The FICO scoring system is the most widely used method for calculating credit risk in America. Your FICO report contains most of your history as a credit consumer as reported to the three major bureaus by past creditors. New creditors can begin reporting on you almost immediately.
Time Frame
Creditors usually update information with the three bureaus--Equifax, Experian and Transunion-- the first day of the month after you opened the credit card account, says Credit-Factor. However, "All creditors do not send updates to the bureaus on the same day," advises My Credit Center.
Considerations
According to myFICO.com, there is sometimes a lag between when you perform an action, such as establishing a new credit card account, and when the creditor reports it. There is no easy way to know when a creditor will update the bureau and when the bureau will update their database to reflect on the FICO report, says My Credit Center.
Warning
Not all credit card companies keep the bureaus updated with your performance. They don't all report to the same bureaus and some may only report to one out of the three bureaus, says Credit-Factor.com. "Some of the worst offenders are issuers that don't report their customers' on-time payment records at all," warns MSN Money.
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