topic Credit Card Reporting Question in Credit Cards

Credit Card Reporting Question

GiveJoy — Mon, 11 Mar 2013 04:59:16 GMT

Back in mid-January I paid off all my credit cards and store cards. Leaving me with zero balances on three cards and a $4.60 balance on another card and a newly added annual fee on another card, thus giving it a small balance. I have been waiting, and waiting, and waiting and the credit card companies have not yet updated this. I was hoping that this would bring a increase to my FICO score as I would be going from 74% utilization to almost 0% utilization. However, my FICO score I pulled last week showed that none of my credit cards have reported the new balances and instead of an increase in my score it dropped by 7 points.

How long do I need to wait? As I thought that it would not take this long. Is there any way I can speed this up? Also, I cancelled one of my cards and they were quick to update my report with that information but they still didn't update the zero balance. And I cancelled the card five weeks after I paid off the balance.

Any advice or perspective would be appreciated. Thanks.

Re: Credit Card Reporting Question

myjourney — Mon, 11 Mar 2013 05:19:56 GMT

most likely you lost points for the high UTL but im sure when all cards update you should see an increase in scores...good luck

@Cutie-Mama wrote:
Back in mid-January I paid off all my credit cards and store cards. Leaving me with zero balances on three cards and a $4.60 balance on another card and a newly added annual fee on another card, thus giving it a small balance. I have been waiting, and waiting, and waiting and the credit card companies have not yet updated this. I was hoping that this would bring a increase to my FICO score as I would be going from 74% utilization to almost 0% utilization. However, my FICO score I pulled last week showed that none of my credit cards have reported the new balances and instead of an increase in my score it dropped by 7 points.

How long do I need to wait? As I thought that it would not take this long. Is there any way I can speed this up? Also, I cancelled one of my cards and they were quick to update my report with that information but they still didn't update the zero balance. And I cancelled the card five weeks after I paid off the balance.

Any advice or perspective would be appreciated. Thanks.

Re: Credit Card Reporting Question

Anonymous — Mon, 11 Mar 2013 05:22:39 GMT

@Cutie-Mama wrote:
Back in mid-January I paid off all my credit cards and store cards. Leaving me with zero balances on three cards and a $4.60 balance on another card and a newly added annual fee on another card, thus giving it a small balance. I have been waiting, and waiting, and waiting and the credit card companies have not yet updated this. I was hoping that this would bring a increase to my FICO score as I would be going from 74% utilization to almost 0% utilization. However, my FICO score I pulled last week showed that none of my credit cards have reported the new balances and instead of an increase in my score it dropped by 7 points.

How long do I need to wait? As I thought that it would not take this long. Is there any way I can speed this up? Also, I cancelled one of my cards and they were quick to update my report with that information but they still didn't update the zero balance. And I cancelled the card five weeks after I paid off the balance.

Any advice or perspective would be appreciated. Thanks.

call the banks and tell them to report.

some banks report every billing cycle, some do it every 2-3 cycles, some don't report entirely.

but as long as you call and request them to do so, they should.

Re: Credit Card Reporting Question

Anonymous — Mon, 11 Mar 2013 13:25:57 GMT

When did your statement come out this month? The CCCs usually report the balance at the time that they generated the statement. Most companies report to the credit bureaus shortly after the statement is generated.

Re: Credit Card Reporting Question

GiveJoy — Mon, 11 Mar 2013 23:15:57 GMT

I haven't yet received my statements for this month. So your saying that my scores should report after statements are generated this month? When my statements were generated last month (Feb) my balances were already at zero, as that's what it said on my statement, but it hasn't reported to the credit bureaus.

Re: Credit Card Reporting Question

webhopper — Mon, 11 Mar 2013 23:23:23 GMT

you could always dispute the balance with the BIG 3.

That is one way to assure that the balance is updated correctly....

Re: Credit Card Reporting Question

Anonymous — Tue, 12 Mar 2013 01:15:29 GMT

Hmmm...that's weird. Are you sure it wasn't your current balance versus your statement balance? Did they report for Feb yet?