Credit Utilization
Credit utilization is one of the biggest factors which credit models look at while calculating your credit score. You could have had a FICO score of 800 or more, but if you max out a credit card your FICO score may drop to 680 or below!! (For more information on credit utilization read The 5 Most Important Factors In A FICO Score)
Different then a late payment, collection, or bankruptcy, etc., which can take your score years to recover from, credit utilization will only affect your score for as long as you have an open balance. As soon as the balance is paid off and reported as paid to the credit bureau your credit score will go right back up.
I underlined, “and it is reported as paid to the credit bureau,” because here is where it gets tricky. How long will it take your bank to report the paid balance to the credit bureau?
Banks have a reporting date of when they report your credit balances to the credit bureaus. Most banks will report once a month, on the day, or the day before your statement prints.
There are some banks that are lazy to report, and they may even skip a month or two before reporting your paid balance. Ouch!
Here is a list of when the credit card issuers report your updated balances to the credit bureaus.
Please note: With some banks, the balance needs to clear by the date they report in order for them to report the updated balance. So make sure to submit the payment at least one day earlier.
Amex
- Amex will report your statement balance.
- It usually takes 48 hours until it reflects on your credit report.
- You can call Amex at 1-800-874-2717 to get your balance updated off-cycle. The update will take up to 5 business days to be completed.
Bank Of America
- Bank Of America will report your statement balance.
- It usually takes 48 hours until it reflects on your credit report.
- You can call Bank Of America to get your balance updated off cycle. The update will take up to 48 hours to be completed. Call Bank of Of America at 1-800-421-2110 and ask to talk to the credit bureau reporting department, then ask to speak to a manager/underwriter to submit your off-cycle request.
Barclays
- Barclays will report your statement balance.
- It usually takes 24 – 48 hours until it reflects on your credit report.
Chase
- Chase will report your statement balance
- It usually takes 48 hours until it reflects on your credit report ( i have seen some times Chase skip a month or two of reporting).
- Chase will update your report within 48 hours (even off-cycle) if you pay your balance to zero.
- You can call Chase at 1-888-682-8361 to get your balance updated off-cycle. The update will take up to 48 hours to be completed.
Citi
- Citi will report your statement balance.
- It usually takes 48-72 hours until it reflects on your credit report.
- You can try to call Citi executive office to request an off-cycle report at 605-331-1698 or fax the request to the credit bureaus department at 1-866-713-5028.
Capital One
- Capital One will report your statement balance.
- It usually takes 2-5 days until it reflects on your credit report.
- Some have been successful on getting a balance update off cycle by requesting a supervisor to submit an off-cycle request
Discover
- Discover will report your statement balance.
- It usually takes 24-48 hours until it reflects on your credit report.
- You can call Discover at 1800-347-3085 to get your balance updated off-cycle. The update will take up to 48 hours to be completed.
US Bank
- Us Bank will report the balance as it was on the first of the month.
- It usually takes 48 hours until it reflects on your credit report.
Wells Fargo
- Wells Fargo will report your statement balance.
- It usually takes 48 hours until it reflects on your credit report.
Rapid Rescore
If you’re applying for a mortgage or loan, your mortgage broker or lender can do for you what is called a rapid re-score. All you will need to do is obtain a zero balance letter from your credit card bank. This is a letter that you receive from the bank, stating that your balance is at zero. Ask them to fax it to you (no mail-that takes longer.) Once you receive it, send it over to your mortgage broker. He/she will send it to the credit bureaus and pay for a rapid re-score. Once all this is done, your credit report will update within 24 -48 hours. (Tell your mortgage broker to use the same company he uses to pull your credit for the rapid re-score.)
For more information on a rapid re-score read Rapid Rescore – Everything You Need To Know
For now, have a great day!
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Nice posts very informational. Sam your the man!
Thanks!
citi card told me that a payment that you have made will get reflected 15 days after the date of the statement generation.
Was that your personal experience in reality?
yes, I paid my full balance 1 day late … and as per the chat with them, they told me the above
Can a rapid rescore be done before the first credit pull ?
Can I do a rapid rescore even when I am not applying for a mortgage ?
A rapid rescore will always first start with a credit pull. As per the credit bureaus its a program afford only for mortgage applicants. On google, you can find companies that do it publicly as well.
My personal experience was that they reported 15 day’s later
I never had that experience. Interesting
What’s if I swipe my card after due date before statement close will it show on my statement as a balance?
As long as the balance is paid before the date the credit card reports to the credit bureaus (as you see above, it is usually the statement print date) the balance will not be reported on your credit report.
Anyone with experience with Credit One Bank? When do they report the statement balance? I have it already updated on XP but not yet on TU and EF