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jodiphillips

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When will my score update?!!!!
OK - so I've had a car loan for 6 months of on-time payments - score rose slightly with the new loan showing. Then got a credit card (not secured) and have made timely payments for three months. The CK scores are still six months old!!! Car loan officer says they routinely update the credit reporting agencies with payment info & the credit card company updates monthly, also, supposedly and nothing!

In fact, when I got the credit card, the score went DOWN 11 points. Is CK just that slow, or what is going on?!! I need a new fridge and refuse to pay the high interest on a revolving credit card (assuming I could even get it). I thought I could rely on CK to be accurate and timely. So, now what? When will it update, and when should I just chuck the whole thing? I'm coming into this with no credit history & trying to build one.

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jodiphillips

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Just noticed that in you post you said you already called both places and they supposedly update each month.  My only guess after that is to ask them if they report to TransUnion.

You could go to the free annual credit report site and get all three reports (you should be doing that once a year anyway).

That will tell the story if they are reporting to once agency but not another.

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jodiphillips

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I dont know what you mean when you say your scores are six months old?  Why do say that?  Is that opinion on your part, or do you have some data that says that?  I think CK says when each acct was last updated.  Is that where your six month number comes from.  Look at the update next to the acct on CK and see when it was updated.  If one of them isnt in the last month, call that company and ask them when they report and who they report to.  Not all lenders report to all credit bureaus.  Did your car loan get sold to another lender and they arent reporting or maybe just not to TransUnion?  The answer needs to be there, get on the phone and run it down.

Nothing should take six months to post on your credit.  CK updates each week now.  I have never seen things take that long on CK to update.  If it is taking that long, I would be willing to bet you that it is because someone is not reporting it to Transunion.  Keep in mind that CK is only updated by the info on your TransUnion report I think.  The transunion report is only updated when your lender(s) feed them their update, which should be on a monthly schedule.  

Soooo... picture the sequence of events having to click thru the system before CK displays the info to you.  This can result in a delay sometimes to you seeing it, but nothing should take six months.  I have seen actions be reported almost immediately, and I have seen them take over a month to show up.  Just depends on when the action takes place relevant to the reporting cycles lining up.

The 11 point drop you mentioned may have been from an age of credit drop as a result of one or both of your new accts. (your car and your new cc).  As long as the utilization stays down (preferably under 20%), that number should go back to where it was before and then rise above it after a little time as you keep the accounts in good standing.

One other item, you mentioned getting a new fridge but dont want your numbers to suffer for it.  If you open a new acct to do it, then you will take a hit on your age of credit again.  These are usually small hits, but they can add up and hold your number down a little.  This is usually not a big deal depending on how you do it.  For instance if you get another credit card and charge it on that: There should be an available credit increase that will help your score.  If you are dealing with reputable name brand outfits, this should get reported on time and help your score.  One other word of caution regarding the potiental fridge purchase.  If you go to Sears, they will probably ask you if you want to open an acct.  This will help your credit number, but their interest rate is like 25 or 26 per cent.  That is an astronomical rate.  If you are in the credit building process, the sears acct will help, just be ready to make a couple payments and get the balance paid off or you will be paying literally twice the interest rate of any other decent card.

I hope I shed a little light on your situation.  I can only speak from what I went thru in the last years rebuilding credit.  Basically get some accts open, keep the utilization low, pay them on time and your numbers will rise.  The one thing that cant be spoofed in all this is the test of time.  The age of accts will just take time to grow, no way around that one.  I have also learned there is a difference dealing with reputable credit card companies.  I had several sub-prime cards when I started my rebuilding process and they looked great on my credit report for a couple years, but by then the good companies were giving me cards and the sub-prime ones were holding my number back.  One reason I am sure is because they typically have low limits which means any charge makes the utilization number go up higher and faster.

Bottom Line, nothing should take six months to report though.

Let me know how it goes.

Rich

Reply by
jodiphillips

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Rich,

Thank you for your response.  I know the credit card reports to Trans U, but though the car loan (with a credit union)(not sold) reports to the bureaus, I did not think to ask them specifically about Trans union.  Since it showed up on  CK, I assumed (I know, never do that) that they would get the report as well. Will have to follow up on that again.

Yes, time is the deciding factor here, esp. since it is building from zero credit to some sort of credit report.  At least I didni't have a whole lot of bad debt to get rid of.

And, thank you for the heads up on Sears.  That is one company that I would look to for an appliance, and do NOT need a high interest rate.  

OK - I'll follow up on the car loan reporting, and just have to wait on the cc to show up.

I was trying to be really patient & wait way past 3 months, but I guess I'll have to be more patient than that.  Meanwhile, I'll look into other funding for the appliances.  

jodiphillips

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CREDIT KARMA WHEN WILL MY SCORE UPDATE?!

Well, after more investigation I have found that both my car loan AND the one credit card I have, report monthly to Trans Union.  My CK page says that these figures are updated on the last day of each month, and so far none have been updated.  Six months for the auto loan, and three months for the credit card.

Credit Karma, I have proof that these payments have been reported to Trans Union.  Why are they not on Credit Karma?  Three people have had similar experiences, and have pulled as much of their personal info out of CK as possible and have moved on, disgusted.

I would really like to know what is going on.  Clark Howard said that this would be a good guide to establishing credit, but now I think I must have a convo with him, and request that he not recommend this website any longer.  I was thrilled to hear of it, but now that I've been a part of it, I'm very disappointed.

I followed Rich's recommendations to be sure there was no stone unturned, and I've been thorough.  

CK your turn now.

Reply by
newtocreditinfo1

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Helpful to 1 out of 1 people

I so agree with you Jodi! I'm just about ready to cancel my account and get a paid monitoring service. My score hasn't changed in more than six weeks even though I've added new credit and had derogatory information removed from my credit reports. This is kinda ridiculous!

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Possible progress with CK

Hello newtocreditinfo1

Well,  I have to say that CK finally adjusted my score.  I check to see when the credit cards report, & the car loan is finally being reported correctly on CK.  Just shows that if you make enough noise, SOMEONE will hear you.

HOWEVER - don't cancel yet.  Also, don't pay good money for credit monitoring.  If you can wait a short time (maybe 2-3 months) and have a credit card or two,  yesterday (12/18/13) the financial news announced that a major bank that backs most of our credit cards is going to begin sending out your credit score each month with statements.  The report did not name names - i.e., don't know if it is Capital One, Bank of America, AmEx  or who is backed by this giant mega-bank, but whoever is associated with them (and it is many of our credit card companies) they will be sending out your score for FREE (good price) (Like WAMU used to do before they went bust a few years ago).

Meanwhile, for further info on the upcoming free credit score, keep your eye on clarkhoward.com or listen in now & then, and you'll know as soon as these scores are being reported.  I listen to the financial news and the Clark every day.

But don't give up on CK just yet - they say they update monthly, but in reality it takes a while for good news to catch up to them.

Best Wishes!

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