Realtime Credit Updates

[Anonymous]

When a credit card company ups your CL, is that information available imediately to other credit card companies?  In order words, if NFCU raises my CL today, will Chase see it tomorrow?  Seems Chase likes to see what other CLs are before raising it with them.

snpperhd

[BungalowMo]

When you get a CLI, or whatever changes are made to your acct, those usually are posted to your reports on the statement cut date. The changes show up within about 3 to 5 days for all 3.  Then...Chase will see this next time they do an acct review & take a peek at your reports.

[BP2003]

I'd imagine creditors can only see CLs as they become updated on credit reports.  So, you're basically at the mercy of the issuer of the CLI.  Whenver they update your report with the higher limit, the increased amount will be available for others to see.

[creditwherecreditisdue]

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@Anonymous wrote:

When a credit card company ups your CL, is that information available imediately to other credit card companies?  In order words, if NFCU raises my CL today, will Chase see it tomorrow?  Seems Chase likes to see what other CLs are before raising it with them.

snpperhd

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The general answer is no. With the exception of a very few issuers CLI's will not be reported until the next regular update. Discover (DFS) will frequently immediately report CL changes to the CRA's mid-cycle. Most others will not.

[Anonymous]

So it would be safe to wait at least 30 days to ensure any CLI is posted to your report?

snpperhd

[DI]

No credit card account listed on credit reports will ever be real time.  It's not at all possible.  It cost banks to report and update information with the CRA's.  Reporting daily will come at a hugh cost to the consumers. 

Message Edited by DI on 01-25-2010 03:31 PM

[creditwherecreditisdue]

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@Anonymous wrote:

So it would be safe to wait at least 30 days to ensure any CLI is posted to your report?

snpperhd

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Assuming they are reporting at regular intervals 30 days should do it. Good luck!