I made a couple of payments to bring the blanace on two of my credit cards to zero. These are Discover and Amex Blue. They were paid off around mid April. I need to apply for a mortgage pretty soon. Experian just updated last week to show the zero balance on Discover (Amex is not reported on my Experian file).. So now I am witing for TU and EQ to update. I am thinking of waiting one more week and then putting the two tradelines in dispute with them to update the blanace to a zero balance. The problem is that I will have to wait for 30 days after my dispute for the update and this is delaying my mortgage process. The question is, what would happen if either creditor updates the balance while the tradeline is in dispute? Is it going to be updated or is the tradeline kinda locked while waiting for the dispute to conclude? Has anyone seen balance updates to a tradeline while it is in dispute? Thanks a lot..
If the "CURRENT" balances listed on your credit report will "kill" the deal...have them fax to the LOAN OFFICER a statement on their letterhead that the account is PAID IN FULL AS OF XX/XX/2002...
George, I appreciate the reply... The balances on the two credit cards are putting my score around 680-700.. These are the only balances that I owe on my cards... However, having those paid off, gives me a boost of about 50 points... This is what I saw already with Experian.. Also the same boost with Equifax, when having the 2 accounts in dispute a couple of months ago (to report credit limit) since the balances were not considered in the score at that time.. So for me, it is a matter of getting a better score and thus a better rate.. It just annoys me that the CRA's and the creditors need 2 months and may be more to update the balances
Alex, I'd be a little wary of putting it in dispute just because of what happened to me. I paid an old charge off and immediately put it in dispute thinking it would update to $0 balance sooner than waiting for the OC to report the balance. Well, the OC happened to update in the time it was in dispute, so the balance reported correctly. HOWEVER, at the end of my dispute, EQ changed it back to the old balance and info. as the "results" of my dispute. So you're basically putting your faith in the stupid CRA's that they're doing their job which they obviously aren't. (BTW my account still isn't reporting correctly with them.) It has delayed our mortgage plans as well.
...2nd IDEA...if you can go to the loan office (local?) get on the phone and call the credit card(s) and get the balance(s) off the computer line...have the loan officer on the same line (extention phone)...if NOT local, you can do 3 way calling... PROBLEM SOLVED...sort of...
Thanks Laurie.. I saw something similar with EQ as well.. My discover card was showing a balnace of $4000 and a high balance of $4000 (my credit limit is $10,000).. So I disputed the account to report the correct credit limit and waited 30 days and then they updated.. Their "update" was to keep the $4000 as a high credit but to change the balance to $3000 which was the balance 2 months ago.... They can never get it right.. So I agree with you, I should wait for the creditor to update.. However, it seems Amex has a problem in updating as sometimes they update twice per month and then months pass without updates..
George, Well, if I understand you correctly, then that method won't help much.. I basically need the loan officer to see an updated score taking into account the zero revolving balance... It seems that if I can find what's called as "rapid scorers" then it would be the only way..
I asked an Experian rep today if I got a "zero balance letter" from Amex and Visa would they update the amount owed and I was told yes. However the use of a rapid rescorer can do this in two days and get you revised scores asap. I am also paying my cards off before the statement closes to try to stay at a low ratio as this is my top reason listed as a negitive score factor JohnM
59 It just annoys me that the CRA's and the creditors need 2 months and may be more to update the balances Alex_I ================== For bilking purposes only.!
