09-19-2011 06:17 AM
Good Morning Wise Ones!
I can't seem to find a similar post so I'm asking for some help from everyone. Today I'm paying off the balances on my husband's credit cards. We are desperately trying for a score boost because our car broke down and we HAVE to purchase another one within the next couple weeks. Hoping to get his score up before we apply for auto loans.
Has anyone had luck in getting any of these credit card companies to update balances before the normal report date? Here's the ones I'm paying off..
Hooters - usually reports for him after the stmt date (will be 9/28)
Credit One - usually reports for him after the stmt date (will be 10/4)
Capitol One - usually reports for him after the stmt date (will be 10/11)
Household - usually reports on the last day of the month (will be 9/30)
IF ANYONE HAS ANY SUGGESTIONS OR TIPS IN GETTING ANY OF THESE TO REPORT SOONER, I GREATLY APPRECIATE IT AND SEND A BIG WARM THANK YOU YOUR WAY!!!!!!!!!!!
09-19-2011 07:04 AM
There is something that you can do when you're down to the wire on a mortgage app called "rapid rescore," but it's wickedly expensive, which sort of defeats the purpose. Mortgage pros know how this works.
What is your reported util on these cards? In other words, do you expect the paydowns to result in a significant score improvement? If high util is the only "negative" (it's not literally a negative, but you know what I mean), paydowns can be very effective. If there are negatives such as lates, collections, etc., especially if they're recent, you might not see all that much change.
Otherwise, I'll have to let others reply as to whether they've been able to get your CCC's to update early.
Do you know if his Household card is still reporting on the last business day of the month? It appears that for many, HSBC is starting to update on the statement dates instead. This just started recently, within the last couple of months, I think.
09-19-2011 07:07 AM - edited 09-19-2011 07:08 AM
I think waiting is the only answer. Mortgage lenders have a tool available to them via rapid rescore, but I haven't heard of auto lenders using that. BofA will update the balance at anytime if oyu update your address with them. Maybe try that? Change a phone number or retype your address in your 4 CCs and see what happens. Super long shot, but easy to do. I definitely wouldn't dispute it because FICO will remove the balance and CL during the dispute and that could hurt more than help. And calling them might result in a dispute too.
ETA...slow typing syndrome strike 4 out of 10 people on these forums. Give to or support your local chapter today.
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