topic reporting to credit bureaus in General Credit Topics

reporting to credit bureaus

Anonymous — Mon, 18 Apr 2016 18:06:45 GMT

Can someone please tell me when a CC Co. (Discover) reports payments to the three credit bureaus? I am thinking about applying for a loan and currently have a balance with them that has a CUR of 63% that I am contemplating paying off in order to increase my score. April 17th (yesterday) was the last day of the biiling statement. Can anyone tell me if they have reported already or if I paid it off today before the end of the business day how soon would it take before a possible FICO increase is noticed/reflected on my credit report?

Ideally we do not want to wait to long to apply for the loan. It is for pool construction (we may miss the season) and the lender only uses Equifax scores. This is the only score I do not know and the other two are just over there minimum FICO requirement (one by 16 pts - TU, and the other 29 - EXP).

Please advise.

Re: reporting to credit bureaus

KSK1912 — Mon, 18 Apr 2016 18:15:06 GMT

@Anonymous wrote:
Can someone please tell me when a CC Co. (Discover) reports payments to the three credit bureaus? I am thinking about applying for a loan and currently have a balance with them that has a CUR of 63% that I am contemplating paying off in order to increase my score. April 17th (yesterday) was the last day of the biiling statement. Can anyone tell me if they have reported already or if I paid it off today before the end of the business day how soon would it take before a possible FICO increase is noticed/reflected on my credit report?

Ideally we do not want to wait to long to apply for the loan. It is for pool construction (we may miss the season) and the lender only uses Equifax scores. This is the only score I do not know and the other two are just over there minimum FICO requirement (one by 16 pts - TU, and the other 29 - EXP).

Please advise.

If your statement cut off yesterday, it has been reported, or will be reported with the balance that was on your statement. The only thing you can do is, chat or talk with them and explain the situation and request if they could do a mid statement report to the credit bureaus. Some lenders like Synchrony sometimes do it, especially if you pay off a high balance, they will send an update to the cra's. If not, then you will have to wait till next month's statement cuts off. And then it will be at least another few days before the cra's update the information sent to them. Luckily it is not TU, Ex is usually the fastest, then EQ which is fairly fast to update your reports, and TU takes sometimes a few weeks to reflect the latest changes.

Re: reporting to credit bureaus

Anonymous — Mon, 18 Apr 2016 21:03:25 GMT

Go to the Equifax site and buy their one week or one month trial deal and you'll see the exact date(s) all your creditors report.

Re: reporting to credit bureaus

takeshi74 — Tue, 19 Apr 2016 16:11:30 GMT

@Anonymous wrote:
Can someone please tell me when a CC Co. (Discover) reports payments to the three credit bureaus?

Most but not all report on or just after statement date. Some report on a fixed day of the month. IIRC Discover reports on statement date. You should definitely be aware of when each of your revolving accounts reports. If you have not had any midcycle updates then the last report date indicated on your reports should help you to determine when your accounts report. You can also look at existing threads for different creditors.

Keep in mind though that the CRA's do not instantly update when a creditor reports. It can take a CRA several business days to update your report. Not all of the CRA's will update at the same time. One or more can take longer tp update.

@Anonymous wrote:
This is the only score I do not know

Pull it. A suitable monitoring service -- especially one that provides daily pulls of report data -- can help if you need to know exactly when a report updates. Using one can also give you a better idea of when your accounts report verses when the report itself typically updates.

@Anonymous wrote:

Ideally we do not want to wait to long to apply for the loan.

If April 17th was your statement date then you're going to have to wait until the next statement date.

If it was Chase you could pay the balance down to 0 and they'd perform a midcycle update.

@Anonymous wrote:
It is for pool construction (we may miss the season) and the lender only uses Equifax scores.

What model? That will matter. You don't want to pull a different scoring model than the one the creditor uses.

Re: reporting to credit bureaus

RonM21 — Wed, 20 Apr 2016 10:00:37 GMT

@KSK1912 wrote:

If your statement cut off yesterday, it has been reported, or will be reported with the balance that was on your statement. The only thing you can do is, chat or talk with them and explain the situation and request if they could do a mid statement report to the credit bureaus. Some lenders like Synchrony sometimes do it, especially if you pay off a high balance, they will send an update to the cra's. If not, then you will have to wait till next month's statement cuts off. And then it will be at least another few days before the cra's update the information sent to them. Luckily it is not TU, Ex is usually the fastest, then EQ which is fairly fast to update your reports, and TU takes sometimes a few weeks to reflect the latest changes.

+1 to this