Opening up a new Revolving Account

[Anonymous]

My husband and I are trying to apply for a VA home loan. I need my credit score to go up a few points. Our lender told us to open a new credit card account and after 30 days, once it is showing on our credit report, my score should go up.I opened up a new revolving account with Capital One. I received a credit limit of $300. The Fico Stimulator said that my score would increase about 20 points because i don't have any revolving credit. I was informed that Capital One reports to the creditu bureaus on the day of your closing billing cycle. If they do that, how long will it take for the three credit bureaus to reflect this new change on my report.

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@Anonymous wrote:

My husband and I are trying to apply for a VA home loan. I need my credit score to go up a few points. Our lender told us to open a new credit card account and after 30 days, once it is showing on our credit report, my score should go up.I opened up a new revolving account with Capital One. I received a credit limit of $300. The Fico Stimulator said that my score would increase about 20 points because i don't have any revolving credit. I was informed that Capital One reports to the creditu bureaus on the day of your closing billing cycle. If they do that, how long will it take for the three credit bureaus to reflect this new change on my report.

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Cap1 and most creditors send updates to the CRAs when they produce your monthly statement, and each CRA can a few days to process.   So I'd find out when your statement date is for your new card.   Sometimes with new cards it can take 1 or 2 billing cycles for a new account to show on your credit reports, so it may not be there at the first statement cycle.  

I hope that this gives you some FICO points, generally it should help, since revolving credit is such a large component of your FICO score.

[Anonymous]

My statement date is the 13th. How fast will MYFICO get this infromation from the credit bureaus and does it take them a few days also to have it reflect on our watch report?

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@Anonymous wrote:

My statement date is the 13th. How fast will MYFICO get this infromation from the credit bureaus and does it take them a few days also to have it reflect on our watch report?

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MyFICO EQ or TU will show the updated information as soon as its processed by Transunion or Equifax.    If you are using scorewatch there can be delays in some cases, in sending an alert to you.   You could probably go to Credit Karma  ( free I think ?? ) or one of those services, to monitor your reports and know as soon as the new account is showing.