How Long for Loans to Clear on Credit

[347Mike]

I just paid off some credit card debt I accumulated while in Florida and had my car paid off 3 days ago. I want to check my credit score but don't want my one free credit report to go towards a report that has all that junk on it still. How long do I have to wait before it clears the three bureaus?

[Lason]

depends on the company. It could take 24 hours or it could take 3 months. I dont think there is a set time they have to report it. My credit union took almost 3 months to report my truck being paid off.

[347Mike]

I don't want to wait 3 fucking months....... ugh.

[Hobie]

I don't want to wait 3 fucking months....... ugh.

White people problems

[Silverback]

Most decent banks/credit card companies report within 30 days.

Some credit unions and smaller credit card companies take longer.

[SVT Lurch]

Most decent banks/credit card companies report within 30 days.

Some credit unions and smaller credit card companies take longer.

Exactly. I'd wait 2 months to be sure.

[Lason]

If you need it off there to get approved for something else, just take the title with you and explain you already paid it off or call the bank you paid it off with and ask them to report it for you ASAP.

[347Mike]

No, I don't need any sort of loan approval, just curious. I have been trying to get into the 800s for a while now and I was curious if relieving 8k off my credit would give me the boost I needed.

If it takes another 3 months (or I should wait 3 months) for another report I figured id check it now and then another in 3-4 months. I checked a quick report on one bereau and it doesn't look like it has been updated in quite some time. I have a small balance on my BestBuy card that I paid off a month ago.

[red95gts]

I paid off about $9K in credit card debt a couple months ago and my scores barely changed. For all three agencies, the change was single-digit. My Trans-Union score actually fell a couple points, which makes no sense at all.

I'm sitting at 780ish right now, no credit blemishes ever, yet I'm not sure what to do to get into the 800s. I'm not sure if it even matters?

[347Mike]

I paid off about $9K in credit card debt a couple months ago and my scores barely changed. For all three agencies, the change was single-digit. My Trans-Union score actually fell a couple points, which makes no sense at all.

I'm sitting at 780ish right now, no credit blemishes ever, yet I'm not sure what to do to get into the 800s. I'm not sure if it even matters?

Personal goal.


I do have a question though. I know one of the key factors for your credit score is credit history ie length and accounts like credit cards that have been open for an extended period.

Does this also apply for loans? If the loan is paid off will that lower your score because that account will now switch to closed?

I just realized my oldest loan was from 2007 and started thinking if this was a factor in raising my score.

The biggest reason in my opinion why I am not to 800 yet is cause of history. I was so against credit cards when I was younger I didn't open one until after I bought my car and realized how much of an ass raping my interest rate was without credit...

[red95gts]

I'm no expert, but I think you're referring to the utilization percentage. For example, lets say you have two cards with a $10K limit. One has $8K on it and the other has nothing. If you close the card with nothing on it, your score actually takes a hit because now your utilization percentage has increased dramatically.

I don't think the same thing would apply on a loan (auto, I assume) since it's not revolving credit. That said, I don't claim to understand how the credit agencies think.

[Lason]

Sounds like you need to sign up for a credit monitoring program. USAA has a credit monitoring program for $12/month (if you threaten to leave they will drop it to $6/month) and you can pull your credit daily and they are soft hits so they wont bring yoru score down. They also offer credit scores but they arent the real FICO scores, only place to get that is FICO obviously with the except of Experion I think which isnt available.

here is the link btw,

https://www.usaa.com/inet/pages/creditcheck_monitoring_main

[red95gts]

Sounds like you need to sign up for a credit monitoring program. USAA has a credit monitoring program for $12/month (if you threaten to leave they will drop it to $6/month) and you can pull your credit daily and they are soft hits so they wont bring yoru score down. They also offer credit scores but they arent the real FICO scores, only place to get that is FICO obviously with the except of Experion I think which isnt available.

That's the exact service I signed up for with USAA. Those aren't "real" scores? WTF?

[Lason]

That's the exact service I signed up for with USAA. Those aren't "real" scores? WTF?

Nope, they are called FAKO scores by the guys on creditboard.com. They arent real fico scores and instead use a algorythym the USAA has in place. FICO wont release their algorythym.

[347Mike]

Nope, they are called FAKO scores by the guys on creditboard.com. They arent real fico scores and instead use a algorythym the USAA has in place. FICO wont release their algorythym.

Those cocksuckers!

I just read on the "Credit pointers" from free credit report.com that the average credit to debt ratio is 52% (debt) and 48% (credit). No wonder we are up shits creek....