topic Re: Okay thanks, most of them are reporting zero balances lik... in Understanding FICO® Scoring

How long before score is updated

Anonymous — Thu, 29 Nov 2012 15:09:39 GMT

Hello everybody! this is my 3rd post on here and I love when I get replies because it helps me. I had put alot of money on my credit cards in the middle towards the end of october for my mothers funeral, and score took a dive. they were in the 620s. I paid them all off except 1 like 2 weeks ago, before alot of them were due so it will show up there they are PIF. How long before that is reflected on the credit report? I decided to check yesterday and my score is still the same and Many of my new statements have been updated with a zero balance now, hence they were due on like the 24th or the 25s. I used the what if simulator and it said my score should shoot up to the 690s to the 700s, I just want to know when. I would Like to ask for CLIS on them because before this site, I never asked for one on most of my cards and I have had most of them for over 2 years, so I think I should be approved. IF you wwant me to go into more detail about my credit I will. Thanks in advance for the replies!

Re: How long before score is updated

Swapmeet — Thu, 29 Nov 2012 15:24:40 GMT

You should see your jump as soon as they report your balances, which is usually a few days after the end of your billing cycle. Look on your statement for the statement closing date, then add 4 -6 days and you should have it. Of course, different cards may have different reporting philosophies so YMMV.

Okay thanks, most of them are reporting zero balances lik...

Anonymous — Thu, 29 Nov 2012 15:30:07 GMT

Okay thanks, most of them are reporting zero balances like on friday and monday but today is thursday and I see no update, maybe I need to be patient but its hard. lol

Re: Okay thanks, most of them are reporting zero balances lik...

Repo-ed — Thu, 29 Nov 2012 15:41:04 GMT

The reporting of $0 may not give you a score increase. Might even see a score decrease.

Re: Okay thanks, most of them are reporting zero balances lik...

bahbahd — Thu, 29 Nov 2012 15:49:29 GMT

@Repo-ed wrote:
The reporting of $0 may not give you a score increase. Might even see a score decrease.

Not if if there is utilization on another card. Now if you paid all your cards down to $0, you might see a slight drop. Ideal goal is to have 9% utilization of total CC limits. I have heard it is best to be on one card only, but I think a few % across several cards still works.

Re: Okay thanks, most of them are reporting zero balances lik...

Anonymous — Thu, 29 Nov 2012 15:58:47 GMT

I still have another card to pay, and I have a closed macys account I am paying on every month, and paypal. they still have balances but all the other ones I paid in full, so I shouldnt have paid them in full??

Re: Okay thanks, most of them are reporting zero balances lik...

Anonymous — Thu, 29 Nov 2012 15:59:22 GMT

See I never knew this thanks, because I thought it was best to not have balances.

Re: Okay thanks, most of them are reporting zero balances lik...

bahbahd — Thu, 29 Nov 2012 16:04:58 GMT

Reporting of 9% utilization demonstrates responsible usage of credit lines.

Re: Okay thanks, most of them are reporting zero balances lik...

Anonymous — Thu, 29 Nov 2012 16:10:58 GMT

Okay I have a total credit of 20,651 and out of that I have used 4800. Or thats what I have to pay off left. Should I leave it like that? I still want to ask for CLI.

Re: Okay thanks, most of them are reporting zero balances lik...

llecs — Thu, 29 Nov 2012 16:40:43 GMT

OP, are you looking at FICOs or FAKOs?

Re: Okay thanks, most of them are reporting zero balances like...

Swapmeet — Thu, 29 Nov 2012 16:47:27 GMT

@Anonymous wrote:
Okay I have a total credit of 20,651 and out of that I have used 4800. Or that's what I have to pay off left. Should I leave it like that? I still want to ask for CLI.

Well, roughly speaking, that is 23-24% util. So if you want to be <10%, then you should not leave it like that. I have also read around here that it is best to have zero balances on all cards except one, which you keep <10%. I will begin testing this formula in Dec.

Re: Okay thanks, most of them are reporting zero balances lik...

GregB — Thu, 29 Nov 2012 16:49:35 GMT

People are confusing you with small "truths" that keep getting modified until they have lost their original meaning.

You are best to have paid all of your statement balances in full before the due date. There is no reason to ever pay interest to improve your score.

