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New Member
Posts: 2
Registered: ‎03-18-2010
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Pay off credit cards and reports

I finally consumated a business deal long in the making and paid off 3 credit cards that totaled @ 33K. What a relief! I performed this action on March 15. Prior to building up this debt - my FICO scores were just around 805 on average. During the debt phase which lasted around 14 months they dropped down into the 740's. My question is does anyone have a reasonable guess how long it will be before my FICO scores begin to approach or equal what they were a year and a half ago? I haven't pulled a report since January. Do card companies like Discover and Bank of America report every month? Thanks.

Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: Pay off credit cards and reports


rmcarner wrote:

I finally consumated a business deal long in the making and paid off 3 credit cards that totaled @ 33K. What a relief! I performed this action on March 15. Prior to building up this debt - my FICO scores were just around 805 on average. During the debt phase which lasted around 14 months they dropped down into the 740's. My question is does anyone have a reasonable guess how long it will be before my FICO scores begin to approach or equal what they were a year and a half ago? I haven't pulled a report since January. Do card companies like Discover and Bank of America report every month? Thanks.


Welcome to the forums !

 

Most creditors, including BoA and Disc, send updates to the CRAs once a month on the statement date.   Then each CRA takes a few days to process it after that.  

 

Your FICO score should recover as soon as the updated balances post ~ assuming that it dropping due to the increased revolving utilization.

 

And you're actually in really good shape, either at FICO 740 or 805, or anywhere in between ~ those are great scores !

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
New Member
Posts: 2
Registered: ‎03-18-2010
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Re: Pay off credit cards and reports

That is a relief what you wrote.Smiley Happy I was sort of surprised that they didn't go down further. A couple of the credits cards had a credit limit to outstanding balance ratio of over 50%. And then I also purchased a use car for 8K on a 36 month payment plan. A couple of those cards were the cash advances with the 3% upfront fee, 0% interest for @ 12 months. You know how quickly 12 months slips on by... I was sweating bullets there toward the end.

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