Creating a vision board can be a powerful tool to help you achieve your dreams and goals. Whether you’re aiming for personal growth, career success, or better health, a vision board serves as a visual reminder of what you want to accomplish. This ultimate guide will walk you through everything you need to know about vision boards, from gathering materials to choosing images and arranging them in a way that inspires you. Get ready to turn your aspirations into reality with a vision board that keeps you motivated and focused on your journey.
What is a Vision Board?
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A vision board is a collage of images, words, and other visual elements that represent your goals, dreams, and aspirations. It’s a creative and personal tool that helps you visualize what you want to achieve in life. By putting your intentions on a board, you can keep your focus on them and stay motivated. The idea is to place your vision board where you can see it daily, reminding you of your goals and encouraging you to take steps toward achieving them.
Start with Your Dreams and Goals
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Take some time to think about your dreams and goals. What do you truly want to achieve? Consider all areas of your life—career, relationships, health, personal growth, and hobbies. Write down your goals and be as specific as possible. This clarity will help you choose images and words that accurately represent your aspirations. Starting with a clear vision of your dreams and goals ensures that your vision board will be a powerful tool to keep you motivated and focused on what truly matters to you.
To learn more: 10 Smart Financial Goals That You Need
Use Vision Board Pictures
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Find the perfect pictures for your vision board to reflect your financial dreams. This guide will help you choose and find the right images to visualize your goals.
To learn more: Vision Board Pictures to Help You Achieve Your Life Dreams this year
Find Vision Board Quotes to Inspire You
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Use quotes on your vision board to stay inspired and focused on your goals. This guide offers quotes and tips to help you achieve financial success.
To learn more: The Ultimate Collection of Vision Board Quotes to Inspire You
Uncover Powerful Millionaire Quotes
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Use these millionaire quotes to stay motivated on your path to wealth. These statements will help you keep your goals in sight and achieve financial independence.
To learn more: Millionaire Quotes: Motivate Yourself to Achieve Success
This is How to Become a Millionaire with No Money
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Discover the steps to financial independence even with no money. Overcome debt, adopt millionaire habits, and invest wisely to start your path to wealth.
To learn more: 15 Genius Strategies to Become a Millionaire with No Money
Repeat These Money Mantras
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Use these money mantras to encourage financial growth. Develop a wealth mindset, affirm your success, and transform your finances to reach financial freedom.
To learn more: Top 50 Money Mantras to Boost Your Financial Freedom
Focus on These Millionaire Habits
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Anyone can adopt these millionaire habits to achieve financial success. Apply these basic principles to your life and start reaching your financial goals.
To learn more: Powerful Millionaire Habits that will Change Your Life
Essential Vision Board Supplies You Need
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Manifest your financial dreams with the right vision board supplies. Use this checklist to ensure you have everything you need to create a powerful vision board.
To learn more: 10 Essential Vision Board Supplies You Need for Making an [Epic] Vision Board
Host a Vision Board Party
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Plan a vision board party to focus on your financial dreams. This guide offers ideas for creating an inspiring event to help you and your friends set and achieve your goals.
To learn more: Host a Vision Board Party: Plenty of Ideas for Success
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Northwestern Mutual Awarded Sixth Consecutive Top-Score on National Disability Equality Index MILWAUKEE, July 16, 2024 /PRNewswire/ — Northwestern Mutual announced today that the company earned its sixth consecutive top-score on the Disability Equality Index®. The recognition is a comprehensive benchmarking tool designed to recognize companies that are advancing inclusion practices and building a roadmap of … [Read more…]
Thinking of making the Lone Star State your new home? Texas offers residents diverse natural landscapes, lively urban centers, and a booming tech industry, making it a top destination for newcomers. Whether you’re browsing homes for sale in Austin, considering renting in Dallas, or exploring houses for rent in Houston, here’s what you need to know before moving to Texas.
Texas at a glance
Texas offers a blend of natural splendor and urban vitality. From the rugged beauty of Big Bend National Park to the pristine beaches of South Padre Island, the state caters to outdoor enthusiasts and city dwellers alike. The largest cities in Texas, Houston, Dallas, and Austin, are vibrant hubs of cultural activities and economic opportunities. Texas’s economy thrives on sectors such as energy, technology, aerospace, and healthcare, with major companies like ExxonMobil, Dell, and Texas Instruments headquartered here.
