Confused with Credit Report, wrong info?

Question

So I have a very large balance on a credit card. I sent in a $5,000 payment on 11/8 and the statement closed/cut on 11/10. When I look online on this credit cards site of course it reflects the paid down balance.

I plan on making another payment of $600 on 12/8 because I'm trying to pay as much as possible to lower the balance. I'm going to be applying for a loan the week after xmas (12/27 week).

I just ran my credit report and it shows all 3 bureaus. My $5,000 payment is not reflecting. Trans Union and Experian show the old high balance while Equifax shows an even HIGHER balance!!! I'm assuming its got to be last months balance and even the month before that balance.

I plan on running a report AGAIN after I make my $600 payment and I hope to see everything in line (the CURRENT balance). Will this happen???? If it does not I'm gonna have to wait till January to apply for this loan...

I have been told by the credit card co. rep that they report on the 15th of every month and its up to the bureaus to update their databases. Wouldn't this be within a few days after receiving the updated info? Need to get my score up.

Answer 1

It can take up to 30 to 90 days to appear when they send an update of the credit card balance, and it's automatically done with their computer systems. You could bring a receipt of the credit card statement if you really need the loan in December, otherwise I would recommend waiting until January 2011.

Answer 2

It is likely that the update on the 15 is for the previous month. Typically it can take up to 60 days for updated info to show up in your credit report. Mostly it's due to the reporting time frame of the creditor.



The credit bureas may take a couple days to reflect the change. They have many different creditors updating at different times. It would make sense that they would only post all these updates once a day or wait for a specific time of day to do the updates.



Where are you pulling your credit reports? If it's a third party monitoring service, that could be part of your problem. They pull your report and don't update for a month or maybe more. A report directly from one of the credit bureaus might reflect the lower balance sooner.



In any case, don't count on your December payment showing up at the end of December.



Frankly, it sounds like your credit is kinda iffy if a $600 credit card payment will make that much differrence in whether you get approved for a newloan or not.

Answer 3

It is too soon to see that activity on your report.

They update it when they update it. You may have to wait until you see this loan balance paid way down on your report before applying for a loan, unless you can take documentation that you have paid it way down to the lender. The thing is, it wouldn't reflect in your score until the huge payments you have made are reported.

Answer 4

You may want to wait till January to see those payments recorded on your report.



For some strange reason any charges you make appear instantly but when you pay off large balances at once... it can take months before it shows up on your credit report.

Answer 5

Changes to a credit report can take up to 3 months and almost always take more than 30 days.

When the credit card company reports on the 15th, it's most likely that they are reporting the status 30 days prior to the reporting date.

Answer 6

It is not "wrong info." It just hasn't shown up on an update yet. 60 days is not unusual before such items show on your credit reports.