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we recently paid off several loans we had. How long does it take to show on our cc report

  • August 15 2013 - US
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Answers (6)

The number of accounts with balances is one of many factors in your credit score. When you pay off a loan you'll have one less account with a balance, which is good for your credit scores.  The typical credit reporting cycle is 90 days, or quarterly — so even if they update your record within 14 days, it is likely that it will not show up on your credit report until the next cycle (or several months in the future).

  • August 16 2013
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You can call the company that you had the accounts with, by law they have to tell you when they report to the credit reporting companies, you could get lucky and have it be 5 days from now or it could be 2 or 3 months from now. Like others mentioned a updated account statement showing a 0 balance and your lender can get a rescore done in less then a week usually.
  • August 16 2013
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Hello-
If you were to let the creditors report your updated balances to the bureaus naturally it would take anywhere between 30-60 days for the score and updated balances to reflect on your credit report.  If you were to work with a mortgage lender that has the ability to run a rapid rescore it would take 2-3 business days to be updated. In order to process the rescore an authorization would need to be signed and you would need to provide an updated account statement or transaction history reflecting the current account balance along with the account number and borrower's name. We do have the ability to run the rescore estimation and rapid rescore.

JD 
  • August 15 2013
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Also, I would make sure the accounts are reporting as paid before you apply for a mortgage.  If you fill out the application and the accounts are still showing a balance the underwriter will want you to source how you paid those accounts off.

 

Melvin List
Florida Mortgage Pro

  • August 15 2013
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30-50 days organicly. But 5-7 days with quickscore and a statement from you show debt paid off.
  • August 15 2013
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If the lender reports it to the bureaus usually shows up in a month.
  • August 15 2013
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