The state’s cultural scene is rich, featuring world-class museums, renowned music festivals like Austin City Limits, and a diverse culinary heritage with Tex-Mex and barbecue cuisine. Educational excellence is anchored by institutions like the University of Texas at Austin and Rice University, complemented by a robust job market. Affordable living options can be found in cities such as Amarillo and Lubbock, making Texas an enticing choice for those seeking quality of life and economic opportunity. Whether exploring the Texas Hill Country, hiking in Palo Duro Canyon, or experiencing the local culture, Texas offers a dynamic and rewarding lifestyle.
1. Texas is full of southern hospitality
In Texas, you’ll be greeted with genuine hospitality and friendliness. The phrase “Southern hospitality” rings true here, where it’s common for neighbors to welcome newcomers with homemade treats and invitations to local events. In small towns like Fredericksburg and Tuscola, and big cities like Houston and Dallas, people often greet each other with a warm “howdy” or “y’all.” This sense of community is especially evident during events like neighborhood BBQs and community fairs, such as Houston’s annual BBQ Festival and Dallas’s State Fair of Texas.
2. The Texan sports culture is thriving
Texas is a sports lover’s paradise, with a deep-rooted passion for football, both at the high school and college levels. High school football games draw massive crowds, with towns shutting down on Friday nights to support their local teams. College football is equally fervent, with teams like the Texas Longhorns and Texas A&M Aggies boasting dedicated followings. In addition to football, Texas is home to professional sports teams such as the Dallas Cowboys (NFL), Houston Rockets (NBA), and Texas Rangers (MLB), providing year-round excitement for sports fans.
3. Texas is known for its Tex-Mex and BBQ
Texas cuisine is a delightful blend of flavors, with Tex-Mex and BBQ being standout favorites. Tex-Mex dishes like enchiladas, fajitas, and tacos are staples, with places like Matt’s El Rancho in Austin offering iconic plates. Texas BBQ is renowned for its smoky, slow-cooked meats, particularly brisket. Renowned BBQ joints such as Franklin Barbecue in Austin and Snow’s BBQ in Lexington attract long lines of eager diners. The state’s diverse culinary scene also includes influences from German, Czech, and Vietnamese immigrants, adding to the rich food culture.
Insider scoop: When dining at Matt’s El Rancho in Austin, be sure to indulge in their legendary Bob Armstrong dip—you’ll be glad you did.
4. Texas is prone to weather extremes
Texas is prone to a variety of natural disasters, including hurricanes, tornadoes, and severe flooding. The Gulf Coast, particularly cities like Houston and Galveston, frequently faces the brunt of hurricanes, such as Hurricane Harvey in 2017, which caused catastrophic flooding and extensive damage. Tornadoes are common in North Texas, with the Dallas-Fort Worth area experiencing significant tornado activity, while central Texas often deals with flash floods, as seen in the devastating floods of the Blanco River in 2015.
It’s important to weigh the pros and cons of living in Texas to fully understand the potential downsides of residing in the state.
5. The cost of living is generally lower than other states
The cost of living in Texas is generally lower compared to many other states, making it an attractive option for those seeking affordability. For instance, the median home prices in cities like San Antonio, El Paso, and Fort Worth are significantly lower than in major cities like New York or San Francisco. Specifically, the median sale prices for homes are $269,900 in San Antonio, $256,000 in El Paso, and $339,945 in Fort Worth. Additionally, while property taxes can be higher in Texas due to the absence of a state income tax, overall expenses such as groceries, transportation, and utilities tend to be more budget-friendly.
The average rent prices also reflect this affordability, with rents averaging around $1,080 per month for a one-bedroom apartment in these cities. The state’s diverse economy and job market further contribute to a favorable balance between income and living expenses, allowing residents to enjoy a comfortable lifestyle without the financial strain seen in other high-cost areas.
For those looking for the best places to live in Texas, you’ll want to consider factors such as affordability, amenities, and lifestyle.
6. Traffic in larger cities can be daunting
Traffic congestion is a notable issue in Texas’s larger cities, with Houston, Dallas-Fort Worth, and Austin being particularly notorious. Austin’s I-35 and Houston’s I-610 are well-known bottlenecks, where traffic jams are common. Despite ongoing efforts to improve infrastructure and expand public transit, driving remains the primary mode of transportation, and patience is essential for daily commuters.
Travel tip: In Dallas, take advantage of the DART (Dallas Area Rapid Transit) system, which covers a wide area and provides a reliable alternative to driving.
