Hello- I have been working on my credit with the hopes of buying a house this summer with my husband (I am the lower credit scores). My mid mortgage score right now is a 665. That score was with one card reporting at 85% and other cards reporting small balances. Right now I have paid off everything with one card having a small balance. My cards all cut their statements by the 15th, so I usually see alerts for balance changes on myFico aorund the 19th. We are excited to see what my scores are on June 19 and were hoping they would jump to where we would like them to do.
I just spoke to my realtor who spoke to my LO and apparently she told him that the credit bureaus only report once a month on the 5th and that my score on the 19th will be the same as it is today. Is this true? Am I really not going to see a change until July 5? I always thought the credit bureau reported whatever information they had at the time of the pull.....am I confused? Or is my LO completely wrong?
When checking my account balances on credit reports, my credit cards (bank of america, chase, NFCU usually report new monthly balances the next day or two after my statements come out. Auto loans report at the end of each month (NFCU).
Same here- that's why I don't understand what she's talking about with the credit bureaus "only reporting on the 5th." That doesn't make any sense to me, but she can't have pulled it out of nowhere, right?
Most creditors report a few days after the individual's statement cuts. A few creditors report at the same time every month regardless of the individuals statement date.
Saying that all creditors report on the 5th is simply not true. Best of luck!
I think your LO gave you incorrect info. I'm in the same boat as you so I'm monitoring my scores obsessively and researching this exact topic. From what I've read and experienced myself, the CC companies report different information at different times during the month depending on what it is. For example, if you went to one of your CC online accounts and updated your phone number or some kind of personal info, that would more than likely trigger an update to the CRA's right away (I say more than likely because it doesn't always happen but should). If you pay your balance in full during any time of the cycle, that would also likely warrant an immediate CRA update. If you just pay the minimum amount due or an amount less than the total balance, most likely the CC company will report a few days after the close of the statement. Every CC is different as far as the start date and end date of statement cycles. My BofA cycle ends on the 25th, my WF ends on the 22nd and Cap1 ends the 29th. I have heard some folks will 'trigger' a premature update by going into their CC account profiles online and updating their personal information, ie., adding a new phone number or change of address (obviously this would be true and accurate info, not false info).
Do you subscribe to myfico scorewatch? What I've learned from that is that you only get updated FICO 8 scores, not FICO 4 or other FICO scoring models. So at the time you subscribe, all FICO models other than FICO 8 will remain what they are that day until you purchase NEW reports for each CRA. My recommendation would be to pull new reports when you see a change in your scores that would indicate those zero balances have been reflected.
As far as the LO's info that they all report on the same day of the month, that just isn't the case. I hope you see the change you're looking for in order to start the mortgage process! I know it's a stressful, yet exciting, game of wait and see!