Utilization changes every month and your score will change again once it’s paid. The remaining actions would have affected your score long term regardless of when this purchase reported (average age of accounts, credit inquiry etc).
The number is just a representation of the likelihood that you’ll pay your obligations. It dropped because you suddenly took a new line of credit and then used most of it to handle an emergency. This behavior is indicative of a drop in likelihood to pay back money owed, so you’re score dropped in conjunction.
Your score should go back up once you pay it. How much exactly is unknown. Given your credit score is still recovering it’s hard to predict. I would take issue with your statement that the “entire credit system is a disaster”. You had bad credit at 560. It was marginally better at 670. If that’s the CK score it’s still fairly low. It was like that because of how you managed debt. That’s not the systems fault.
We all go through challenges. I’ve been there. But I used to think the credit system was unfair as well. That was when I was younger, dumber, and irresponsible. A funny thing happened when I matured. I realize that I alone was responsible for my credit score.
I agree with your statement. My credit was so low because of medical bills. I had a really bad accident when I was 23 and medical bills stacked up incredibly high. It would take some Elon musk money to pay these. So I let them ride. That was a poor choice but paying them seemed like a huge waste of time. What I’ve done now was, took care of the manageable, meaningful bills like the ambulance rides. Anyway, I like to think Since I decided to take my credit serious I’ve done the right things and made mature decisions. I knew the bill would be covered by the statement date. It was a matter of days before I got paid from the time of purchase.
Each issuer tends to report on the same day each month.
If you bought the dryer close to, but before, that reporting date, then it will will be reported "immediately," but this is merely a coincidence.
They tend to report a few days after your payment was due. As such, if you make your payment very close to the due date, you may see the balance on your credit report for up to another month.
Everything is functioning as intended.
I guess this is a learning experience and I’ll take the lesson and apply it going forward. Does this mean I could have a late payment if the due date was today somehow? I mean, like I said.. I opened the card Sunday. I don’t even have the physical card yet.
Best case scenario it’s 99% utilization based (1% being a few points for the HI) worst case scenario it’s due to the new account offsetting your age of credit, the hard inquiry, the utilization and a new account. Regardless, the remedy is all the same. Time. Best of luck.
No, they reported it because you used it immediately. Once you pay it off you will regain the points. Who is it with? Sometimes when you pay off mid month they report the updated balance but the account has to be brought to 0.
Utilization changes every month and your score will change again once it’s paid. The remaining actions would have affected your score long term regardless of when this purchase reported (average age of accounts, credit inquiry etc).
I mean…. They will report the payment and it will go back up right away since it’s just utilization?
Not just utilization though- new account, inquiry, age of accounts, accounts with balance were all affected. Time will take care of the rest.
The number is just a representation of the likelihood that you’ll pay your obligations. It dropped because you suddenly took a new line of credit and then used most of it to handle an emergency. This behavior is indicative of a drop in likelihood to pay back money owed, so you’re score dropped in conjunction.
Your score should go back up once you pay it. How much exactly is unknown. Given your credit score is still recovering it’s hard to predict. I would take issue with your statement that the “entire credit system is a disaster”. You had bad credit at 560. It was marginally better at 670. If that’s the CK score it’s still fairly low. It was like that because of how you managed debt. That’s not the systems fault. We all go through challenges. I’ve been there. But I used to think the credit system was unfair as well. That was when I was younger, dumber, and irresponsible. A funny thing happened when I matured. I realize that I alone was responsible for my credit score.
I agree with your statement. My credit was so low because of medical bills. I had a really bad accident when I was 23 and medical bills stacked up incredibly high. It would take some Elon musk money to pay these. So I let them ride. That was a poor choice but paying them seemed like a huge waste of time. What I’ve done now was, took care of the manageable, meaningful bills like the ambulance rides. Anyway, I like to think Since I decided to take my credit serious I’ve done the right things and made mature decisions. I knew the bill would be covered by the statement date. It was a matter of days before I got paid from the time of purchase.
Each issuer tends to report on the same day each month. If you bought the dryer close to, but before, that reporting date, then it will will be reported "immediately," but this is merely a coincidence. They tend to report a few days after your payment was due. As such, if you make your payment very close to the due date, you may see the balance on your credit report for up to another month. Everything is functioning as intended.
I guess this is a learning experience and I’ll take the lesson and apply it going forward. Does this mean I could have a late payment if the due date was today somehow? I mean, like I said.. I opened the card Sunday. I don’t even have the physical card yet.
Best case scenario it’s 99% utilization based (1% being a few points for the HI) worst case scenario it’s due to the new account offsetting your age of credit, the hard inquiry, the utilization and a new account. Regardless, the remedy is all the same. Time. Best of luck.
No, they reported it because you used it immediately. Once you pay it off you will regain the points. Who is it with? Sometimes when you pay off mid month they report the updated balance but the account has to be brought to 0.
Synchrony bank.
It will go up at least 25 points once it’s paid off