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.
Friendly, Supportive & Respectful
"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.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.