How long does it take for credit card balance changes to get processed by Bureaus

[usermi]

Hi,

 

I'm a newbie but I did a little cleanup of my credit 2 years ago using the online disputes, now forward 2 years at the end of last month saw a house that I loved so decided to try to buy it, checked my credit score on my equifax online account and it's at 604 so I'm afraid I might not qualify for a conventional loan, one of the big problems is that I had a high credit card debt ratio with my 5 credit cards (also some settlements and a short sale), about 95% utilization, so immediately called my credit card companies and found out what day they report my new balance to the credit bureaus, so paid off as much as I could and for 2 of my credit cards I was able to increase my credit limit so I lowered my credit utilization to around 20%. now according to a person from Capital One once they report to the credit bureaus it takes them 3-5 business days to update their information, so for example Capital One reported yesterday, so at the earliest I plan on having my mortgage broker pull my credit 12/18 (5 days after), seems to good to be true that when they pull my report it will show my new lower balance, is this possible? or am I delusional and it takes much longer (1-2 months to see results)? I also got desperate and contacted Lexington Law and they're supposed to send some dispute letters.

 

Thanks!

[mrjuggalo9er]

mine always updates the same day that its reported....capone likely said that to make excuses for their failed reporting system

[BobWang]

Did you a FICO score from Equifax?

[david_weaver]

My Cap One reports the third day after the statement.

 

What exactly are you having Lexington Law dispute?

[mrjuggalo9er]

make sure you stick with Lexington law regardless of the lack of results they display or their utter lack or concern for the fees they charge you! remember you are always better off paying someone to do something you could do yourself for free!

[cv91915]

No one is going to close a mortgage with disputed items on your credit report.

 

 

S-L-O-W

 

 

D-O-W-N

[mendelssohn]

Lexington Law is going to charge you money to do what you can do better yourself for free. They may also dispute things in a way that makes it more difficult to get them removed if the initial low hanging fruit dispute fails.

 

Start reading here like it's your second job

 

OR

 

enjoy throwing that money away.

[funkiehouse]

make sure you stick with Lexington law regardless of the lack of results they display or their utter lack or concern for the fees they charge you! remember you are always better off paying someone to do something you could do yourself for free!

 

No way. Get rid of them now.

 

I really hope you are joking.

Edited December 12, 2014 by funkiehouse

[funkiehouse]

Hi,

 

I'm a newbie but I did a little cleanup of my credit 2 years ago using the online disputes, now forward 2 years at the end of last month saw a house that I loved so decided to try to buy it, checked my credit score on my equifax online account and it's at 604 so I'm afraid I might not qualify for a conventional loan, one of the big problems is that I had a high credit card debt ratio with my 5 credit cards (also some settlements and a short sale), about 95% utilization, so immediately called my credit card companies and found out what day they report my new balance to the credit bureaus, so paid off as much as I could and for 2 of my credit cards I was able to increase my credit limit so I lowered my credit utilization to around 20%. now according to a person from Capital One once they report to the credit bureaus it takes them 3-5 business days to update their information, so for example Capital One reported yesterday, so at the earliest I plan on having my mortgage broker pull my credit 12/18 (5 days after), seems to good to be true that when they pull my report it will show my new lower balance, is this possible? or am I delusional and it takes much longer (1-2 months to see results)? I also got desperate and contacted Lexington Law and they're supposed to send some dispute letters.

 

Thanks!

 

Sorry to be so brutally honest, especially since you are new to posting here, but you are wasting your time applying for a mortgage now. Even if you did get approved somehow, the terms would be awful and no house you're in love with is worth making your situation worse.

 

Fire Lexington. You never know what they are doing or when which is the last thing you want when applying for a mortgage.

 

What other COs or collections do you have?

[usermi]

Ok, guys, you have me all concerned now, should I tell Lexington to hold on and not dispute yet? Are the disputes really going to affect getting a mortgage? I already paid them but I don't think they have processed the disputes yet!

 

BobWang, I will do a FICO from Equifax right now, good advice! (it's called Power something right?

 

Went to the website and seems mostly the settlement of the credit cards and some late payments, and some stuff that should have dropped off.

 

Funkiehouse, no collections, did settlements with 3 credit cards.

 

Thank you guys!

[usermi]

Just got my Score Power score from Equifax and it's 668, I noticed 1 of my credit cards reported my new balance, with 2 it seems I barely missed the reporting date and didn't update and the third one hasn't hit yet, it's a 2,958 balance with a $3,000 limit, got that paid off so waiting a few days I'm guessing that should raise my score even further, so 3 questions:

 

1. Tell Lexington to not to send any letters? Can I cancel my account? They have my card info but haven't charged yet.

2. I imagine the Score Power is a soft pull? just double checking, so if this is so I will splurge again on monday to see if the new balance for the just reported credit card has hit yet.

3. how close would this be to the score that a mortgage company pulls?

 

Thank you very much for your help!

[BobWang]

AAAAAAAAAAAACCCCCKKKKKKKKK!!!!

 

STOP!

