11-20-2009 01:21 PM
When you pay your balances off after you have received your statement, then it will take until the next statement cuts in order to show a zero balance. Then the credit card has to report to the credit reporting agencies. So, this can certainly take more than a month.
If your statements haven't cut yet, you can shorten the process by paying now.
This is assuming that it is the statement balance that reports. There are a few cards that report at the end of the month. You can get a more accurate timeframe if you list which cards you have.
11-20-2009 01:22 PM - edited 11-20-2009 01:23 PM
As soon your zero balances are reported to the credit bureaus - which may occur on the day your statement closes or at some other fixed date after the statement closes; it varies by CC issuer - your score will change. Keep in mind that the amount that is reported to the credit bureaus is the statement balance. So if your statement has a balance of $2000, this amount will report, even if you pay in full by the due date. In order to get a zero balance to report, you either have to 1) not use your cards for an entire billing cycle or 2) pay your balance in full before your statement closes.
The big question is how much will your score change. If you have low balances, then your score may not change that much. If your balances are currently high (using a large proportion of your total credit limits), then you may see a more substantial increase.
ETA: Lynette's much faster than me!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO