Credit reports

[KevDen2005]

I'm sure it's no surprise that credit and finances are confusing to people in this country.

I'm just curious if anyone knows how often the credit bureaus get updated. Is it every month, every quarter? I've been really paying down some bills, getting rid of debt and credit cards, and working hard to improve my credit and I'm curious how often it gets updated or if it's instantaneous (which I would doubt).

[OtterbatHellcat]

I think they only update stuff after they've been hacked and give up gobs of personal info.

You know, ......they're on top of it.

[bobbyfairbanks]

I think it’s reported per billing cycle. Example you don’t pay your bill this month for a major credit card they report you. I also think individual companies have different policies as to when then send negative reporting to credit agencies

[KevDen2005]

I think it’s reported per billing cycle. Example you don’t pay your bill this month for a major credit card they report you. I also think individual companies have different policies as to when then send negative reporting to credit agencies

Well I don't feel that is correct as a couple billing cycles have passed and it really hasn't shown up. I guess it could be every billing cycle if you're late or miss a payment. But when you're doing good they don't care as much.

[KevDen2005]

I think they only update stuff after they've been hacked and give up gobs of personal info.

You know, ......they're on top of it.

I have no doubt they have my best interests in mind.

[TFOGGER]

Most creditors report positives quarterly, semiannually, or even annually. Negatives are reported as soon as the law allows (Dodd-Frank made it so credit card companies can't report you unless you're late 2 payments in a row or 3 in 6 month). Late mortgage or installment loan payments may show up as soon as 30 days, high revolving credit balances vary by creditor. Court judgments and collections show up almost immediately.

[KevDen2005]

Most creditors report positives quarterly, semiannually, or even annually. Negatives are reported as soon as the law allows (Dodd-Frank made it so credit card companies can't report you unless you're late 2 payments in a row or 3 in 6 month). Late mortgage or installment loan payments may show up as soon as 30 days, high revolving credit balances vary by creditor. Court judgments and collections show up almost immediately.

Well that sucks. I'll just keep doing what I'm doing and one day it will look good

[theGinsue]

My wife used to be in the finance industry and she used to tell me that it took at least 90 days for more for loan/credit card pay offs to be reflected in any of the 3 major credit reporting bureau's.

[Irving]

As you're paying off debt, also try to raise your limits at the same time. This way you're working in both directions at once. You may only be able to pay down a couple hundred in principle a month, but if you double your limit on a few cards, that's usually a much bigger change. I would call, or go online, and ask for double whatever my limit was, every six months, until they stopped giving it to me.

[KevDen2005]

As you're paying off debt, also try to raise your limits at the same time. This way you're working in both directions at once. You may only be able to pay down a couple hundred in principle a month, but if you double your limit on a few cards, that's usually a much bigger change. I would call, or go online, and ask for double whatever my limit was, every six months, until they stopped giving it to me.

That's a really good idea. I was lowering it thinking it being beneficial but I did read that bad credit scores have a lot to do with credit cards and people being close to max out.