entity you're applying to for the mortgage.


No I get it and you guys are probably right about the off-cycle report, I was just making sure I understood why your scores would drop a lot for a month. I thought I did but wanted to clarify it with you. Thanks for all your help.

Message 9 of 12
markbeiser
Established Contributor

Re: Question on credit scoring on my reports

I wouldn't spend any mental energy on a thought expirament that involves customer service by Capitol One!

Back to gardening until Late February 2025.
Current FICO8:
Message 10 of 12
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