05-17-2013 01:30 PM
If you can drop your util from around 50% to under 5% in the same month, how long will it take for that to appear positive to a lender? I know CCs update every month, but i'm not sure you need to have low util for multiple months in a row before any impact. I would think not, but i'm not sure. This is more a matter of curiousity than anything else.
05-17-2013 02:45 PM
05-19-2013 07:04 AM
You have to wait til your credit card statement comes out for the current month. A couple days after that, credit cards usually report. As Guiness correctly said, the instant it report to the credit agency, your score will move. Just cause you make a payment, the card doesn't automatically report to the credit agency. Usually they report once a month at most.Note: If you pay your card down to a zero balance, it may not report at all that month. If it is important to you that it reports then leave at least one dollar on your statement to be sure a statement generates and it reports..
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). 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.