Does anyone know how quickly most cc issuers update the reported balance on your credit report?

[galahad15]

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@takeshi74 wrote:

How much of a change to revolving utilization -- i.e how much in %?  Don't overlook the other factors as well.  Revolving utilization has a significant impact but it's not the only thing that matters.  New accounts are one of those things that many seem to overlook, for example.

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@galahad15 wrote:

Already have credit scores for 2 bureaus nearing close to 800 and one in the 750's, so I'm hoping that the large payments in revolving util will improve the odds of getting the best-possible terms. (ETA: for 2 credit bureaus, I have a large number of inquiries, but a perfect payment history for all 3, so I'm kinda hoping they will be willing to overlook the number of inquires alone.)

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If you're in the 750's to 800's with FICO 8 you're already in the range for best terms.  That said, it's never just about score.  The data in your reports matters as well. Inquiries shouldn't matter much if your profile supports scores like that.

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Referring to highlighted sections above -- before I reduced my revolving util, I was revolving an estimated 15%-20% of my total balances, so if my calculations are hopefully correct, I believe I may have knocked off about 50% or more off the existing balances.  My credit reports up until now had been reporting that I had making heavy utilization of my revolving credit as a negative factor, and so I was hoping to minimize the negative effect that it was having.  That's also another reason why even with my relatively-high scores, I wanted to decrease the overall util so that I could appear as a more credit-worthy customer to the cc lenders.

[galahad15]

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@Anonymous wrote:
You have a bunch of Citi Cards what about dumping and/or converting 2 into a prestige?

Gmbuypower is by itself. You running a lot through that one for a vehicle?

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I was thinking about consolidating/converting all of my Citi cards onto my DC.  Or possibly keeping all but DC and one other that I might convert into a Dividend.  Not super-interested atm in the Prestige.  But again I was concerned that if I combine/consolidate before I app, the extra inquiries might not look so good when I go for the new apps?

As far as the BuyPower card, I was primarily interested in for the WEMC benefits, without needing to have a n AF.

[Anonymous]

Combining limits with Citi is not like doing it with Chase.  Even if you are able to get someone who says that they do this, it will require a HP.  The problem though is getting them to do it in the first place.  Can be extremely difficult.

[austinguy907]

My view on the combinations are lowest APR / lowest/$0 AF / Oldest account to keep open.  It's worth a little bit of fight with the lender to get it done and reduce your exposure with so many accounts to potential ID theft.  Most lenders don't have an issue with reallocating CL's from one to another as long as they aren't co-branded and have the same rewards structure to them.  Taking a HP to merge things shoudn't be much of an issue score wise and if it is when you're done with all of them go dispute them off your report since you're not applying for a new account.  Overall down the road in a couple of years you'll be glad you got them trimmed back and watching them grow with you.