Paid off CC, when will it report to CRA's?

[Anonymous]

Apologies if this has been asked ad nauseum, but I have searched the forums without any luck. I recently paid off my entire balance with BOA last week, it's the first time it has had a zero balance in years and it was pretty significant (>7K).  I'm chomping at the bit to have this reflected with CRA's and rescored because it's the last thing I've done to maximize my score. We are waiting until everything updates to reapply for a mortgage. It's been a long 2 months but have made huge gains, thanks to all of you here. 

I thought I remember reading that there is a way to trigger a report to the CRA's early (meaning before the close of the statement), and also that paying off a balance in full could potentially warrant an early update. Any advice or clarifications are appreciated!

[gdale6]

At your next statement cycle it will be reported shortly thereafter,

[Anonymous]

Thanks gdale. Is there any way to 'trigger' an early report?

[gdale6]

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@Anonymous wrote:
Thanks gdale. Is there any way to 'trigger' an early report?

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Only thing I know you can do is call and ask them if its possible to update the TL with a 0 balance.

[Anonymous]

Did you leave a balance to report on any of your cards? If all report zero balance you will likely not see the best potential of your action as you would be penalized for a zero balance on revolving credit. You still may see an improvement though for the utilization decrease. If you have all cards at zero, maybe get a couple dollars put on one before the next statement.

[Gunnar419]

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@Anonymous wrote:
Thanks gdale. Is there any way to 'trigger' an early report?

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Many, if not most, cc companies will be glad to make a mid-cycle report. A few won't and I'm not sure about BoA. But it's a fairly trivial thing for them to do. Just ask.

[takeshi74]

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@Anonymous wrote:

Apologies if this has been asked ad nauseum, but I have searched the forums without any luck.

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There really isn't an answer for all situations other than the card will likely report when it usually reports.  Chase is known to perform midcycle updates if balances are paid down to zero.  You can certainly request that a credit do so but they're not under any obligation to comply.  Definitely know when your accounts report and plan accordingly.

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@Anonymous wrote:

We are waiting until everything updates to reapply for a mortgage.

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You may want to mention this when requesting the midcycle update.