A way to get reports updated with new cc balance quick?

[lyssa29]

Paid off all revolving debt on cards, is there a way to get my reports to reflect new "0" balance quicker than reporting cycle?

I spent over christmas and missed some cut-offs.  Score dropped 20 pts and I want them back.  I want to get a mortgage and I've paid off the balances, but I don't want to wait a full month or two for the credit card companies to report new balance.  I know my old loan processor had someone they paid to update it more quickly, but I'm going through a bank now and I don't want call them and let them know I'm looking for a loan again.

please let me know if you know the name of these places.

thanks!

[Junejer]

It's called Rapid Rescore. Your lender/bank should know how to facilitate this. Beware, it's like $30-$35 per TL.

[haulingthescoreup]

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lyssa29 wrote:

Paid off all revolving debt on cards, is there a way to get my reports to reflect new "0" balance quicker than reporting cycle?

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(emphasis mine)

Just wanted to let you know that as an experiment, I let all of my CC's report $0 balances. I lost 6 points on EX and 2 on EQ; and I lost 4 points on TU when I went from 2 cards with balances to 1. (No additional ding to drop to 0 cards, though.)

We've always passed along the advice to have one card report a balance, but me being me, I had to test it out for myself.

I *think* that if your scores are uber-high, as in 790 and up, this ding might not apply, but for the rest of us schmucks, it looks like you'll do better to have one card with a $10 balance. And after that $10 balance posts (and reports), go pay it off before the due date, so that you don't have to pay any interest.

This is probably no biggie for most people, but if you're going for a mortgage, and you want every possible point, you should mull this over.

[Anonymous]

I've lost points on TU for not showing recent use of credit cards. 

On my most recent EQ report, one of the factors helping my score:

I always make certain that I have one card report a very small balance.

[Anonymous]

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@Anonymous wrote:

I've lost points on TU for not showing recent use of credit cards. 

On my most recent EQ report, one of the factors helping my score:

I always make certain that I have one card report a very small balance.

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You lucky SOB. I use my cards and don't get that kind of love from FICO.