Frustrated!! Advice please...

[Anonymous]

Hello,

I am new to Myfico.com and this board.

Neither of us have great credit (fron a series of bad events several years ago) but our scores are steadily increasing.

We are also trying to buy a house. According to everything we have read, the fastest way to raise our score is to pay down revoloving debt. We did. We paid in May our only credit card with a balance from 50% util. to under 10%.

The sim said that this would raise each of our scores 20-40 points. We only need them to go up about 10 points to get the rate where we want it to be. (We qualify for better loan programs than our scores would imply because of my husband's job.) Everything else is in line, our debt ratio is good, employment and income are good.

We are frustrated because our new balance still isn't reflected on our credit reports. Our statement date was the 24th of May. According to our credit card company, they sent an update on June 9th reporting our statement balance to all three credit bureaus.

Any idea how long it takes to reflect this information? Is there any idea how to speed it up?

Thanks for any advice!

[Anonymous]

It can take up to 30 days. I don't understand exactly why it can take so long, but 2 of my banks reported on the 5th on this month. It showed up on Experian a few days later. I have to wait until next month to see the change on Equifax and Transunion. It doesn't have to work that way and usually updates a week or so after my closing date. Sometimes it runs 30 days behind. Check your Experian CR. For me at least it posts the fastest. You might have to give it 30 days if your creditor has already posted it. IDK. It might not hurt to call the CRAs to confirm it was really posted. My banks say YEP, we see it here it was sent to the CRAs. Then the CRAs tell me NOPE, it will be posted the same day if reported. It's something.... But what ever that is, it always pops up for me no later than 30-40 days after my closing date. I hope it reports sooner for you. Definitely check Experian. If they report to Experian, and you don't see it. I'd call your creditor and complain it's not there. :-)

[Anonymous]

I would place a dispute with the CRA's.  If they reply that they verified the old balance is correct, which is what they usually do,  you'll have to send them a copy of your statement.  When they receive it they will send you a letter telling you that they couldn't use the statement you sent them but that they're going to really verify the balance this time.