topic Re: Does credit report update each time I make a payment or once a month? in Rebuilding Your Credit

Does credit report update each time I make a payment or once a month?

povertybro — Sun, 10 May 2020 20:53:41 GMT

for instance navy federal says reported 4/15, does that mean I have until 5/15 to get utilization back to <10%?

Do I have to make it sooner than that and not touch it till after the 15th to use it again

Re: Does credit report update each time I make a payment or once a month?

Anonymous — Sun, 10 May 2020 21:02:02 GMT

So just looking at what you posted, it looks like you're maxed out on your credit one and it was reported on the 14th off the month; if you pay that $279 off by no later than the 12th, you should see a pretty solid point increase (maybe up to 15-20 points... don't quote me on that exactly though).

The way I structure my payments is look at the reported date and pay off balances two days prior to ensure that it reports at zero except one card with less than 8%.

Hopefully this helps! Best of luck to you and try to get both Credit One and Synchrony balances down as soon as you can.

Re: Does credit report update each time I make a payment or once a month?

Brian_Earl_Spilner — Sun, 10 May 2020 21:17:27 GMT

Your accounts update, usually, once a month. There's a few lenders that will report off cycle, like chase or sync. What reports is your statement balance, which updates after the due date. So, if the due date is the 15th and statement cuts on the 23rd, you have to pay the minimum payment by the 15th, and pay down the balance to where you want it to report by the 22nd.

Re: Does credit report update each time I make a payment or once a month?

Girlzilla88 — Sun, 10 May 2020 21:39:56 GMT

What is really important is your payment date and Statement date like Brian said. You want to pay more than minimum or a few times before your minimum due, then if you can put extra (as much as you can before Statement) the Statement is what is reporting to the CB's like Brian also said some report a few times, but if you are looking for it to report a specific percent that is how you do it make sure you hit your minimum no matter what by payment, then hit whatever lower you want it to report by closing/statement. Some are 3 days after payment, some after 5 days after payment and some can be a bit longer so just be mindful not all cards are 3 days after etc.