Welcome to the forum, MattMol!
Most accounts will update with the bureaus on the statement closing date, with the balance as of that closing date. Depending on which bureau it is, it can take a day or possibly a week or more for the new balance info to show on the report.
Patience, grasshopper...in a month or less, everything should be reporting just fine. In the meantime, use whatever cards you'd like, but if you want to keep the reported balances at 0, just pay each account in full online on or before the statement date (not the due date).
Hi, welcome to the forums!
There are a few CC companies that drag their feet about updating with good news, but most follow a regular schedule, and it has nothing to do with the CRA's (credit bureaus.)
Most lenders update CC info once a month, on your statement date, reporting the balance due that shows on the statement. They send in this info that day. For most of us, Experian updates that night or the next day, and EQ and TU sort of wander around in a daze, taking anywhere from 5 days to two weeks to enter the info. But that seems to be true of all account updates, not just balance decreases or increases.
Here are some exceptions: US Bank sends in the balance as of the last business day of each month, reporting at that time. HSBC/ Orchard bank cards send in the balance as of the last business day of the month, but they don't actually submit it for a week or two, and sometimes they just say the heck with it and skip a month. And this happens to all their customers --you should see the furor here on the forums when it happens.
Store cards (those without a Visa, MC, Discover, AmEx logo) frequently are bad about updating. I had a store card that would report a balance, but then never update that the balance was back to $0. After calling them and getting nowhere, I had to dispute two separate times with the CRA's to get the $0 reporting. But you don't want to do this if you can help it. Experian now considers me a frivolous disputer.
And that's after two disputes.
Smaller credit unions and community banks might have their own schedule going as well, although mine do update on the statement date.
Installment loans and mortgages are slow to update, often a month behind, but most of us don't get excited about this, because installment util is calculated separately from revolving util, and it doesn't affect scores nearly as much.
Back when I was battling my store card, I tried "tricking" it into reporting by letting a balance show. That was what started the whole problem: they did report that, but didn't seem to think it important to report the next month's $0.
Congrats on the big pay-down on your cards. Which score is your 710? --I'm guessing it's your FICO EQ (Equifax) score, since you're only listing one.
eta: ah, yes, Uborrow-Upay shows the value of a much shorter reply.
There are a few CC companies that drag their feet about updating with good news, but most follow a regular schedule, and it has nothing to do with the CRA's (credit bureaus.)
Most lenders update CC info once a month, on your statement date, reporting the balance due that shows on the statement. They send in this info that day. For most of us, Experian updates that night or the next day, and EQ and TU sort of wander around in a daze, taking anywhere from 5 days to two weeks to enter the info. But that seems to be true of all account updates, not just balance decreases or increases.
Here are some exceptions: US Bank sends in the balance as of the last business day of each month, reporting at that time. HSBC/ Orchard bank cards send in the balance as of the last business day of the month, but they don't actually submit it for a week or two, and sometimes they just say the heck with it and skip a month. And this happens to all their customers --you should see the furor here on the forums when it happens.
Store cards (those without a Visa, MC, Discover, AmEx logo) frequently are bad about updating. I had a store card that would report a balance, but then never update that the balance was back to $0. After calling them and getting nowhere, I had to dispute two separate times with the CRA's to get the $0 reporting. But you don't want to do this if you can help it. Experian now considers me a frivolous disputer.
And that's after two disputes.Smaller credit unions and community banks might have their own schedule going as well, although mine do update on the statement date.
Installment loans and mortgages are slow to update, often a month behind, but most of us don't get excited about this, because installment util is calculated separately from revolving util, and it doesn't affect scores nearly as much.
Back when I was battling my store card, I tried "tricking" it into reporting by letting a balance show. That was what started the whole problem: they did report that, but didn't seem to think it important to report the next month's $0.
Congrats on the big pay-down on your cards. Which score is your 710? --I'm guessing it's your FICO EQ (Equifax) score, since you're only listing one.
eta: ah, yes, Uborrow-Upay shows the value of a much shorter reply.