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Member
Posts: 10
Registered: ‎06-05-2008
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Paid of CC need credit report updated

I just paid off about 20k in CC debt.  I had good scores before paying it off 752/740 but would like the new zero balances to be reflected on my CR before applying for a mortgage.  I was wondering if there is a way to call the CC companies and ask them to update my report.  Thanks:smileywink:

Valued Contributor
Posts: 1,284
Registered: ‎05-13-2010
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Re: Paid of CC need credit report updated

Most of the time they report until when the following statement cuts.  Also, some companies don't report every month.  Calling them couldn't hurt.

BofA Cash Rewards VS - $10k/9.99% | Citi Dividend World MC - $12.1k/11.99% | Amex BCE - $20k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $19k/11.99%
Established Contributor
Posts: 991
Registered: ‎05-14-2008
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Re: Paid of CC need credit report updated


smc733 wrote:

Calling them couldn't hurt.


Actually, it could hurt.  In today's environment it is better to keep your debt down, as well as your head.  There is usually little to gain by calling the card companies and asking them for something, all too often it leads to review of the accounts and closing of them.

 

Unless the OP is going to apply for a mortgage this month it would be better to be patient and forgo the desire to see what effect paying off your debt has on your FICO score, and let the system recalibrate after your next statements drop, usually around the first of the month.  I would NOT contact the lenders.

Valued Contributor
Posts: 1,284
Registered: ‎05-13-2010
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Re: Paid of CC need credit report updated

Now that you mention it, that is a good point.

 

Calling a lender and asking them about it may make them think you have some desperate reason for it to show up.  And if they end up closing it based on an account review you'll get a nasty "closed by grantor" stuck on your reports.

BofA Cash Rewards VS - $10k/9.99% | Citi Dividend World MC - $12.1k/11.99% | Amex BCE - $20k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $19k/11.99%
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