2007-02-13 11:16:24 · 6 answers · asked by mario m 2 in Business & Finance ➔ Credit
Most cards report to credit bureaus at the same time they produce monthly statements.
2007-02-13 11:56:53 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
Yes, it will show up as soon as the credit card company reports it, but don't be mistaken into thinking this will improve your credit. As a matter of fact, it could cause your scores to drop. What causes your scores to go up and your credit to improve, is having open accounts and paying them on time continually every month. If you pay them off, then there is no activity to show your creditworthiness.
Let me give you an example of how paying something off can effect your credit. This happened to me last week. I bought a new car, have made all of my payments on time for nine months now. When the finance company reported on my credit report this month, they showed my payments made on time, with a zero balance. It looked like I had paid the car off, which I haven't. I got an alert from Equifax of a change on my credit report. I looked and my score had dropped 14 points because of this. The finance company fixed the error, but my score only went back up ten points, instead of the 14 that originally dropped....I got off of the point I was trying to make to you. People will tell you to pay off your charge cards and credit accounts. It's great to pay them off so you don't have the debt, but if you are trying to establish or rebuild your credit, you need to have open, active accounts, especially some credit cards. These are the fastest way to build up your credit. Keep your balances to about half of your credit limit, don't max them out. Pay your minimum payment on time every month and your on your way to building good credit.
2007-02-13 11:49:08 · answer #2 · answered by kelly h 3 · 0⤊ 0⤋
Usually within a month or 2. It depends how quickly your card company reports to the credit bureaus.
2007-02-13 11:18:53 · answer #3 · answered by tchem75 5 · 0⤊ 0⤋
Usually within a few weeks. I would recommend getting on a payment plan, rather than paying off all the debt. Your credit score is more affected by numerous payments on time than on how much debt you have. Debt is actually good. The trick is to have more stuff that you are paying each month. If you are making car, house, insurance, health club payments every month your credit will get better pretty fast.
2007-02-13 11:22:23 · answer #4 · answered by martin h 6 · 0⤊ 1⤋
Usually within a month or quarterly. It depends on the reporting policies of the card issuer(s).
2007-02-13 11:20:15 · answer #5 · answered by kperry1911 3 · 0⤊ 0⤋
yes it does. If it doesn't show up in thirty days contact all three credit reporting agencies and complain.
2007-02-13 11:19:29 · answer #6 · answered by Sharisse F 4 · 0⤊ 1⤋