04-01-2013 08:41 PM
I'm new here and just checked my Fico scores. They are good (750-747) but I recently paid off one credit card that had a very high balance. I will be looking into getting a new car soon. . (well, a used car but new to me! ) The CC pay off occurred 2 weeks ago and it still isn't showing today. How long should it take to show up? How much higher can I expect my Fico score to improve?
04-01-2013 08:45 PM
Welcome to the forum
probably the following month in most cases
04-01-2013 08:50 PM
04-02-2013 12:56 AM
04-02-2013 03:17 AM - edited 04-02-2013 03:19 AM
The answer to your question is it varies greatly. The balance that is reported to the CRAs is the same one that you see on your monthly statement. To assure the quickest reporting of your balance I would recommend having a non zero balance. Sometimes cc companies will skip reporting with a zero balance. I suspect that they do that to save a few pennies with accounts that are "inactive". If it hasn't reported a few days after the statement date then it is likely that it won't report for another monthly cycle. So if your cc is at zero now buy a cup of coffee with it. If you provide us with more specifics we can provide you with a more specific answer...
04-02-2013 03:45 AM
Usually statement closing date. But I've seen cases on my own report where new information wasn't reported for up to 2 stetement cycles.
04-02-2013 05:22 AM
If you are looking at Transunion, they are incredibly slow at updating. It still shows my February statement close amount on my Barclays while the other two updated shortly after the March statement closed.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.