Hi, I am about to pay my credit card balances to 0. I was wanting to know how long it usually takes to get this reported to the bureaus? If it takes a long time do you think i can dispute the balances to speed up the process. I really want these to show 0, to improve my score. I applying for a new auto loan soon, and want the highest score possible. Thanks, Gary
I've found that the card issuers report to the CRAs monthly (except Citi for a time) -- but on different days. If they are not all reflected on your reports by the 20th of the month, then you should call the OC. The CRAs also have on file your last 2 years of balances (EX reports this on CreditExpert, EQ does not). So a change in balances may not necessarily improve your scores tremendously. Hope this helps.
Here is what I see with my cards. Assume my closing date is the 15th (everything charged through the 15th shows up on the next bill). Early on the 16th, they add interest, generate a bill and mail it to me. That is when they notify the CRA's, when the balance is at the highest point. When I get the bill, I may have until the 10th of the following month to pay. Assume I pay my bill in full each month. Assuming I charge something each month, I will always show a balance, because they always report before I pay.I have tracked this for over a year and I have found this to be true. The moral of the story is this If you need for it to show up soon, pay it off before your closing date. If you wait until you get the bill, it will not show up until the next closing date. I have found that the new balances show up on my credit reports within one to five days of closing. The exception is Citi. There have been some problems with reporting, especially with EXP. I have heard there is a problem between the two companies, but that is only rumor. The other problem with Citi is that they tend to report higher balances quickly, but are very slow to report large payments. You will see a lot of posts here to that effect.
