When Will The Balance I Paid Show Up On My Credit Report?

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When Will The Balance I Paid Show Up On My Credit Report?

17
Mar,2020

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This article is contributed by Sam Billo, and he is a credit card expert at Help Me Build Credit

Today I will share with you some secrets on when credit card issuers report updated balances to the credit bureaus. 

Credit Utilization

When calculating your credit score, one of the most important factors credit models take into account is your credit utilization. If you have at any point a FICO score of 800 or more, but then go way above your limit on a credit card, you can cause your FICO score to fall to 680 or even less! 

Good news: credit utilization will only affect your score as long as the balance is unpaid, unlike a late payment, collection, or bankruptcy, wherein those cases, your score is damaged for longer. In our case, your score will jump up to where it was originally once you pay up your balance, and it is reported as paid to the credit bureaus.

The big question here is, how long will it take for the credit bureau to have your paid up balance show up on your credit report?

In most cases, the bank will report it exactly the day of, or right before that date, once a month, before your bank statement goes for print.

Two banks, though, failed on this one. They might not report your paid balance on time or even wait a month to report it.

To keep you in high-alert, the following is a list of credit card issuers and the time you can expect them to report your paid balances to the credit bureaus. 

Amex

  • Amex will report your statement balance.
  • It usually takes 48 hours until it reflects on your credit report.
  • You can call Amex at 1-800-874-2717 to get your balance updated off-cycle. The update will take up to 5 business days to be completed.

Bank of America

  • Bank of America will report your statement balance.
  • It usually takes 48 hours until it reflects on your credit report.

Barclays

  • Barclays will report your statement balance.
  • It usually takes 24 – 48 hours until it reflects on your credit report.

Chase

  • Chase will report your statement balance
  • It usually takes 48 hours until it reflects on your credit report ( i have seen some times Chase skip a month or two of reporting).
  • Chase will update your report within 48 hours (even off-cycle) if you pay your balance to zero.
  • You can call Chase at 1-888-682-8361 to get your balance updated off-cycle. The update will take up to 48 hours to be completed.

Citi

  • Citi will report your statement balance.
  • It usually takes 48-72 hours until it reflects on your credit report.
  • You can try to fax Citi at 866-713-5028 to request that your balance be updated off-cycle. The update will happen when Citi decides to do so.

Capital One

  • Capital One will report your statement balance.
  • It usually takes 2-5 days until it reflects on your credit report.

Discover

  • Discover will report your statement balance.
  • It usually takes 24-48 hours until it reflects on your credit report.
  • You can call Discover at 1800-347-3085 to get your balance updated off-cycle. The update will take up to 48 hours to be completed.

US Bank

  • The US Bank will report the balance as it did on the first of the month.
  • It usually takes 48 hours until it reflects on your credit report.

Wells Fargo

  • Wells Fargo will report your statement balance.
  • It usually takes 48 hours until it reflects on your credit report.

I hope you enjoyed the information found in this post. Make it a great day!

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