@Anonymous wrote:
I recently had a financial windfall, and was able to pay off/pay down 3 credit cards. However, my credit report still shows them with the higher balance. Since the payments were electronic, I'm a little perturbed it's not showing on the credit report/fico yet. How long til I can expect it to show?
I'm signing on a home, and I'd like to get a favorable loan rate. Thanks!
Hi, welcome to the forums!
In almost every case, a CCC updates to the credit bureaus on that card's statement date. So you'll probably need to wait on each one for it to drop the next statement. Even then, you have to wait for each credit bureau to mosey around and post the update. For many of us, EX updates the next day, and EQ and TU trade off in the pokeyness competition. This varies for some people according to where they live. Usually, all three will have updated after a week or so.
If you are getting ready to sit down at the table for your mortgage, you can pay for a Rapid Rescore on any accounts that don't show their current balance on your reports. You'll have to pay per account AND per credit bureau, so you'll save money if you have time to wait.
By the way, statement date is not the due date. It's when the statement shows up online, or the date displayed on your paper report.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