7. You’ll experience urban sprawl
Urban sprawl is a defining characteristic of many Texan metropolitan areas, where cities expand into surrounding suburbs and rural land. The Dallas-Fort Worth Metroplex, for example, covers a vast area with numerous suburbs, resulting in long commutes and a reliance on cars. Houston’s growth extends outward with sprawling suburbs like Sugar Land and The Woodlands. While this expansion offers affordable housing options and larger properties, it also means that amenities and workplaces can be spread out, requiring significant travel.
8. There is no state income tax
One of the financial pros of living in Texas is the absence of a state income tax, allowing residents to keep more of their earnings. This can be particularly beneficial for high-income earners and those moving from states with high income taxes. However, Texas offsets this advantage with higher property taxes and sales taxes. In fact, many Texas cities rank among the top 50 most expensive places for property taxes nationwide.
9. Texan summers are generally hot across the state
Summers in Texas are characterized by intense heat, with temperatures often exceeding 100°F across much of the state. Cities like San Antonio and Dallas regularly experience scorching temperatures from June to September. The heat can be particularly challenging in areas with high humidity, such as Houston, where the heat index makes it feel even hotter. Many residents adapt by enjoying water-based activities like swimming at places such as Barton Springs Pool in Austin or Galveston Island beaches. They also frequent local rivers like the Guadalupe River for tubing and water recreation, or spend time at indoor, air-conditioned venues to escape the heat.
To combat the heat, here are ways to beat the heat in your apartment.
10. The economy in Texas is thriving
Texas has a diverse and robust economy, with significant contributions from industries such as oil and gas, technology, healthcare, and agriculture. Cities like Houston are global leaders in energy, while Austin has earned the nickname “Silicon Hills” due to its booming tech industry. Major companies, including ExxonMobil, Dell Technologies, and AT&T, have headquarters or significant operations in Texas. The state’s favorable business climate, with no corporate income tax and a skilled workforce, attracts companies and entrepreneurs from around the world.
11. There are plenty of rodeos to explore
Rodeos are an integral part of Texan culture, celebrating the state’s rich ranching and cowboy heritage. The Houston Livestock Show and Rodeo, one of the largest in the world, attracts millions of visitors annually with its thrilling rodeo competitions, livestock exhibits, and concerts. Smaller towns also host their own rodeos, such as the Fort Worth Stock Show and Rodeo, offering a glimpse into traditional Texan life. These events feature bull riding, barrel racing, and roping, providing entertainment and a connection to Texas’s past.
Insider scoop: For a unique twist, check out the San Antonio Stock Show & Rodeo, which combines rodeo events with a Texas-size fair, featuring a wide array of food vendors, shopping, and live music.
12. Cowboy culture is iconic here
Cowboy culture is synonymous with Texas, where the image of the rugged, independent cowboy is deeply ingrained in the state’s identity. Visitors can experience this culture firsthand by attending rodeos, visiting working ranches, or exploring Western-themed museums like the National Cowgirl Museum and Hall of Fame in Fort Worth. The annual Fort Worth Stockyards’ cattle drive is a living testament to the state’s cowboy traditions, attracting tourists and locals.
Methodology
Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.
Discovering financial independence doesn’t have to be complicated. In this guide, we’ll explore 10 incredibly simple methods to help you achieve financial freedom effortlessly. Whether it’s through saving, budgeting, or increasing your income, these easy strategies will set you on the path to financial independence in no time. Then, you can enjoy time freedom and not stress about the 9-5 grind.
How to Become Financially Independent to Create the Life you Want
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Learn the essential steps to achieve financial independence and build the life you desire. Take action today to build wealth and secure your financial future. With the right strategies and tools, financial independence is within reach, and you can take control of your financial destiny.
Find more ideas: How to Become Financially Independent: Create the Life You Want
Become Financially Sound
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Achieving financial soundness is the first step towards effective money management. Learn how to improve your financial health and become financially sound within the next 30 days. Take proactive steps to enhance your financial stability and secure a brighter financial future starting now.
Learn How: How Quick can you Become Financially Sound?
Are you Financially Stable?
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Discover the exact habits needed to achieve financial stability and take control of your finances. Financial stability means being in charge of your money, and this guide provides easy ways to attain it. Explore these simple yet effective tips to achieve financial stability and transform your financial future.
To learn more: 32+ Simple Hints Someone is Financially Stable + How You can be too!
