@Anonymous wrote:
My bank told me that it takes 30 days for them to report a new balance to the CRA's.
Example,
If i pay my CC all the way down to zero today, they wont update it until the 27th of Jan to the CRA's
My guess is that your bank CSR, however much s/he is trying to help, doesn't know how it works.
Your balance (in almost every case) is updated when your new statement posts.
So say that your statement usually posts on the 8th. If you pay on the 9th, the payment won't show until the next statement posts on the 8th of the following month, therefore 30 days.
But if you pay on the 7th and they credit it promptly, it will show up on your statement the next day (the 8th), meaning one day rather than 30.
There are still some lenders, especially including local banks and CU's (= not part of a national chain) who perhaps update on the last business day of the month, but the overwhelming majority report your balance due as it shows on your statement, and they send it in the date that your new statement posts.
edited to fix a typo
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
