does anyone know when the balance updates on the report. is it a week after your due date or a day or what? It has to be fairly close to the due date so it will show the new balance right?
In my experience, the lag varies among card issuers and reporting agencies.
In the old days, the data was so voluminous compared to the modem speeds attainable that I imagine a physical tape was shipped from, say, Sears' credit department to Trans Union.
These days, there is likely real-time internet updating from some large issuers, with smaller ones periodically making a connection to the agencies, and perhaps there are even some smaller creditors or technologically backward government agencies (court systems, etc.) still sending tapes.
Bottom line: It Varies. But it's getting faster all the time.
The couple of cards I have update every 45 days. My capital one card is actually still showing a balance that I paid off the first week in September. Just pulled my equifax report 10/17/03.
I believe the credit agency update every 3 months.
I found a way were you can see you credit report every month, and it will not affect your score.
You can send me on E-mail and I tell you how.
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In my experience, the lag varies among card issuers and reporting agencies.
In the old days, the data was so voluminous compared to the modem speeds attainable that I imagine a physical tape was shipped from, say, Sears' credit department to Trans Union.
These days, there is likely real-time internet updating from some large issuers, with smaller ones periodically making a connection to the agencies, and perhaps there are even some smaller creditors or technologically backward government agencies (court systems, etc.) still sending tapes.
Bottom line: It Varies. But it's getting faster all the time.
The couple of cards I have update every 45 days. My capital one card is actually still showing a balance that I paid off the first week in September. Just pulled my equifax report 10/17/03.
I believe the credit agency update every 3 months.
I found a way were you can see you credit report every month, and it will not affect your score.
You can send me on E-mail and I tell you how.
RK