lyrech Posted April 27, 2005 Report Posted April 27, 2005 Ok, my bill is due on the 25th. I always pay early...usually 2 weeks early. My March bill had a balance of $140. I am still in the 0% APR, so I just paid the minimum of $15 on March 10th. On March 18th, they reported to the CRAs. Since they don't correctly report the limits, this raised the balance on my CR equal to my limit. No big deal at the time...But...now I am looking to get a loan and wanted to pay my cards off to show the lower balances. I paid my April bill on April 2nd, leaving me with a balance of about $20. Today is the 26th and they STILL have not updated this information with the CRAs. I assumed that the 18th was their reporting day, since that's when they reported in March. Seems odd to me that they were only prompt in reporting the info when it would HURT my scores. Now that the balance is low and my scores will benefit from it, they seem to have "forgotten" to report.Maybe I'm just being paranoid, but I really can't think of any other reason that they wouldn't report. Any thoughts on this??
credithelp Posted April 27, 2005 Report Posted April 27, 2005 For me they seemed to report near the end of the month and sometimes they would update every two or three months.
Guest sportsguyla Posted April 27, 2005 Report Posted April 27, 2005 i know this answer is as cheesy as it comes...but in her book YOUNG FABULOUS AND BROKE, Suze Orman mentions that you should pay a card off about 2-3 months ahead of the time you want to apply for a loan to give significant time for the cc to report.
lyrech Posted April 27, 2005 Author Report Posted April 27, 2005 Well, I understand that, but we were not really expecting to apply for a loan just yet. We had to make a move because it is the last lot left in the subdivision we want to live in. Anyway...it's not going to keep me from getting the loan, but I just thought it was interesting. They have reported to at least two CRAs every month since I've had the account. Now this month, they fail to report. It just seems like another one of their schemes to keep us from improving our credit scores.
Ahntara Posted April 27, 2005 Report Posted April 27, 2005 I happen to love Suze, but this is another sterling example of how little she knows about credit, which is scary, since so many ppl take her advice.Proper management of revolving accounts is one of the KEY strategies to increase credit scores. 0% utilization (which would be the result of paying off CC's completely for 2-3 mos) actually results in a slight DECREASE in scores. Not exactly the impact you want right before a major purchase.Utilization between 1% and 9% gives optimal points on long-standing accounts. Consumers also need to have between two and four accounts. This is not just credit cards. Home Equity Lines of Credit and certain other accounts report on the bureaus as revolving. Be precise when aiming for maximum points. It will never be as important as when you are applying for a mortgage loan.Oh, and since I am posting and this IS about Crap One, can I just hijack and throw in a whine. Crap One is reporting a charged off account that was paid in 2000 (5 years ago, duh!) with a DLA of 10/98. CAN I GET A WITNESS HERE. I mean 6 mos from being shielded from view forever and these fools are updating!!! Thanks for letting me go there, and yes, I would like some cheese.
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