Rebuilding Your Credit

[josie]

I paid down my orchard card last month to about 2% utilization and as of today its not showing updated on my credit report. Anyone else having this problem?

[Joselito]

I am re-establishing my credit as well to purchase another home and I am using Orchard Bank unsecured card as well...I am trying to find out how long they take to report to the credit bureaus...knowing how long they take will be a very good piece of info. I believe you should monitor your reports until the change appears! Good luck!

[beamMEup]

Orchard reports your balance as of the last business day of the month; and they report it several days later.

When I had an Orchard open, it would report on EXperian first - usually starting about the 5th to the 7th of the following month.

Then, usually a few days later on EQuifax.

And finally on TU - anywhere from the 10th to the 14th of the following month.

Hope that's helpful!

[josie]

Thanks was just wondering cause last month they reported on my report on the 3rd of the month. Hoping to see if this gets me over the 600 mark for eq(according to the simulator 601 is the minimum).

[JayRizzo]

Now, remember HSBC just had a coding issue with Experian and had all accounts temporariy disabled / turned off from view until it was fixed a day or 2 later.  So, I'm guessing for Experian only that it will be a couple more days or those card holders will have to call to have HSBC resend updates by request.

Just a thought.

[ScoreBooster]

I have HSBC as well. As previously said, they report the balance of the last business day of the previous month.

This month, they first reported to Experian on 04/02/11, to TransUnion on 04/04/11 and finally to Equifax on 04/05/11 - so no 2-week delay here.

But there was something strange going on on Experian: On April 5th, the previous balance was reported (the balance prior to the update on 04/02/11) and one day later, it was up-to-date again. Maybe the coding-issue? However, no CLs were incorrectly reported.

[josie]

Orchard updated today. EQ went to 595 from 557. TU from 603 to 661. I'm getting there. Slow process but hopefully by the end of the year I'll make my goal for EQ. My new goal for TU is to make 700 by the end of the year. Going to leave EQ goal at 650 for now 6 SL accounts showing 90 day late killing me sent them several GW's but always "we are reporting correctly". One medical collection that isn't going anywhere either on all reports. So just going to let them age off. But still loving the progress that I'm making. Thank you myfico members you guys and gals have helped me understand my credit reports.