Money Mantras to Repeat to Boast Your Mindset
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Harness the power of these top money mantras to cultivate a mindset of wealth and achieve financial freedom. Affirm your success and transform your financial situation with these powerful mantras. Pick your money mantra and unlock the keys to ultimate financial freedom with these empowering affirmations.
To Pick Your Money Mantra: Top 50 Money Mantras to Boost Your Financial Freedom
What is Your FI Number?
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Discover your FI Number Calculator and unlock the path to financial independence. You may be surprised you are closer than you thought! This tool is crucial for anyone seeking to change their financial future. Learn how to calculate your FI number and take control of your financial destiny today.
To calculate yours: How to FI and Know Your FI Number Calculator
Become Debt Free to Grow Wealth
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Discover the keys to financial independence by uncovering why living debt-free might lead to true wealth. Gain practical insights and strategies for achieving lasting financial security without the burden of debt. Perfect for individuals seeking to take control of their finances and build a solid foundation for future wealth.
To read more: Is Being Debt Free the New Rich & Secret to True Wealth?
What Are Your Smart Financial Goals?
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Gain valuable insights into setting smart financial goals and transforming your financial future. Learn how to create a roadmap for success with our downloadable financial goals worksheet. Start taking control of your finances today and pave the way towards achieving your financial aspirations.
To learn more: 10 Smart Financial Goals That You Need
Do You Use the Key Components of Successful Budgeting?
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Unlock the secrets to successful budgeting with our comprehensive guide. Learn about essential budget tools, strategies for adjusting your budget, and setting financial goals for transformative money management. Discover the freedom that comes with creating budgets tailored to your expenses and financial aspirations.
To learn more: What are Key Components of Successful Budgeting?
Time to Budget Your Money With Percentages
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Master the art of budgeting your money with percentages using the simple and flexible Cents Plan Formula. Take charge of your finances and manage your money in a way that works for you. Learn practical tips for budgeting with percentages and start on the path toward financial stability today.
To learn more: How to Budget Your Money With Percentages with the Cents Plan Formula
Learn How to Make Money Online
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Explore 65 easy ideas on how to make money online for beginners and kickstart your online income journey. This guide offers a variety of options, from starting a blog to selling products, to help you make money from the comfort of your home. Discover simple yet effective ways to increase your income and achieve financial independence.
To learn more: 50+ Ways How to Make Money Online for Beginners
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More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
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The median-income household could afford a home priced at no more than $350,000, coincidentally the median sale price of an existing home. “If housing is appropriately valued, house-buying power should equal or exceed the median sale price of a home. At a national level, the housing market is neither overvalued nor undervalued by this metric,” … [Read more…]
Housing affordability dipped in March on both a monthly and yearly basis, according to a new report by First American.
Affordability fell by 0.1% compared with February, according to the First American Real House Price Index (RHPI). On an annualized basis, affordability fell by approximately 5%. Meanwhile, mortgage rates also rose over the course of the month.
The RHPI measures the price changes of single-family properties throughout the U.S., adjusted for the impact of income and interest rate changes on consumer homebuying power over time at the national, state and metro-area levels.
“Two factors drove the year-over-year decline in affordability – a 6.2% annual increase in nominal house prices, and a 0.3 percentage point increase in the 30-year, fixed mortgage rate compared with one year ago,” Mark Fleming, First American chief economist, said in a statement.
“For home buyers, holding prices constant, the only way to mitigate the loss of affordability caused by higher mortgage rates is with an equivalent, if not greater, increase in household income,” Fleming said. “Even though household income increased 3.7% since March 2023 and boosted consumer house-buying power, it was not enough to offset the affordability loss from higher mortgage rates and rising nominal prices.”
Consumer homebuying power, which represents how much one can buy based on changes in income and mortgage rates, decreased 0.1% between February and March 2024 but increased 0.8% year over year. The median household income has increased 3.7% since March 2023 and 90.2% since January 2000.
West Virginia, New Mexico, New Jersey, Massachusetts and Indiana posted the largest year-over-year increases in the RHPI. Meanwhile, Washington, D.C., and Colorado posted year-over-year decreases.
Among the metros tracked by First American, Memphis, Tennessee; Boston; Providence, Rhode Island; Buffalo, New York; and Cincinnati posted the highest year-over-year gains in the RHPI. Meanwhile, Denver and Portland, Oregon, posted year-over-year losses.
