How long before pulling report?

[Anonymous]

Hey everyone. First post here so I will make it short and sweet. I just paid off around $5,000 in credit card balances this morning in hopes to restore my score to where it was last year; or at least come close. I haven't pulled it in a while, however have been monitoring it via creditkarma (which is currently showing ~710, whereas my EQ was 787 last year....I would imagine it dropped significantly after having 65% credit card utilization though, so I would bet the 710 is somewhat close).

How long should I wait to pull my scores/report so I can ensure the recent payments have been reflected? I am assuming it is dependant on when the card lenders statement ending date is, however I just wanted to verify.

I currently have 1 hard pull on my report, however am unsure as to why it is there..... so that is the main reasoning to why I want to pull the report.

My fiance and I are contemplating buying a house in the next 6-12 months. Should I hold off on any inquiries for the next year, or would it be okay to search for a low interest CC to do some daily purchases on?

Thanks in advance for any help!

[Anonymous]

You need to find out when those credit cards report their statements to the CRA's and then pull your report after the last CC's statement date.

If you have three cards, and their statement dates are like this, for example:

March 10, March 16, March 23

You probably are better off waiting til around the 25th.

And you said you already have credit card balances, so why do you want to apply for a new credit card?

I'm kinda confused on that. If you use one of your credit cards that you already paid the balance on for daily purchases and PIF, then the interest doesn't matter.

Because if you are looking to buy a house, you should stop apping.

[Anonymous]

I appreciate the help.

I have no CC balances currently.... I was contemplating getting a rewards type card for daily purchases that will be PIF every month, however I will hold off if it is going to negatively impact me enough when applying for a mortgage.

[Anonymous]

Yeah, hold off, just in case.

Just make sure you keep a balance of 5% - 9% on one of your credit cards, but PIF after the statement date and before the due date.

[Anonymous]

Pulling your own credit score does not hurt your report.   I monitor my score here on myfico.com.  It's been EXTREMELY helpful in determning what drive my score.  I think you need a credit card to help improve your score.  Yes, your score drops slightly when you apply and have the hard inquiry but the score grows over the next couple of months as long as you keep your utilization very low.  Get a credit card.  A no fee, 6 month free interest credit card.     Personally, I like Discover. 

Oh my creditkarma score is about 50 points lower than my actual FICO.  While I understand creditkarma is free I'd bite the bullet and get a real score.