HOWEVER, if you pay all your cards to zero and you have no new charges, you may end up with all you accounts showing a zero balance. In that case, some people will see a slight score drop. If you are trying to get every last single point temporarily, then you might get your best score at 1% total utilization or at a slightly higher number. Most people find that this exact number is below 10% utilization and utilization gets rounded up. Therefore, 9.001% utilization will show as 10%. THAT is where the 9% number comes from. It is NOT the best utilization possible, it is only that most people will find their best score UNDER 9% utilization. None of that matters unless you are spending a bunch of time trying to tweak every last single point out of your score temporarily.

As long as you continue to PIF your statement balance by the due date and continue to use some of your cards, you will be fine.

Re: How long before score is updated

Anonymous — Thu, 29 Nov 2012 17:02:54 GMT

Okay thanks, so what you are saying is use some of them and pay them off? Because I was just going to pay them all off and let them sit there because I don't need them anymore. They have reoccurring things on them like Netflix and hulu

Re: Okay thanks, most of them are reporting zero balances like...

Swapmeet — Thu, 29 Nov 2012 17:37:47 GMT

@GregB wrote:
People are confusing you with small "truths" that keep getting modified until they have lost their original meaning.

You are best to have paid all of your statement balances in full before the due date. There is no reason to ever pay interest to improve your score.

HOWEVER, if you pay all your cards to zero and you have no new charges, you may end up with all you accounts showing a zero balance. In that case, some people will see a slight score drop. If you are trying to get every last single point temporarily, then you might get your best score at 1% total utilization or at a slightly higher number. Most people find that this exact number is below 10% utilization and utilization gets rounded up. Therefore, 9.001% utilization will show as 10%. THAT is where the 9% number comes from. It is NOT the best utilization possible, it is only that most people will find their best score UNDER 9% utilization. None of that matters unless you are spending a bunch of time trying to tweak every last single point out of your score temporarily.

As long as you continue to PIF your statement balance by the due date and continue to use some of your cards, you will be fine.

It seems prudent, to me then, to keep a small balance on one card whenever possible -- not to try "to get every last single point temporarily", but to create a foundation such that when one does something that yields a point increase, it increases from the foundation that was set by keeping the small balance. My $.02.

Re: Okay thanks, most of them are reporting zero balances lik...

bahbahd — Thu, 29 Nov 2012 17:50:26 GMT

@GregB wrote:
People are confusing you with small "truths" that keep getting modified until they have lost their original meaning.

You are best to have paid all of your statement balances in full before the due date. There is no reason to ever pay interest to improve your score.

HOWEVER, if you pay all your cards to zero and you have no new charges, you may end up with all you accounts showing a zero balance. In that case, some people will see a slight score drop. If you are trying to get every last single point temporarily, then you might get your best score at 1% total utilization or at a slightly higher number. Most people find that this exact number is below 10% utilization and utilization gets rounded up. Therefore, 9.001% utilization will show as 10%. THAT is where the 9% number comes from. It is NOT the best utilization possible, it is only that most people will find their best score UNDER 9% utilization. None of that matters unless you are spending a bunch of time trying to tweak every last single point out of your score temporarily.

As long as you continue to PIF your statement balance by the due date and continue to use some of your cards, you will be fine.

Way to take a one line comment and blow it out of proportion. Currently she has been carrying a balance on the cards already, therefore the chance of not paying interest has come and gone. It was just a light tip on what percent of utilization is preferred. If the OP or anyone else wants to understand the best approach to utilizing CC while minimizing interest and still reporting a decent utilization, I think there are other more complete threads out there to point them to.

Re: Okay thanks, most of them are reporting zero balances lik...

Anonymous — Thu, 29 Nov 2012 18:21:17 GMT

Im sorry Im a guy lol but thanks for that, but Im still a little confused based on what people have been saying. lol

Re: Okay thanks, most of them are reporting zero balances like...

Anonymous — Thu, 29 Nov 2012 18:24:24 GMT

Hey let me know how this goes too, I really want to know when my credit will be updated

Re: Okay thanks, most of them are reporting zero balances like...

Swapmeet — Thu, 29 Nov 2012 18:39:20 GMT

@Anonymous wrote:
Hey let me know how this goes too, I really want to know when my credit will be updated

A few days after the end of your billing cycle for the month.