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So I know I checked a little prematurely on my scores, but I paid off about $2,300 a little over a week ago which gives me a $0 balance on my credit cards, and I am wondering when they will be updated. I looked at my scores and none of the balances had changed, so I am wondering when I should check them again? Thanks!
It all depends on when your creditors report to the bureaus. It varies from end of month, middle of the month, after statement date, etc etc. Your best bet is to just keep it low and be patient. It's nice to have a daily puller like CCT to be able to track these things without having to buy a fico score every time you want to see if it has updated.
CCT? What does that stand for, it's not in the abbreviations thread (so sue me, I'm new here )
Most, but not all, CC's update on their statement dates, reporting the balance displaying. These dates vary for everyone, so check your own online statements for each of your cards to find out when they post (drop, fall, etc.) This isn't your due date; it's the date when each statement is generated and posted online.
Exceptions:
USBank updates on the last business day of each month, reporting that balance.
HSBC/ Orchard bank cards report the balance as of the last business day of the month, but they take their own sweet time to actually submit the info, generally a week or two. Sometimes they skip a month, just for the heck of it, I suppose.
AmEx used to report the balance on the statement, but they didn't send the info in until 4 weeks later, several days before the next statement dropped. They've recently started sending in the info on the statement date for many of their cards, but not for all.
Local banks and CC's might have different reporting dates, although mine have always updated on the statement dates.
Some say to call and ask CSR's, but I have always found them to be enthusiastically clueless, telling me various things like every Friday, or every time I charge, or every time I pay. (All of these were incorrect.)
Loans often update more slowly, and mortgages are often a month behind.
Once the lenders do send in info, Experian usually updates that night or the next day, while Equifax and TransUnion take up to a week to post.
Congrats on the nice pay-down!
@Anonymous wrote:CCT? What does that stand for, it's not in the abbreviations thread (so sue me, I'm new here
)
CCT = Credit Check Total.
This is a handy daily puller that provides access to a credit report. Not official FICO's, but is good for monitoring.