kappa228 wrote:
On 9/18/2009 I paid off the balance of a card that appeared to be hurting my score which in turn was causing my husband and I to get charged .5% points on a refi. How long with it take for that balance to show $0 with the credit agencies and for my score to adjust accordingly? We would like to start to apply for a refi immediately but want to make sure my credit score adjusts to show a $0 on the one card we had a balance. Any advice is welcome. Thank You.
Hi, welcome to the forums, and congrats on the balance payoff!
As DI said, they update balances monthly. It might not take 30 days, though. BofA updates on the day that your statement posts. Not the due date, but the day that it shows up, showing your new balance, minimum payment, etc etc. So if your statement usually drops around the 18th-20th, that's when they will update your shiny new $0 balance. Typically Experian updates within 24 hours, Equifax in the next 3-7 days, and TransUnion after 5-10 days, although sometimes EQ and TU flip-flop being the pokiest.
Until each credit bureau posts the new balance, it won't trigger any score change.
If you haven't already, please read
Understanding Your FICO ® Score and
Credit Scoring 101 (at least the first post.)
These will give you the background knowledge you need to understand what you read here on the forums.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
