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10-10-2009 12:48 PM
10-10-2009 02:32 PM
Hi - I just paid off my credit card that was almost maxed out. I am looking to take a loan for a house but need to make sure my credit card company (Discover) reports my balance to FICO so that my credit score raises. What's the best for me to make sure that my new credit balance is reported right away?
Just to offer a bit of clarification, your lenders don't provide information directly to Fair Isaac's. Your lenders report the credit reporting agencies (e.g. Transunion, Experian, Equifax, etc...). Your FICO score weighs & gives a score based the information in your credit report at any given time.
Typically, lenders update the credit reporting agencies once per month (that's not a hard and fast rule, just a norm). The previous poster, Creditwherecreditisdue, is asking when your statement date is, because it's very likely that the next update will be on or after your next statement date. Some lenders, however, report on a certain day of the month (the last day, for example), or a certain date (e.g. the 22nd of every month), but the most common seems to be the statement date.
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"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli
10-10-2009 06:59 PM
My Discover reports the day after the statement date. EX reports that the next day, EQ up to a week after that, TU a bit over a week later.
You should wait 10 days after your statement date and then pay for your EQ and TU FICO on this site. You can pull an EX report before that if you want that info.
The mortgage company is going to pull all three, I believe.
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