In March, the housing market was almost overvalued at a national level, but a surprisingly large number of markets remain significantly undervalued, according to First American.
Among the top 50 markets tracked, 22 were overvalued in March, meaning that the median existing-home sale price exceeded home purchasing power.
The market with the highest overvaluation was San Jose. There, the median consumer home purchasing power in March was $723,000, significantly below the median sale price of $1,430,000.
“In markets considered overvalued, the chronic housing supply shortage is preventing prices from adjusting downward enough to reflect the affordability reality,” Fleming said. “Additionally, house prices are ‘downside sticky.’ Home sellers would rather withdraw from the market than sell at lower prices.”
“The good news is that most of the markets we track remain undervalued by this measure, and nine markets were undervalued by $100,000 or more,” Fleming added. “Detroit, Philadelphia, and Cleveland are markets considered undervalued by an average of $145,000.”
Planet Home Lending hired Matt Kingsborough as regional sales manager, the Connecticut-based lender, servicer and asset manager announced Thursday.
Kingsborough has more than 20 years of experience in mortgage lending and will be responsible for driving the company’s expansion plans in the western U.S.
“Stepping into Planet Home Lending marks a pivotal chapter in my career,” Kingsborough said in a statement. “It’s an opportunity to align with an organization that not only values excellence and innovation in mortgage lending but also deeply invests in the growth and success of its sales professionals.
“I’m here to build on our presence in the West by fostering an environment where mortgage loan originators and branch managers can truly thrive.”
“Matt’s role is crucial as we look to attract and support the best talent in the industry,” John Bosley, Planet’s president of mortgage lending, said in a statement. “His ability to mentor, coupled with a keen understanding of the mortgage landscape, makes him the perfect fit to lead our expansion efforts in the West.”
Prior to joining Planet, Kingsborough was a multistate regional area manager for HomeBridge Financial Services and was the Northern California regional manager for Prospect Mortgage. Adding his leadership skills will be beneficial at a time when Planet is looking to differentiate itself with various purchase loan products, one-time-close construction loans and other niche programs, the company stated.
Planet Home Lending is an originator, correspondent lender, servicer and subservicer of agency and nonagency residential and commercial mortgages. Founded in 2007, it was the only top 10 national lender to grow its sales volume on a year-over-year basis in the first half of 2023, according to Inside Mortgage Finance data.
Bolstered by its 2022 acquisition of Homepoint’s delegated correspondent channel, Planet originated $13.9 billion in the first six months of last year, an 11.7% increase. By contract, the country’s top 50 lenders as a whole saw volumes fall by more than 50% during the same period.
Earlier this month, Planet added Doug Long as a senior vice president and divisional sales manager. He will focus on product development and building the company’s retail lending network.
The economic landscape of the United States is experiencing a significant shift, marked by a new event: the average FICO credit score has dropped for the first time in a decade.
In a recently released report on credit score data from October 2023, major credit reporting company, FICO, says that the national average credit score has decreased for the first time in a decade from 718 to 717.
Why did credit scores drop?
The decrease in average credit scores may be attributed to several key factors:
Increased Missed Payments: There has been an increase in missed borrower payments, showing serious financial strain among consumers. The FICO report shows that, as of October 2023, more than 18% of the population was late on payments.
Rising Consumer Debt Levels: Consumer debt, particularly credit card debt, has risen to over 1 trillion. This indicates that more consumers may be leaning on credit cards to cover everyday expenses.
Slowing New Credit Activity: New credit activity – consumers applying for new lines of credit – has slowed down.
What this means for you
It’s hard to say what this will mean moving forward, but at this moment it’s too soon to say – or worry too much. In a statement given to Bloomberg, Ethan Dornhelm, VP at FICO, said that “This isn’t a blinking red light, but it certainly is a yellow light.”
Whatever happens in the future, it’s important to take steps to try to protect your credit. Here are some strategies:
Reduce Credit Utilization Rates: Your credit utilization ratio is the amount of available credit you have compared to the amount of credit you’ve used. Generally, the best practice is to keep your credit utilization ratio below 30%, if you can.
Consolidate Debt: If you’re worried about tracking different payments, consider consolidating your debt into one payment to avoid the risk of missing a payment. A missed payment is a negative mark on your credit, and can stay on your credit reports for 7 years.
