01-28-2010 07:23 AM
I'm about to apply for a mortgage. Before I applied, I wanted to pay down some credit card accounts. I checked my TU and EQ scores before I paid down the debt and both were in the high 690's. This past weekend, I paid off 3 credit cards and a furniture store credit card, so the balance on those 4 are zero now. I checked this morning, a Thursday morning and nothing had changed. My balances with the creditors are zero when I check all of the websites but when I ran my credit this morning, it still reflected the old balances and said credit utilization was hurting my score.
I've always heard credit reports were real time but it's been several days since I've paid these off and it doesn't appear that the new balances have been reported to the credit bureaus. How long does it take for a company to report to a bureau, how often do creditors report to bureaus, and when should I expect to see teh impact of the zero balances on my credit score? Also, if I go to a bank and a loan officer runs my report, will they see a different updated score or the same thing I see?
01-28-2010 08:28 AM
01-28-2010 08:57 AM
I have found that they generally update 7-14 days after they cut their statements. If you want the $0 to post, make sure not to use those credit cards until after the statement cuts showing the $0 balance due.
It's a waiting game & sometimes waiting is very, very hard
01-28-2010 11:00 AM - edited 01-28-2010 11:05 AM
01-28-2010 06:36 PM
01-28-2010 07:26 PM
If you're in a real hurry you can have your LO do a rapid rescore and update the balances with the CRA's.
01-29-2010 04:22 PM
01-29-2010 07:40 PM
Can you just dispute the balances forcing the bureaus to update the balances with the creditors?
If you dispute the balances, that can create other issues. For a mortgage, underwriters don't want to see disputes on the credit report. It can hold up a mortgage, and it can take a lot of time for the dispute notation to disappear.
I dispute selectively and seldom.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.