topic Re: When are my balances updated? in Understanding FICO® Scoring

When are my balances updated?

Anonymous — Mon, 27 Feb 2012 23:24:13 GMT

I want to make a payment before my balance updates on my credit report so the new balance will be reported. When are the balances updated? My last statement date closing date was Feb 20th for example.

Re: When are my balances updated?

GregB — Tue, 28 Feb 2012 00:19:52 GMT

If you are talking about a CC, virtually all update the statment balance shortly after the statement date. If you make a payment now, the next statement should be about March 20, and the CRAs will get an updated balance a day or two after that. EX will update the same day, TU and EQ will take a few days.

So if you pay down the balance now, all should be updated by March 25 or so.

There are a very few that update at the end of the month instead of at the satement date.

Re: When are my balances updated?

Student_Loans_Kill — Fri, 02 Mar 2012 21:37:52 GMT

I have a USAA secured AMEx which shows my highest balance in October at $301 ($500 limit) and hasn't been updated since October.... I pay my balance monthly. So I am very pissed at this.

Re: When are my balances updated?

Revelate — Sat, 03 Mar 2012 00:33:00 GMT

@Student_Loans_Kill wrote:
I have a USAA secured AMEx which shows my highest balance in October at $301 ($500 limit) and hasn't been updated since October.... I pay my balance monthly. So I am very pissed at this.

Are you looking at the right entry? HIghest balance = highest balance ever on the card (or sometimes highest Statement balance vis a vis Orchard as I found out).

Current balance is the balance of the statement today, USAA really hasn't updated that in 5 months in your case?

Re: When are my balances updated?

GregB — Sat, 03 Mar 2012 02:44:57 GMT

@Student_Loans_Kill wrote:
I have a USAA secured AMEx which shows my highest balance in October at $301 ($500 limit) and hasn't been updated since October.... I pay my balance monthly. So I am very pissed at this.

If that was your highest balance in the last few years then it is showing correctly. I assume it is showing your last statement balance correctly. Do you understand what your report is supposed to show? Some accounts will show both Credit Limit and Largest Past Balance in addition to Balance, which is the balance as of your last statement.

Re: When are my balances updated?

Student_Loans_Kill — Sat, 03 Mar 2012 02:50:59 GMT

Yes I called EQ and put in dispute. They haven't updated since Oct , and to make things worse that $301 was paid off. I have never carried a balance into the next month....charge and pay.