Should I dispute balance on CC?

[Anonymous]

I have just paid off my CC down to a zero balance. I have already tried to request the information be transmitted CRA's early so that I can try to apply for a mortgage.  Of course they denied my request.  Should I dispute the balance of my CC with the CRA to get the balance updated sooner or should I wait until it updates at the beginning of next month?

[MarineVietVet]

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@Anonymous wrote:

I have just paid off my CC down to a zero balance. I have already tried to request the information be transmitted CRA's early so that I can try to apply for a mortgage.  Of course they denied my request.  Should I dispute the balance of my CC with the CRA to get the balance updated sooner or should I wait until it updates at the beginning of next month?

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My advice is to never dispute information you know to be accurate. Just wait for the information to update the way it normally would.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[llecs]

To add, a dispute can take up to the full 30 days to resolve. Also, when you dispute the word "dispute" will appear in the comments section of that TL and some lenders have been known to turn down a loan if anything is disputed. Finally, there are a few rare examples of the creditor deleting the TL during the dispute and only reporting again after the next statement date.

There are a couple of things to try (I'm in the same boat you are now). Try updating your address with the creditor online. I am about to try this, and it just worked for me for one, but BofA as an example will update the new balance if you update your address with them, even if the address never changed. You just retype your address and the new balance appears. Another is have your lender do a rapid rescore if you think it'll help you.

[Anonymous]

To add, if this is the only CC showing a balance, it is quite likely benefitting your score, i.e., if all of your CCs show zero balances, your score might get penalized somewhat. If this was a CC showing a high utilization (much more than 10%), your score will benefit by showing a lower utilization. But in this case, as llecs suggested, requesting the creditor to update is better than disputing.

[Anonymous]

Thanks guys for all your help! I'll try updating my address with the creditor first....or this will be a long month for me waiting for it to update itself