[mendelssohn]

OP, you have a bunch of recent threads and before applying for a mortgage, hiring a credit repair company, disputing or applying for anything you should do yourself a favor and start reading here non-stop.

 

No action yet.

 

Read.

 

Hold off on new threads until you have read A LOT.

 

Read.

 

Cancel Lexington Law on a reading break.

[funkiehouse]

Just got my Score Power score from Equifax and it's 668, I noticed 1 of my credit cards reported my new balance, with 2 it seems I barely missed the reporting date and didn't update and the third one hasn't hit yet, it's a 2,958 balance with a $3,000 limit, got that paid off so waiting a few days I'm guessing that should raise my score even further, so 3 questions:

 

1. Tell Lexington to not to send any letters? Can I cancel my account? They have my card info but haven't charged yet.

2. I imagine the Score Power is a soft pull? just double checking, so if this is so I will splurge again on monday to see if the new balance for the just reported credit card has hit yet.

3. how close would this be to the score that a mortgage company pulls?

 

Thank you very much for your help!

 

The payment must have posted to your account before the statement cut day. Otherwise it won't show up until next month on credit reports.

 

You seem hellbent on moving forward with this and don't want to slow down and fix things so I don't know how much help we are going to be. If you are contacting Lex to help with disputes them you are nowhere near ready for a mortgage.

 

Do you even have enough positive credit history to get a mortgage?

 

You do understand that any collections you may still have that are not reporting may pop up when you pull a mortgage app. If they do, it may very well show up on the final credit pull before closing and then you are screwed.

Edited December 12, 2014 by funkiehouse

[funkiehouse]

AAAAAAAAAAAACCCCCKKKKKKKKK!!!!

 

STOP!

 

I see where this is headed too.

[usermi]

 

Just got my Score Power score from Equifax and it's 668, I noticed 1 of my credit cards reported my new balance, with 2 it seems I barely missed the reporting date and didn't update and the third one hasn't hit yet, it's a 2,958 balance with a $3,000 limit, got that paid off so waiting a few days I'm guessing that should raise my score even further, so 3 questions:

 

1. Tell Lexington to not to send any letters? Can I cancel my account? They have my card info but haven't charged yet.

2. I imagine the Score Power is a soft pull? just double checking, so if this is so I will splurge again on monday to see if the new balance for the just reported credit card has hit yet.

3. how close would this be to the score that a mortgage company pulls?

 

Thank you very much for your help!

 

The payment must have posted to your account before the statement cut day. Otherwise it won't show up until next month on credit reports.

 

You seem hellbent on moving forward with this and don't want to slow down and fix things so I don't know how much help we are going to be. If you are contacting Lex to help with disputes them you are nowhere near ready for a mortgage.

 

Do you even have enough positive credit history to get a mortgage?

 

You do understand that any collections you may still have that are not reporting may pop up when you pull a mortgage app. If they do, it may very well show up on the final credit pull before closing and then you are screwed.

 

 

 

Thanks for the info, I have no idea of what you mean hell bent on moving forward and slow down? I had my FIRST post tonight and I'm gathering information so I take the right steps in this process and ready to finally get knowledgeable about my credit, i'm VERY receptive to the knowledge in this forum, am I asking to many questions for your liking? I have 2 mortgages right now by the way, going for my third, just wanted to make sure I qualify for a conventional mortgage otherwise I will be forced to go FHA, Thanks again for your help.

[usermi]

Yes, agreed better to read as much as I can first, I've been reading, was trying to find specific responses to what I was asking, not so easy to find with the search function, some common stuff wasn't coming up on the results, and combine 2 words forget it, nothing, need to learn how to use the search function better.

 

OP, you have a bunch of recent threads and before applying for a mortgage, hiring a credit repair company, disputing or applying for anything you should do yourself a favor and start reading here non-stop.

No action yet.

Read.

Hold off on new threads until you have read A LOT.

Read.

Cancel Lexington Law on a reading break.

[funkiehouse]

You might be better served in the mortgage threads. http://creditboards.com/forums/index.php?showforum=9

 

No one here is saying slow down on your credit repair. You just seem like you want to jump into a mortgage no matter what without doing what you can to get the best terms. If you want to waste money go for it. Repairing the issues you have over the next month or so may get you in a lot better position but it sounds like you have a specific property you are after.

 

I don't know if you can get an FHA loan if you have two other mortgages unless it's going to be your main residence. It may also depend on what type the existing mortgages are as to what you will qualify for. It will also depend on what your downpayment is.

 

We can only go off of what you have told us so far which is why everyone is saying slow down. Everyone is more than willing to help but so far you seem like you are going to do whatever anyway. We are just making suggesting to help you get the best terms, which is not going to happen by next week.

 

Good luck.

[usermi]

Thanks for the help, after reading a lot of stuff I wish I could stop for the 1 or 2 months you guys are recommending, I think I could get my score much higher than now but yes, I'm targeting a specific house that it's such a good situation for me that forced me to do this quick mortgage credit cleanup in a short time since I saw my Experian score dip to 608 (which also opened my eyes about not taking care of my credit, finally), I was able to pay off a few cards after this which has helped my score significantly it seems. The mortgage person said that FHA will work and even if qualifying for conventional it will probably require maybe 25% down which I can't do, she recommended doing FHA and later on converting to a conventional, don't know the numbers for that yet but I wouldn't be to optimistic.

 

Per my "situation" with Lexington, I hope my mistake helps someone else not to make the same mistake and thank God I came here in time to do something about it, here's what went down. After I posted here and was laughed at for signing up with Lexington I did my research and called Lexington and told them to not send any dispute letters, Equifax letters had already been sent and they said that Experian and Transunion hadn't (this is after many calls with different responses/statuses from different people, then I knew that they had no idea about credit repair) so I called Equifax and they're in the process of removing the disputes, I called Experian just in case and they said that they don't remove disputes but supposedly Lexington kept their word and Experian hasn't received any dispute letters, so fast forward to yesterday, I got an email from Lexington that my disputes were sent to Transunion! I'm beyond mad and I hope it's just a wrong email since they said that my closed account won't allow to send disputes! I'll call transunion today and see if they have the disputes and if they do hopefully they will delete them otherwise I might be screwed. I did get Lexington to waive their fee after many threats since they knew exactly that I was applying for a loan after finally getting a supervisor that seemed to have the knowledge of what was going on, lesson learned.

 

If I don't get this house, I will get right to work on fixing my credit with you guys here. How do I move this thread to the mortgage forum? Thanks!

[SnowdIn]

Buying houses can be quite emotional. Even if this house is a great deal- a mortgage with the credit you have now will make it a bad deal. There will always be more houses.

[EternalDebtSlayer]

Just got my Score Power score from Equifax and it's 668, I noticed 1 of my credit cards reported my new balance, with 2 it seems I barely missed the reporting date and didn't update and the third one hasn't hit yet, it's a 2,958 balance with a $3,000 limit, got that paid off so waiting a few days I'm guessing that should raise my score even further, so 3 questions:

 

1. Tell Lexington to not to send any letters? Can I cancel my account? They have my card info but haven't charged yet.

2. I imagine the Score Power is a soft pull? just double checking, so if this is so I will splurge again on monday to see if the new balance for the just reported credit card has hit yet.

3. how close would this be to the score that a mortgage company pulls?

 

Thank you very much for your help!

That's not a FICO.

 

http://www.myfico.com

[creditDIYrepairdallas]

Hi,

 

You can easily do a lot of this on your own.

 

Now, don't only dispute with the credit bureaus. Even if they remove it the original creditor or collection agency can ask that the item get put back on. If you were to go to the creditor or collection agency first to ask for verification of the debt and they can't provide it then you can take that letter to the bureaus as proof. This way will assure there's no re-reporting.

 

For your credit cards, you need to at least get them down to 50% of the limit. For better results get lower than 30%. Also, be careful with stall statics from the creditors. Read up on the federal laws.

Edited December 18, 2014 by breeze
removed link

[belairpatrol]

Getting an FHA mortgage with less than 25% down when you have 2 other mortgages doesn't sound right. 2 other mortgages puts you in the "investor" category, and any way around this puts you in the "fraud" category. I have been Doing real estate investing for 30 + years, I might have missed something

[HoustonLynne]

Getting an FHA mortgage with less than 25% down when you have 2 other mortgages doesn't sound right. 2 other mortgages puts you in the "investor" category, and any way around this puts you in the "fraud" category. I have been Doing real estate investing for 30 + years, I might have missed something

I was kinda confused by that, too.

 

OP, sorry for my confusion, but did you say you paid off some cards and your scores went up after you started this thread...?

[usermi]

Getting an FHA mortgage with less than 25% down when you have 2 other mortgages doesn't sound right. 2 other mortgages puts you in the "investor" category, and any way around this puts you in the "fraud" category. I have been Doing real estate investing for 30 + years, I might have missed something

 

Hi,

 

Hummm, had no idea about this, I'm moving into this house so a little confused about the "investor" category, one is a conventional mortgage and a cash out on 2 different properties I own. I'm talking to a mortgage broker right now so I should see any issues soon, maybe I will be denied but the good thing is the awesome information from this forum, next time I apply I expect to have a very high score!

 

CreditDIY, thanks for the advise, I will start working on my credit after this mortgage thing finalizes.

 

HoustooLynne, i'm pretty sure and significantly, nothing concrete to compare but before I paid off the cards I have a very high utilization rate and my experian score was 609 if I remember correctly, then I paid off all my cards, only left 1 with a small balance, a couple had already reported, I was able to convince one to send my current balance/credit limit as a courtesy, bingo!, the second one agreed to do the same thing but they haven't come thru yet bc the bureaus don't reflect the new balance; I just subscribed to fico.com and all 3 scores are in the 700-715 category, now I know the scoring models are different but this gets me hopeful that the scoring model for mortgages can get to at least 680 but we'll see. Another thing I learned was the "trials" of getting disputes off my credit report, I'm learning the hard way but it does feel good to have accomplished that, took me about 2 weeks of calling every day multiple times,different reps, different supervisors, different explanations of the rules, talking to different departments, and not believing when a rep told that something couldn't be done, some are totally clueless!