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Credit reporting

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Established Member

Credit reporting

I recently paid my credit card but due to the holiday it didn't post in time and severely impacted my score due to high utilization. Of course my payment has posted to the account now but they don't report until the end of the month. Is ther anyway to have it updated sooner? When it does update will my score go back to where it dropped from? Do I have to GW my company to report it sooner? I am in the process of buying a home and would like to keep my score at the level where it is.

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Moderator

Re: Credit reporting


@desirez718 wrote:

I recently paid my credit card but due to the holiday it didn't post in time and severely impacted my score due to high utilization. Of course my payment has posted to the account now but they don't report until the end of the month. Is ther anyway to have it updated sooner? When it does update will my score go back to where it dropped from? Do I have to GW my company to report it sooner? I am in the process of buying a home and would like to keep my score at the level where it is.


Your options for mid-cycle reporting depend on the card you're asking about.  If you can share that here you'll get better feedback.  Smiley Wink

 

As for FICO scores, they don't have 'memory' so once your utilization changes your scores will immediately reflect that.

 

Note that if you're in the process of getting a mortgage you'll want to be extremely careful with using your credit cards... I've been through the process (successfully) four times, and each time I worked closely with my broker/lender to make sure I didn't caused myself problems inadvertently. 

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Established Member

Re: Credit reporting

That's great new! Luckily my preapproval showed my score before it took this hit so my rate is ok. I think I will leave my cards alone for the next month or so until I am in the process of closing on the house. Oh, and the card is the First Choice Primor Card. 

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Moderator

Re: Credit reporting


@desirez718 wrote:

That's great new! Luckily my preapproval showed my score before it took this hit so my rate is ok. I think I will leave my cards alone for the next month or so until I am in the process of closing on the house. Oh, and the card is the First Choice Primor Card. 


That will help... I don't have any first-hand experience with First Choice/Primor so I'll have to leave that for somebody else to expand on.

 

About your pre-approval... remember that's not set in stone, and they will pull your credit again (at least once) prior to closing. 

 

My very first mortgage actually fell though a week before closing (seriously... we already had the appointment set with the closing attorney) due to a change on my credit report.  My broker was able to change me to another loan type, but the rate went up a full 1% which made my house payment $200+ more each month (I had to refi a year later to get back to my original rate, which cost me thousands).  Like I said, work very closely with your broker; remember they are on your side since (usually) they are on commision and they make money when you close, so they want it to work out.  (Note that my problem wasn't utilization, however I'm just pointing out that you must be careful until you have the keys in your hand).

 

Good luck!  Smiley Wink

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