can you make creditors to update report earlier than statement is due?

[Anonymous]

Hi

My bid on a house was just accepted. I'm planning to apply for mortgage within the next 7 days.

The problem is that all three of my credit cards are reporting a balance. Each of the balance is small, so the utilization is less than 1% on all cards. But my FICO score is about 40 points lower than the last time I checked 2 months ago.

The only thing that has changed is that my number of accounts with balance went up from 50% to 100%. I have already paid off all the balances. But how to make the credit card companies report the new balance to the credit bureaus? So far I have not had much success other than getting a zero balance letter from the credit card companies.

Thanks very much for your help!

[pizzadude]

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@Anonymous wrote:

Hi

My bid on a house was just accepted. I'm planning to apply for mortgage within the next 7 days.

The problem is that all three of my credit cards are reporting a balance. Each of the balance is small, so the utilization is less than 1% on all cards. But my FICO score is about 40 points lower than the last time I checked 2 months ago.

The only thing that has changed is that my number of accounts with balance went up from 50% to 100%. I have already paid off all the balances. But how to make the credit card companies report the new balance to the credit bureaus? So far I have not had much success other than getting a zero balance letter from the credit card companies.

Thanks very much for your help!

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You can call and ask the creditors to send an out of cycle update to the CRAs.   YMMV on whether they can/will do this though.

[Anonymous]

Your mortgage broker can also get an update reported. There is a cost involved but if it raises the FICO mid score enough to change the approval / disapproval then it is well worth it. If you are just starting the process then your scores just need to be high enough to get in. They can pull again before you lock your rate or finalize the mortgage. The mortgage forums are full of helpful advice.

[pizzadude]

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@Anonymous wrote:

Your mortgage broker can also get an update reported. There is a cost involved but if it raises the FICO mid score enough to change the approval / disapproval then it is well worth it. If you are just starting the process then your scores just need to be high enough to get in. They can pull again before you lock your rate or finalize the mortgage. The mortgage forums are full of helpful advice.

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Good point ~ I believe this is called a rapid rescore....

[Anonymous]

Thanks pizzadude. I couldn't recall the specific term and didn't want to switch to the mortgage forum to read until I found it. My brain is a victim of age and the abusive practices of a youth misspent.

[Walt_K]

Also, if the creditor is BofA, people report that you can go online and change your address with BofA causing them to send an update of your information.  Haven't tried it but it apparenlty works even if you type in the same address.

[Anonymous]

Thank you everyone.

I contacted the two creditors. Both agreed to update the bureaus in 72 hours! Happy with American Express.

They seem to be sympathetic to customers that are trying to get a loan. 

[MB2714]

I had got an auto loan in june in, may my score was 632, but I disputed balences directly with bureaus as paid in full , my companies updated with dispute response within 3 weeks and when I got car loan had 671 score . So dispute directly with bureaus it's a little quicker

[Anonymous]

Another update.

Two CRAs got the update from Amex within a day. My lender pulled FICO scores today and they are at a healthy 770+. Equifax did'nt get it yet. That ones is lingering at 725! Didn't realize that number of accounts balances (100% in my case) could make a 45pt difference.

[Anonymous]

I am facing the same problem.  Can you tell me who, or which department, you contacted at AMEX?