Ok so had 4 cc's with a balance total of 9500. Credit limit was 11300. Paid everything to ZERO (YAY!) My question is how long before I see an update and also how long before the credit score updates. Any idea how many points I could see increased? Thanks Kevin
You'll probably get hosed in the short term because your usage is now zero. Best to maintain a small balance, say 10% to 15% of credit limit.
Keep it active, a tank of gas here and there, a pizza, small purchases, and pay it off when the statement comes.
What you do is Have The credit card companies fax/send you a letter stating your current balance as $0.00 then MAIL the letters and a letter from yourself asking to have the account updated within 72hours. And they will do it ..........the only other solution is to have it Rapid Rescored and thats a 24 hour turn around. Hopefully this hepls you, If you just let it cycle and do nothing it takes anywhere from 2weeks - 90 days to update
Why do you need the increase immediately? Are you in the process of applying for a mortgage or car loan? If not, I'd just let it update through the normal process. If you don't need credit right now, don't get fixated on the score and how soon it updates.
You will see a significant score increase as soon as the reports update the zero balance. My guess would be 40 to 50 points given you utilization both overall and individually. There is no hard data that keeping a small percentage on the cards is beneficial. Moreover, it makes no sense to pay interest on it. In terms of usage, I'd use each card once per each three months if you don't want to revolve a balance and again, there is no reason to.
