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Payment Timelines

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Payment Timelines

Hi, does anyone know how long it takes for the credit bureaus to reflect any major payments to the credit card companies? Smiley Wink

Thanks!

12 REPLIES
Moderator Emeritus

Re: Payment Timelines



ljgsd wrote:

Hi, does anyone know how long it takes for the credit bureaus to reflect any major payments to the credit card companies? Smiley Wink

Thanks!



 
Depends on when our creditors report and what balances they report.

Valued Contributor

Re: Payment Timelines

sometimes a couple of mos. just depends. some are instant- but I have others that have taken up to three to four mos.
Super Contributor

Re: Payment Timelines

Most CCCs report once a month.  All mine report the statement balance.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Frequent Contributor

Re: Payment Timelines

I'm seriously considering sitting down and calling every CC company and finding out the exact day they report balances.  There's such a discrepancy in reporting...like do they report the same day the statements go out or do they automatically report the same day for all the accounts no matter what the account is?
Time is credit's best friend...it can heal any wound.
Regular Contributor

Re: Payment Timelines

You might get some useful information with that type of approach, but remember, they do not have to report at all so for those you run into a brick wall with, don't tear your hair out trying to make them comply.
Jan 07: tu 498, ex 501, eq 504
Oct 07: tu 716, ex 712, eq 723
Nov 07: tu 693, ex 664, eq 672_post app frenzy
Frequent Contributor

Re: Payment Timelines

That's definitely true they don't have to report.
 
I know this off-topic, but... (I knowingly jack threads all the time).
 
I wish most renters reported to CRAs.  It seems as if the only time that they do report is when it's negative.  Don't cell phone companies also report to CRAs?
Time is credit's best friend...it can heal any wound.
Regular Contributor

Re: Payment Timelines

ah yes... landlords, cable companies, utilities, and cell phone companies.  These were the bills that I use to treat due dates as sacrosanct - never, never be late and a few days early is nice.
 
I think these types of entities report only when seriously late because that's when you owe them mone at which time it becomes a debt owed situation.  Befpre then it's not really a credit/loan account.  Just an agreement to pay for services.
 
 


Message Edited by Cooneyca on 11-05-2007 06:11 PM
Jan 07: tu 498, ex 501, eq 504
Oct 07: tu 716, ex 712, eq 723
Nov 07: tu 693, ex 664, eq 672_post app frenzy
Moderator Emerita

Re: Payment Timelines


TheCynicalOne wrote:
I'm seriously considering sitting down and calling every CC company and finding out the exact day they report balances. There's such a discrepancy in reporting...like do they report the same day the statements go out or do they automatically report the same day for all the accounts no matter what the account is?

I did that! Of course, I only have 5 cards from 4 issuers, so it didn't take long. I then confirmed what they said with the dates that they showed up on my near-daily TrueCredit credit reports.

I'm fortunate--all of mine report on their statement dates, usually at midnight at the end of that day. They also give a time of day deadline for an online payment to be credited that day, and again, it seems to work. (I usually pay 4-5 days before, though.)

Some people have cards that always post at the end of the month, no matter when the statement date, and others like Brammy are cursed with cards that post whenever they feel like it.
* 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
Moderator Emeritus

Re: Payment Timelines



Cooneyca wrote:
Befpre then it's not really a credit/loan account.  Just an agreement to pay for services.

Technically then, cell phone companies don't have PP to pull your report, yet you can't get any non-prepaid cell service from a major carrier without a credit check.  I think the rationale is that if it's not prepaid, then technically it is a credit account since they are offering one month terms, so they do have PP.  They just don't report becaue they don't have to, and because they would have to pay for it if they did.
 
Incidentally, a natural gas provider I had in an apartment I moved out of 4 1/2 years ago did report, and to this date it's still updating "OK" every month, even though it does show "closed at consumer's request."
 
Hey, if they want to give me little green boxes every month even though the account has been closed for years, I won't complain.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )