How Fast Do Credit Cards Update Credit Repot

Question

I am applying for a couple of HELOCs, but my lender told me that I needed to finally get around to paying down my credit card balances instead of locking in low rates with my cash.  I am kind of on a time crunch and for this lender a screen shot won't do it has to be via a credit report showing that I paid my credit card balances down.  I know your score is updated every month, but how long does it take for your credit card balance to be upated?  The lender made it sound like the larger banks, i.e. Citi, update more quickly.

Bob Okenwa · Answer

Every lender/credit card issuer has their own time schedule with updates. I've seen that the update happens a day or two after the statement cuts.  You should also look into what is called a 'rapid re-score' if you cannot wait until the next month when your files update. You can read about it here.

Mark Cadle · Answer

Phone Call with Citi Bank.

I requested a supervisor as suggested in the link above.  They appeared to be familiar what I was asking for but said that there is no way to "push" an update out to the bureuas.  Their process is as follows:

My billing cycle ends July 2nd the next day for statements are available that I can provide to my lender.  A week after the cycle ends, July 9th in this example, credit bureau reporting occurs.

Mark Cadle · Answer

I found a link that appears to say that you can request some credit card companies to update your credit early.

https://www.doctorofcredit.com/credit-utilization-...

I will call tomorrow and see.  lol