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New balance not showing up

I paid down a cc by almost 6000 about three weeks ago. Statement cut on march 16th and navy federal said they reported it. It's not showing up on my credit still.... any ideas on why??
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Re: New balance not showing up


Eichar07 wrote:
I paid down a cc by almost 6000 about three weeks ago. Statement cut on march 16th and navy federal said they reported it. It's not showing up on my credit still.... any ideas on why??

You mean your credit report, right?  The statement cut on March 16, it may not have been reported until Friday the 17th.  There's been zero business days between the 17th and today.  It often takes a CRA at least 2 business days to update its database with the updated record, and has been known to take 6, 7, or even 8 business days.  Three BDs seems fairly common.

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Re: New balance not showing up

Experian just updated a few hours ago... any idea on how long equifax and transunion might take?? I'm looking to purchase a new vehicle this weekend.
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Re: New balance not showing up

Thank you for your help!
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Re: New balance not showing up


Eichar07 wrote:
I paid down a cc by almost 6000 about three weeks ago. Statement cut on march 16th and navy federal said they reported it. It's not showing up on my credit still.... any ideas on why??

Because it takes time to update the systems.

 

For me, EX seems to update 2-3 business days later like clockwork. 

 

EQ/TU take more like 7-10 business days, sometimes TU lags a little more.

 

If it hasn't been updated, since you will be working directly with a lender, you can provide them with proof that the balance is paid down and they will use that.


EX08 659 EQ08 660 TU08 695 Starting: mid 300'sGoal: 700
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Re: New balance not showing up


lowkeyorca wrote:

Eichar07 wrote:
I paid down a cc by almost 6000 about three weeks ago. Statement cut on march 16th and navy federal said they reported it. It's not showing up on my credit still.... any ideas on why??

Because it takes time to update the systems.

 

For me, EX seems to update 2-3 business days later like clockwork. 

 

EQ/TU take more like 7-10 business days, sometimes TU lags a little more.

 

If it hasn't been updated, since you will be working directly with a lender, you can provide them with proof that the balance is paid down and they will use that.


That's certainly a possibility.  But in practice the lender probably does a lot of stuff mechanically, in which the credit score plays a big role.  Our OP made a huge paydown on a credit card and the lender won't have the ability to assess what that will do to his score.

 

Here's an approach our OP might want to consider.  He might spend the next few days scoping out different lenders, finding ones that he likes.  And in the process he can ask them which credit bureau they pull.  (They probably pull only one.)  By Friday he could have a lender he likes that pulls EX, one that pulls EQ, and one that pulls TU.

 

Then Friday noon he could grab his 3B report and FICO 8 scores using the $1 trial from Credit Check Total.  That will tell him whether the big payment has materialized on TU and/or EQ, and it will tell him which bureau is giving him the best score.  He then can choose a lender based on that.

 

Of course, simpler would be to just pull his TU and EQ reports using Karma on Friday night, and if the payment isn't on both reports, just delay his car purchase for another week.

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Re: New balance not showing up

Thank you all for your help and input! Another update.... transunion has updated as well.... still waiting on EQ. Although my scores only went up 11pts.... 58% usage down to 14%. I figured it would have been a bigger increase.
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Re: New balance not showing up

Also, I'll be financing through Nissan and they pull from EQ...... the one they hasn't updated yet. Lol! Also, how accurate are the fico auto scores?
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Re: New balance not showing up

Oh, And credit karma will update for me on Thursday.
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Re: New balance not showing up


Eichar07 wrote:
Also, I'll be financing through Nissan and they pull from EQ...... the one they hasn't updated yet. Lol! Also, how accurate are the fico auto scores?

I'm not sure what you mean here.  If myFICO says (for example) that your FICO 8 Auto Enhanced TU score was 712 based on a data pull on March 22 at 11:am, then you can be confident that your FICO 8 Auto Enhanced TU score really was 712 on March 22 at 11:am.  In that sense the myFICO product is 100% accurate.

 

But that score could change the next day if something on your report changes.  Likewise, although that really was your score (based on that model) it might not be the model (or credit bureau) your particular lender is using.  Yoiur lender might be using FICO 8 Classic, or FICO 04 Classic, or FICO 04 Auto Enhanced (etc.).

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