Protect Your Credit History: Length of credit history is a significant factor in how your credit score is calculated. Closing a credit card that you’ve had for a long time, for example, might actually hurt your credit score. If you can, try to keep lines of credit – especially revolving credit accounts, like credit cards – open.
If You’re Rejected, Pause Before Applying Again: If you’ve been rejected for a line of credit in the past, like an auto loan or a credit card, pause before immediately applying again. Multiple “hard inquiries” – when a lender pulls your credit to evaluate your creditworthiness – in too short a time could potentially harm your credit.
Good credit is always important
If you’re worried about your credit, the best thing you can do is consistently check and monitor your credit – not just your score. Be on the look out for any changes to your credit reports and score, whether expected or unexpected, and make sure that everything in your credit profile is accurate. You can get started with a free credit assessment at Lexington Law for a snapshot of what’s in your credit profile.
Reviewed By
Nature Lewis
Associate Attorney
Before joining Lexington Law as an Associate Attorney, Nature Lewis managed a successful practice representing tenants in Maricopa County.
Through her representation of tenants, Nature gained experience in Federal law, Family law, Probate, Consumer protection and Civil law. She received numerous accolades for her dedication to Tenant Protection in Arizona, including, John P. Frank Advocate for Justice Award in 2016, Top 50 Pro Bono Attorney of 2015, New Tenant Attorney of the Year in 2015 and Maricopa County Attorney of the Month in March 2015. Nature continued her dedication to pro bono work while volunteering at Community Legal Services’ Volunteer Lawyer’s Program and assisting victims of Domestic Violence at the local shelter. Nature is passionate about providing free knowledge to the underserved community and continues to hold free seminars about tenant rights and plans to incorporate consumer rights in her free seminars. Nature is a wife and mother of 5 children. She and her husband have been married for 24 years and enjoy traveling internationally, watching movies and promoting their indie published comic books!
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
Credit card companies report payments at the end of their monthly billing cycle, also known as the statement closing date.
Credit cards are great for making large purchases and racking up points or miles and useful for building and improving your credit. If you’re a credit card holder constantly tracking your credit score to see improvement, it can be helpful to know when companies report to credit bureaus.
Unfortunately, issuers don’t report to credit reporting agencies on a specific day of the month. However, we can investigate a few factors to provide a prediction of when they will report as well as when you will see your payments reflected on your credit report.
Table of contents:
When do credit card companies report to credit bureaus?
How does credit card utilization affect your credit score?
How to decrease your credit utilization risk
How often do credit reports and scores update?
When do credit card companies report to credit bureaus?
Unfortunately, there isn’t a set date for when credit card companies report to the three credit bureaus: TransUnion®, Experian® and Equifax®. However, you can estimate the time frame by considering a few factors. Credit card companies typically report payments at the end of the monthly billing cycle. This is also known as your statement closing date. You can find these dates on your monthly statement.
However, don’t expect your credit report to update on the same day. It usually takes a bit for credit reporting agencies to update the information on your credit report. Updates on your credit report will also depend on:
The number of lines of credit
Due dates for every line of credit
If the credit issuer reports to all three credit bureaus or just one or two
The frequency and speed with which the credit bureau updates reports
If you’ve just paid your statement balance or previously unpaid balances, you likely want to see that reflected on your credit report as soon as possible. Since we don’t have a set-in-stone date for when you’ll see updates on your credit report, we recommend waiting at least a month or so to see any changes. If several months pass and you don’t see any updates to your report, we recommend contacting your credit card company to confirm your payments were correctly processed.
How does credit card utilization affect your credit score?
Credit utilization is the ratio of your current outstanding credit debt to how much total available credit you have. Available credit is the maximum amount of money you can charge to your credit card. A low credit utilization is a good sign that you, the borrower, are using a small amount of your credit limit.
A large outstanding credit balance—or higher credit utilization—can negatively affect your credit. This is especially true if the credit utilization percentage is higher than 30 percent. The lower your credit utilization, the better your credit may be.
How to decrease your credit utilization
Your credit score is affected by five factors: credit utilization, credit mix, new credit, payment history and length of credit history. However, credit utilization makes up 30 percent of your score. If you’re worried about how your credit utilization impacts your credit score, there are ways to decrease your risk and potentially improve your credit.
1. Complete multiple payments
Completing smaller payments every month can help lower your credit balance. You can also set up automatic payments so your credit balance is as low as possible when your credit card company reports to the credit bureaus.
