Is There a Way to Update Balance on CR Before Creditor Updates?

[daudi81]

So in order to close on our home last month, my lender did not want me to pay my credit cards off (so that we were showing more in reserves). I usually pay all my credit cards down to 10% every month, so having a high balance on it lowered my credit score considerably (about 30 points). 

Now that we closed on the home, we are appyling for a HELOC to finish the basement - however my credit score is a couple points too low to qualify. I just paid down the credit card back to it's usual spot, and have no doubt the score will go back up once Chase updates to the bureaus - but they usually don't report to the bureaus until mid-month (so mid May) - and we can't wait that long to get the HELOC.

Is there some way to get the new lowered balance updated on my credit report before then? Like, can I call the bureaus and dispute the balance and it will be updated to the new balance?

The credit union doing the HELOC does not offer a rapid rescore option, so this is kind of left in my hands.

Any ideas?

[SouthJamaica]

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@daudi81 wrote:

So in order to close on our home last month, my lender did not want me to pay my credit cards off (so that we were showing more in reserves). I usually pay all my credit cards down to 10% every month, so having a high balance on it lowered my credit score considerably (about 30 points). 

Now that we closed on the home, we are appyling for a HELOC to finish the basement - however my credit score is a couple points too low to qualify. I just paid down the credit card back to it's usual spot, and have no doubt the score will go back up once Chase updates to the bureaus - but they usually don't report to the bureaus until mid-month (so mid May) - and we can't wait that long to get the HELOC.

Is there some way to get the new lowered balance updated on my credit report before then? Like, can I call the bureaus and dispute the balance and it will be updated to the new balance?

The credit union doing the HELOC does not offer a rapid rescore option, so this is kind of left in my hands.

Any ideas?

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I  know that if you zero out the Chase account they will report it sooner.

[Anonymous]

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@daudi81 wrote:

So in order to close on our home last month, my lender did not want me to pay my credit cards off (so that we were showing more in reserves). I usually pay all my credit cards down to 10% every month, so having a high balance on it lowered my credit score considerably (about 30 points). 

Now that we closed on the home, we are appyling for a HELOC to finish the basement - however my credit score is a couple points too low to qualify. I just paid down the credit card back to it's usual spot, and have no doubt the score will go back up once Chase updates to the bureaus - but they usually don't report to the bureaus until mid-month (so mid May) - and we can't wait that long to get the HELOC.

Is there some way to get the new lowered balance updated on my credit report before then? Like, can I call the bureaus and dispute the balance and it will be updated to the new balance?

The credit union doing the HELOC does not offer a rapid rescore option, so this is kind of left in my hands.

Any ideas?

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Filing a dispute won't do a thing so don't waste your time there.  Chase will automatically update to the bureaus if you pay your balance to $0 but if it's not $0 your only option is to call Chase and ask them if they will do a courtesy update.  Good luck.

[daudi81]

Thanks for the quick respones.

I've found that paying it all off can hurt my score, and like to keep the balance a few bucks so it doesn't hit $0.

I'll call chase to see if they will do a courtesy update. Has anyone had success doing this?

[Revelate]

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@daudi81 wrote:

Thanks for the quick respones.

I've found that paying it all off can hurt my score, and like to keep the balance a few bucks so it doesn't hit $0.

I'll call chase to see if they will do a courtesy update. Has anyone had success doing this?

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That's only if all your revolving tradelines report $0.

For this reason Chase isn't a fantastic card to plan to leave a balance on with their mid-cycle reporting when $0.  If you have another statement coming up shortly on some other tradeline, or if you have another account with a balance anyway, get that balance reported, then pay Chase to $0 if it's quicker and they won't do the courtesy update.

[RonM21]

Chase updates my zero balance within a couple of days.

[NRB525]

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@daudi81 wrote:

So in order to close on our home last month, my lender did not want me to pay my credit cards off (so that we were showing more in reserves). I usually pay all my credit cards down to 10% every month, so having a high balance on it lowered my credit score considerably (about 30 points). 

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I'm interested in understanding what sort of balance change, utilization percentage change you are going through to get a 30 point swing in your score?

What are your FICO 08 scores? How many cards do you have reporting? What sorts of limits are you working with your CC?

[daudi81]

NRB525 - It's because I usually have the balance on that credit card ~$100 ($16k limit). I use it for business, so it gets used quite often. Before we purchased our home, the lender ran our score, and then asked not to pay down the balance on the card until the loan closed so we showed more in reserves.

As a consequence, the card was pretty much maxed out on the next reporting cycle. When my credit score updated, it had dropped ~30 points (going from a $100 balance, to a $16k balance I guess will do that). I have since paid it back down to $100 as we closed on the home, so I'm just waiting on the score to re-update.

I have many other credit cards, but I don't carry balances on them  at all (5-6 other cards from various creditors).