How often does lenders report to the credit bureau?
Posted in Credit on 02/08/2010 04:25 pm by
Dion E asked:
I just purchased a car and I would like to know how often does the lenders report to the credit bureau and how much will that raise my score
Miguel
I just purchased a car and I would like to know how often does the lenders report to the credit bureau and how much will that raise my score
Miguel
02/11/2010 at 7:34 am
Lee
as a rule there are no rules as to when they submit to the credit bureaus. lenders report whenever they want to.
but typically there are 5 times a lender will report.
> the beginning of each month
> 30 days after you are late.
> 35 days after you are late.
> when you open a new account.
> when there are any changes to your account.
02/12/2010 at 3:13 am
Judith
It actually depends on the lender. Most will report at least once a month, but it could take a couple of months for a new loan to get through their internal system for them to report it for the first time.
Once it does report, your score will probably go down a bit. Because you had a inquiry for the loan, as well as it being a new account. However, any drop should be minimal. If you pay the loan as agreed and on-time, your score will bounce back pretty quickly. Within a few months you should notice an increase. But how much it does will depend on the rest of your history.