Credit score questions?

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Meltdownblitz
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Credit score questions?

Postby Meltdownblitz » Tue Jun 14, 2011 10:02 pm

How long does it take for them to report that your credit card had a balance but is now "paid off"? And how long does it take before your credit score is effected after balances are paid off?


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tntexan72
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Postby tntexan72 » Wed Jun 15, 2011 1:04 pm

Depending on your banks. It's generally safe to say you want to "PIF" 3 days before the statement cut or the statement dued date. For example, say your statement is dued on 6/27/2011. You want to PIF on 6/24/2011 to bring the balance to ZERO. Don't use the CC til 6/28/2011 and allow your bank to report to the CBs that your balance is ZERO to show UTIL % of ZERO. And typically, Chase as an example will take 7 days after the statement cut to show on my CRs. Some banks will post immediately after the statement dued date therefore reflecting a day or two later on the CRs. Once the new balance UTIL % are reflected on your CRs, your score should update within 24hrs.

Meltdownblitz
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Postby Meltdownblitz » Wed Jun 15, 2011 3:30 pm

Awesome, very useful info. Thanks a lot! On credit report sites, your credit score is update every month right? Or are some updated by the day, second?

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tntexan72
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Postby tntexan72 » Wed Jun 15, 2011 6:35 pm

Your credit score will update when new information are reported to your CBs. Say you have 3 CCs (revolving accounts). All 3 might report on the 15th, 25th, and 29th. As soon as the dued date for each card closed, the bank will send your UTIL % (balance) to the CBs. As information are being fed to the CBs, your score will reflect the changes, whether the information is positive or negative...your score should update within 24-48 hrs.

Quickest way to have a score increase is....to pay down your UTIL to less than 10% if it's not already. Just make sure you PIF 3 days before the statement dued date so it can report a ZERO balance to the CBs.

Meltdownblitz
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Postby Meltdownblitz » Wed Jun 15, 2011 10:38 pm

Thanks again for the useful information I just paid off my debt so my UTIL is now zero. I'm guessing in about a month or so I'm hoping my credit score should be effected. But it seems most credit report companies only update your score "quarterly" anyone know of any websites that update monthly or real-time?

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tntexan72
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Postby tntexan72 » Thu Jun 16, 2011 12:42 am

I am only concern about my Fico score and I get my Fico score at Free FICO Credit Score + Check Your Credit Report Online | myFICO. There, you can get your TU fico and EQ fico. You can't get your EX fico...you can if you are a member of PSECU (Credit Union). EX stop selling their Fico but they will sell you their PLUS score. Good luck.

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Postby Meltdownblitz » Sat Jun 25, 2011 8:52 am

tntexan72 wrote:Depending on your banks. It's generally safe to say you want to "PIF" 3 days before the statement cut or the statement dued date. For example, say your statement is dued on 6/27/2011. You want to PIF on 6/24/2011 to bring the balance to ZERO. Don't use the CC til 6/28/2011 and allow your bank to report to the CBs that your balance is ZERO to show UTIL % of ZERO. And typically, Chase as an example will take 7 days after the statement cut to show on my CRs. Some banks will post immediately after the statement dued date therefore reflecting a day or two later on the CRs. Once the new balance UTIL % are reflected on your CRs, your score should update within 24hrs.


Is this technique the same for Amex charge cards? Pay it 3 days before the statement is due even though it says no balance dued? Then the statement balance will be zero, which is good right?



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