06-13-2010 10:13 PM
I just paid off about 20k in CC debt. I had good scores before paying it off 752/740 but would like the new zero balances to be reflected on my CR before applying for a mortgage. I was wondering if there is a way to call the CC companies and ask them to update my report. Thanks
06-13-2010 10:38 PM
Calling them couldn't hurt.
Actually, it could hurt. In today's environment it is better to keep your debt down, as well as your head. There is usually little to gain by calling the card companies and asking them for something, all too often it leads to review of the accounts and closing of them.
Unless the OP is going to apply for a mortgage this month it would be better to be patient and forgo the desire to see what effect paying off your debt has on your FICO score, and let the system recalibrate after your next statements drop, usually around the first of the month. I would NOT contact the lenders.
06-13-2010 10:45 PM
Now that you mention it, that is a good point.
Calling a lender and asking them about it may make them think you have some desperate reason for it to show up. And if they end up closing it based on an account review you'll get a nasty "closed by grantor" stuck on your reports.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO