Lenders report your account information to the credit bureaus once a month, always at the same time, depending on their reporting cycle. Therefore, how quickly the updates are reflected depends on how close to the lender’s reporting date you make your payments. As a general rule of thumb, you should allow a minimum of 30 days for the account information to be reported.
You shouldn’t worry about the dip in your credit score – as soon as the information gets updated, your score will increase as your balances and credit utilization ratio go down.
Read more from our in-depth What’s Included in Your Credit Report & When Does It Get Updated? report, and monitor the changes in your credit report and score by signing up for a free WalletHub account.