2. Ask for a higher credit limit
Increasing your credit limit can lower your credit utilization ratio, as you’ll have more credit available. This can improve your credit score as it reduces the percentage of credit used every month. However, a higher credit limit may encourage you to spend more, which could go against your goal to improve your credit. Only ask for a higher credit limit if you think you’ll stay within your current average spending amount.
3. Complete payments on time
Paying your bills by their due date is the easiest way to improve your credit. This can become harder if you have multiple credit accounts, as they won’t always have the same due dates. Keeping track of your due dates (found on the monthly statements) via credit card management apps or similar tools can help you stay on top of your bills.
If you can do so, making multiple payments on your card(s) throughout the month is the smartest move. This is because it can increase the likelihood that your credit utilization ratio is low when your credit card provider reports your data to the credit bureaus.
How often do credit reports and scores update?
While there isn’t an exact date when your credit score and report will update, it usually occurs within a 30- to 45-day timeframe. This also depends on when the credit bureaus refresh the information in your report. Remember that if you have multiple lines of credit, you’ll see your credit score constantly fluctuating based on when your creditors report to the credit reporting agencies.
How long until a new card appears on your credit report?
Just received and activated a new credit card? You’ll need to wait a bit to see your new credit card appear on your credit report. You can expect it to show up 30 to 60 days after your application was approved and your creditor opened the account. The number of days will depend on your credit card’s billing cycle.
Assess your credit with Lexington Law
Now that you have a better understanding of when companies report to credit bureaus, it’s also a good time to assess your credit score. If you receive your credit report and notice your credit score isn’t as good as it should be, don’t worry. With help from professional credit repair consultants at Lexington Law Firm, you may be able to improve your credit through our credit repair process. Get started with a free credit assessment today.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Reviewed By
Nature Lewis
Associate Attorney
Before joining Lexington Law as an Associate Attorney, Nature Lewis managed a successful practice representing tenants in Maricopa County.
Through her representation of tenants, Nature gained experience in Federal law, Family law, Probate, Consumer protection and Civil law. She received numerous accolades for her dedication to Tenant Protection in Arizona, including, John P. Frank Advocate for Justice Award in 2016, Top 50 Pro Bono Attorney of 2015, New Tenant Attorney of the Year in 2015 and Maricopa County Attorney of the Month in March 2015. Nature continued her dedication to pro bono work while volunteering at Community Legal Services’ Volunteer Lawyer’s Program and assisting victims of Domestic Violence at the local shelter. Nature is passionate about providing free knowledge to the underserved community and continues to hold free seminars about tenant rights and plans to incorporate consumer rights in her free seminars. Nature is a wife and mother of 5 children. She and her husband have been married for 24 years and enjoy traveling internationally, watching movies and promoting their indie published comic books!
Connecticut-headquartered mortgage servicer and lender Planet Home Lendinghas hired Doug Long as senior vice president and divisional sales manager.
Long, who brings more than 20 years of experience in the mortgage industry, will be responsible for building Planet’s retail networks and will also have a focus on product development, the company said.
“Planet is pioneering the future of mortgage lending with novel products like Cash 4 Homes, 1st Year Flex, Purchase EDGE, one-time close construction loans, and bridge, renovation and manufactured home loans,” Long said.
“What sets us apart is not just these products, but how we come together, across different channels, to continuously innovate and refine them. This synergy allows Planet to offer unparalleled operational support to its sales professionals, along with no hidden overlays and some of the industry’s best turn times.”
Long was most recently the executive regional manager for Union Home Mortgage before joining Planet.
His previous positions include southeast divisional president at AmeriFirst Home Mortgage, which was acquired by Union Home Mortgage in December 2022; and president of national lending at Prospect Mortgage.
As the 12th-largest mortgage lender, Planet Home Lending posted an origination volume of $25 billion in 2023, a 5.3% decline from 2022, according to Inside Mortgage Finance. America’s top 50 lenders saw an average origination volume decline of about 41% in 2023. Its strategy has focused on acquisitions in both correspondent and retail channels.
The company’s acquisition of Homepoint‘s delegated correspondent business in 2022 boosted its correspondent market share, with about 70% of its origination coming from the correspondent channel.
In June 2023, Planet Home Lending acquired Platinum Home Mortgage Corporation, bringing over 20 branches.
Planet Home Lending has 175 sponsored mortgage loan originators in 35 active branches across the country, according to the Nationwide Multistate Licensing System.