Time Delay

[Anonymous]

We recently paid out our credit cards last week. Today, I obtained my credit reports & scores. Those payments and 0 balances haven't reflected yet. We plan on taking an auto loan this weekend. How soon will these be reflected?

[Anonymous]

They won't be posted until your next statement closing for your credit card at the earliest.   I paid mine off at least 3 weeks ago and it just showed on my EX report yesterday and still hasn't showed on the other two.  I'm holding off my car loan purchase for that to show up as well.

[Anonymous]

Your creditors report to the CRAs once per month, each according to their own schedule.  So it's hard to tell.  Can you hold off on the auto loan for a month or two?

[Tuscani]

Balance updates can take up to 30 days.

[Anonymous]

Thanks PrincessofPink.

Would the lender consider us telling them that we paid those credit cards off?

[Tuscani]

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victor_m wrote:

Thanks PrincessofPink.

Would the lender consider us telling them that we paid those credit cards off?

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Perhaps.. but that doesn't change your scores.

[Anonymous]

Depending on what your utilization was before, your score could improve quite a bit from paying off the cards.  You could see a big difference in your rate with a better score.