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How does the Credit reporting Cycle work ?


tmac01
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I have a perfect EQ CR yet my score is still 678. Okay, since two baddies were just removed do I have to wait until the next credit cycle comes around to see a change in my Fico Score ? I mean I remember reading something about how the creit cycle works...can someone explain this to me...Thanks...

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"...how the creit cycle works..."

Data Furnishers provide information to the CRA's, who maintain your consumer file. They update at their discretion, according to their own policies/procedures and industry SOP.

"...do I have to wait...to see a change in my Fico score..."

Unlike your credit data, which sits there, aging and changing from month to month; credit scores are a CALCULATION. So, you don't have an ongoing, mutable, score. The calculation is only performed upon request, either by you or a creditor (because there is a fee involved). So, you need to wait for the DF's to update their data, then request a score.

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Ahntara,

how long does it take for the DF's to update their data ? thanks !!

How long is a piece of string?;)

There's no answer to this question, besides "it depends." Some update at the end of the month, some on your due date, some the day after your statement closes, some a week after your due date... and then there's the other variable, how long it then takes the CRAs to update the info on your report.

I know you want a precise answer, but there isn't one.

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Hey !! I just wanted a chance to get the Moderators opinion..:mrgreen: The funny thing is that my reponse from the other person was NO !! xangelx

What?! Higher CLs will totally help your utilization. As long as your balances don't rise too, of course. Your utilization is the percentage of your available credit (total CLs) that you're utilizing (total balances). If your balances stay the same, but your CLs go up, you're lowering your utilization. Make sense?:D

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