I find it very odd that the minute you are late on a payment with a creditor, they are quick to report it but when you pay it down or pay it completely off, they won't report it as quickly. I was late on my target account for Nov and got hit with a 30 day late on my credit report. I only owed $80 so I paid it off around Dec 6th. It is almost Jan and target has still not reported the 0 balance. Last report date was Nov 1. This is ridiculous.
Yes, we have noticed that creditors update very quickly with anything that could lower your score, slowly with items that could improve it. If you are trying to improve your credit, you should not pay late. Have you tried calling, asking politely if they could help you out?
Thanks, Breeze. No, the payment was an oversite and I hate that it got there late. Believe me, it was NOT intentional. And no, I haven't contacted them yet but was thinking of sending something through Planetfeedback.
Well, this would follow the thinking that FICO is simply there to increase profits for creditors. If the payment was notated on a CR as quickly as a derog - the score would go up more quickly. Since the payment takes longer - that is more time for consumers to apply for credit with the lower score.
