How quickly do closed credit cards settle on credit reports?

xnoxxnox

Paid off 0% balance transfer cards and now waiting for them to appear as such on the credit reports. Checking credit karma weekly and nothing there yet. I was hoping it would be instant, but the balances there are a couple of months out of date as well. I wonder if it all got slower due to covid.

How quickly do accounts close for you on credit files? Is it like 2 billing cycles?

cymruchris

Some providers have been slower in reporting data during Covid - as they've been managing large numbers of payment holidays and working with fewer staff. It usually takes up to 2 months to show on the report you look at on places like Credit Karma - but can be quicker on the live report lenders see. If you're trying to show you've paid it off for a mortgage application - usually printing off a statement is enough for most mortgage brokers to prove it's all settled. Card companies usually provide the CRA's with a run of data once a month - so depending where in the month you paid it all off would depend on where in the cycle of updates you fell.