Question regarding Updated Credit Score

Discussion in 'Other Credit Card Programs' started by Tamburgy, Aug 14, 2012.  |  Print Topic

  1. Tamburgy

    Tamburgy Member

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    I'm not sure if this is the correct forum to post this question, but since the question relates to applying for the SPG card with the new promotion, I thought I'd start here. :)

    Could someone tell me how long it takes for your credit score to update?

    About a week ago, I finally paid off 2 credit cards, that I've been working to payoff for awhile.

    I'm planning to apply for the SPG card finally, but want to make sure that my credit score reflects the updated payments on my old cards to give me the best odds that I get approved (my score before paying off the cards was a little over 700).

    But I'd like to apply for the card before the new promotion expires on Sept. 4.

    Anybody have any insight? Is there perhaps a way to facilitate the score updating faster (by calling a card company or something)?

    Any advice/insight appreciated. Thanks!
     
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  2. AAL

    AAL Silver Member

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    Have you pulled one of your free credit reports lately? That would be one way to confirm that the account balances are showing as zero, which is the first step to a better score. Another option is to look at a free site like Credit Karma and see what it shows (although not official).

    As a data point, I paid a large credit card bill last Thursday and Credit Karma is still showing that balance. My usual bill on that card is about $100 but last month I charged considerably more. Therefore, I can tell that the balance amount was updated sometime within the past four or so weeks, but hasn't been updated again since my payment. The monthly closing date is coming soon; maybe that's when it will update again to zero.

    By the way, I applied for the SPG card about 10 days ago (just before the new promotion, unfortunately), immediately used it, and the first 10,000 points have already posted to my SPG account, so I am very pleased with the card so far. I will hit the spend threshold sooner than I would actually care to, and then we'll see if Amex will give me the extra 5000 miles to match the new promo.
     
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  3. MX

    MX Gold Member

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    I find it convenient to track my credit score for free on Credit Karma:
    http://www.creditkarma.com/
    It calculates your scores based on data in your TransUnion file. It was fairly simple to get a free account there, without having to disclose too much personal details. You can get your score updated daily.

    Whichever method you choose to track your credit reports, you should see that it may take a few weeks for your credit card payments to be reported to credit bureaus (and thereby raise your scores). There is no way you can speed up communications between your lenders and credit bureaus.
     
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  4. Tamburgy

    Tamburgy Member

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    Thanks. I pulled my credit report today but no update yet. I guess I'll wait another week and then try one of the free sites to see if there's any update.

    Thanks for the help.
     
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  5. edekba

    edekba Gold Member

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    call your credit company; ask them when do they report your info to the CRA. simple solution :)
     
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  6. booyaa
    Original Member

    booyaa Silver Member

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    usually, in my experience with multiple banks, they send updates shortly after statements are generated. If you just paid, I would suggest waiting till at least current statement closes, then give it a few more days, before seeing changes on report.
     
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  7. Tamburgy

    Tamburgy Member

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    Thanks.
     
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  8. jbcarioca
    Original Member

    jbcarioca Gold Member

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    The credit card issuers typically report with each card cycle, so your card would be reported to the bureaus after your statement period closes. Bureaus do updates on different cycles but within about seven days after your statement cycle ends each bureau will have reported your change in status. If you apply, therefore, two weeks after your statement cycle closes you can be confident taht the change in status will be reported, and the credit scoring used by issuers will include that. The pseudo-scores sold by credit karma and others generally update on a slower cycle, usually monthly or less, but you need not worry about those anyway because they are not used by issuers for credit approval. They are just sold to consumers to imitate what typical issuers may consider.
     
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  9. desamo

    desamo Gold Member

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    Your score can update at any time, really. Even though card issuers send updates with each cycle, that doesn't mean you can't shift pools (or places within your pool) in between those days.
     

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