how long for credit bureaus to update?

[drowningNdebt]

So if I were to make a payment on my credit card now dec 20th when would it show on the bureaus it has been paid off? I pay it off every month now but I want to apply for a personal loan for $4800 and want no debt on my report.

[frogger]

It depends on how often and when they report. Most companies only report 1 time per month, so you've got a good possibility of 30-45 days before it reports.

[tcreegan]

Hi drowningNDebt,

...as frogger said, it depends on when the credit card company sends its reports. Back in the day the Christmas holiday would delay it, but in todays high-tech world I imagine it is done electronically and automatically.

How much debt are you talking about? Small amounts of debt aren't going to adjust your score unless it really skews your debt-to-income ratio.

Want a story of a Christmas miracle? ...went to the post office today...no line!! Nobody! 3 clerks, no line...

Tom in Colo

[drowningNdebt]

no line at the post office? indeed that is a miracle!
I decided against a personal loan to purchase a motorcycle. I'm just going to wait until after I get my tax refund and use that. This way I will still be debt free. However, Capital One just recently increased my credit line another $1,000. I'm not even a year out of discharge yet. I'm not falling a victim to debt slavory again though ;)

[IBroke]

So if I were to make a payment on my credit card now dec 20th when would it show on the bureaus it has been paid off? I pay it off every month now but I want to apply for a personal loan for $4800 and want no debt on my report.

Just a reminder: It's very likely that "paying it off every month" doesn't necessarily help your credit. Here's why: Most companies report your STATEMENT BALANCE - so even if you pay it off completely after you receive your statement and use it again, the report is still going to show a higher balance. You have to make this higher payment BEFORE THE BILLING-CYCLE CLOSES - or you won't be able to take advantage of that payment.

Many people are surprised about their low credit-score due to a bad credit-ratio ALTHOUGH they always pay off their CCs every month.

[drowningNdebt]

that's exactly what i do. i pay on my credit card multiple times a month. so say i spend $500 and payment is due 12/10, i pay 11/30 and then again 12/5

[IBroke]

that's exactly what i do. i pay on my credit card multiple times a month. so say i spend $500 and payment is due 12/10, i pay 11/30 and then again 12/5

Yep, that should do the trick! BTW, a balance of a couple of dollars is actually better than a $0 balance on the closing-date - unless you have more than one CC. In that case, one card with a reported balance is sufficient.

[drowningNdebt]

no i only have one card. i keep getting offers for more but i just rip them up. i only need one. infact, capital one keeps wanting me to open another one with them! i just tear it up and throw it away.

[IBroke]

no i only have one card. i keep getting offers for more but i just rip them up. i only need one. infact, capital one keeps wanting me to open another one with them! i just tear it up and throw it away.

That makes the job much easier!