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Question
How long for payment to be reported to credit bureaus?
I just made a large payment to my credit card. I want to apply for another one. How long should I wait so the payment positively affects my score? I assume til the beginning of next month...My score according to Credit Karma is only 597, which has dropped about 60 points in the last 6 months. Not sure why, since I have been making on time payments, but it said the major factor is ratio of debt to credit (hence me making a big payment).
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rachelbank
1 year ago
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hardeight 1 year ago
If we make lake payments to creditors, it is reported to the credit bureaus almost immediately. However, I have a couple of instatlment accounts that have not been reporting to the credit bureaus for three and four months periods. This negatively impacts my credit score because it's not reflecting lower balances on these accounts. Shouldn't creditors that decide to report to the credit bureaus on an account be required to report monthly or not report at all. In fact, one creditor reported the new loan and one payment in September 2010 and has not reported to the bureaus snce then. I've contacted the creditor twice and they said that they would look into it. But, they still aren't reporting. I've even contested these two creditors reported balances with the credit bureaus. They completely deleted one account on for Experian report. But, Trans Unioin credit bureau hasn't taken any action. One bank has recently updated my balance with the credit bureaus after four months. I have less than two payments remaining. Why aren't creditors held to greater accountablity in how they report to the credit bureaus?. Inconsitent reporting should not be acceptable.
JohnHoer 1 year ago