When will my card report my balance?

[Anonymous]

I got a Discover card in March. My first payment was due May 7th and my balance was $55.00. I ended up getting a credit for that one purchase that reported so I didn't have to make a payment and won't have to until June 7th. My balance is now much higher and I'm wondering when that reports? I plan on paying almost the whole balance in full but I'd like to apply for another CC today but don't want to if that high balance will report. I have almost maxed the card and I know that won't look good.

[pizzadude]

Most all creditors send updates to the CRAs when they produce your monthly statement.   Each CRA takes a few days to process the updates and reflect the new balance.

So find out what your statement date is and give it a few days after that. 

[Revelate]

It's probably going to be sent to the bureaus within the next day or two if it hasn't already, but it's supposedly not instant on the CRA's updating either (which I don't understand but I've never worked at one).  

Sign up for a few of the free credit report places if you haven't done so already and double-check to see if the balance has been updated prior to applying.  It's a quick sanity check to help cover your bases that doesn't cost you anything but time and another email in your spam filter occasionally.

[Anonymous]

Would I just be better off waiting a month or two to apply for any new credit?

[Anonymous]

If you are going to pay off or significantly pay down the balance then yes you would be better off waiting. Please note if you aren't already aware that the balance that is reported to the credit bureaus is the balance on your STATEMENT date. With Discover that is usually just a few days after your payment due date for the prior month. You will need to look at your account online and it will tell you when your next statement is due to cut. Pay the card down to the balance you want to report at least two to three days before that date and then don't make any new charges until after that date.

The other consideration is depending on your current credit profile (how many accounts, good standing, length of credit history) many lenders will look negatively at applying for too much credit in too short of a time frame and may use this as a reason for denial. If you have several older accounts and are only applying for one more after the Discover then that is not the same as applying for many accounts with a short credit profile. Good luck in whatever choices you make.