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02-25-2013 07:44 PM - edited 02-25-2013 07:45 PM
New to the forum and was wondering if anybody knew how long it takes for the benefits of such an adjustment to take effect:
Looking to refinance my home, after rehabbing my credit over the last year+. I still have one smaller credit that has a balance at about 70% of the credit limit ($2600 on $3800 limit). I have an opportunity to take a loan from a family member to where I could pay the balance down to under 30% (had read this was a sweet spot to reap credit score benefit). Does anyone know how the timing of such a move would work? I'm trying to break the 620 mark (another benchmark I read about) and would like to time this as best as possible with my refi attempts. Any help would be appreciated!
02-25-2013 07:50 PM
whatever day of the month the cc reports to CRAs (ie every 8th of the month, etc).
call them and ask for a 'mid cycle update' (so you wouldnt have to wait for the regular reporting date)...if they do it itll reflect the instant it hits the CRAs.
02-25-2013 08:27 PM
Wow, that fast? Thanks for the info crossdivide. For some reason I expected much more of a lag. Is there a charge for that sort of thing or do they do it as a courtesy?
02-25-2013 08:39 PM
nah, not if its a reputable company.
maybe some of the bottom feeder cards (like whats in MY wallet lol) might charge a little bit, but i wouldnt think so.
02-25-2013 09:09 PM
Oh that's good to know, about asking for a mid-cycle update. I just figured when I need the bump I would get them paid right before reporting and be good. Keeping track of the timing is a pain. Although I too, have bottom feeder cards.
02-25-2013 09:57 PM
hmmmm mid cycle update you say?
Ahh..and I just paid all of my cards down so my total util will be under 5%....and I was just pruning my plants in the garden til they all report.
Hmmmmmm...very very interesting. (reaches for phone to coordinate plan of attack in the morning....after my coffee of course)
02-26-2013 05:07 AM
keep in mind this is just a 'courtesy' on their part. back it up with a 'need a mid-cycle update for mortgage app' or some kind of good reason. prob wouldnt do it just so you didnt have to wait a week to see score improvement. id pretty much count it as a every-so-often kind of thing...if you asked for it every other month theyd prob just roll thier eyes and cut ya off.