Posted on: 01st Feb, 2012 02:14 am
Are my credit card balances/payments reported to EQ/TU/EX just once a month or are the balances daily updated with the CRA?
Hi attic,
As far as I know, your credit card company will report the balances/payments once a month. They are not reported on a daily basis.
Take care.
As far as I know, your credit card company will report the balances/payments once a month. They are not reported on a daily basis.
Take care.
i am agree with sara.credit card institutions update and report your credit on monthly basis.
Mostly banks send a monthly update to the reporting agencies.
Typically, the three major credit reporting bureaus Trans Union, Equifax, and Experian officially update your credit four times a year.
:idea:
Typically, the three major credit reporting bureaus Trans Union, Equifax, and Experian officially update your credit four times a year.
:idea:
Creditors typically report to the various bureaus once a month. The major agencies noted above are in the business of updating files on a continuing basis - not every 4 months, not every 3 months, not every so often, but "on a continuing basis."
Your credit scores can change continuously, due to creditors reporting on different days of a given month, based on inquiries from potential creditors where you've been seeking credit, and for other situations that crop up, such as collections, lawsuits, etc.
Hopefully, there are none of those last categories appearing on your credit report.
Your credit scores can change continuously, due to creditors reporting on different days of a given month, based on inquiries from potential creditors where you've been seeking credit, and for other situations that crop up, such as collections, lawsuits, etc.
Hopefully, there are none of those last categories appearing on your credit report.
Your credit card balances are reported to the CRAs once a month. Pay off your balances in full just a few days before your statement closes and your overall credit utilization ratio should improve dramatically.
Here I go piggybacking on Joshua's post:
Paying off, as he suggests, is essential for someone who values a great credit score. Not only will it result in a higher score, but if you pay your full balance prior to the scheduled due date, you'll save yourself the payment of interest on that balance.
What could be better than paying no interest and at the same time receiving an increased credit score that will serve you extremely well in your future credit shopping, whether for mortgage loan or any other type of credit!
Paying off, as he suggests, is essential for someone who values a great credit score. Not only will it result in a higher score, but if you pay your full balance prior to the scheduled due date, you'll save yourself the payment of interest on that balance.
What could be better than paying no interest and at the same time receiving an increased credit score that will serve you extremely well in your future credit shopping, whether for mortgage loan or any other type of credit!
I wouldn't say it's essential for someone who values a great credit score George. If you're able to maintain a low credit utilization ratio (under 10%) without paying off your balance in full before the statement closes, then you can certainly still enjoy excellent FICO scores.
In fact, I prefer to enjoy the 20-30 day float my credit issuer offers and just pay off the balance in full by the due date. But for those that are having an issue with keeping their credit utilization low enough, this can serve as an effective strategy until they're able to obtain higher credit limits.
In fact, I prefer to enjoy the 20-30 day float my credit issuer offers and just pay off the balance in full by the due date. But for those that are having an issue with keeping their credit utilization low enough, this can serve as an effective strategy until they're able to obtain higher credit limits.
I don't disagree with you there, Joshua; though I'll always suggest payment in full so as to eliminate interest charges. You obviously agree with saving money, too; given that you're paying off within the due date.