cancel
Showing results for 
Search instead for 
Did you mean: 

How long to wait..

tag
Anonymous
Not applicable

How long to wait..

I just paid off all my CCs and an installment loan today. I'm looking to apply for a mortgage. How soon can I apply so that when my credit is pulled it will not reflect these balances? Or should it even matter if I can prove that it was paid off?

Wait, or don't wait? Anyone's input would be greatly appreciated!
Message 1 of 3
2 REPLIES 2
bluevalentine78
Valued Member

Re: How long to wait..

30-45 days.  Are you subscribed to any of the products here?  I also get notifications when my balances change and stuff so that would be the safest bet


Starting Score: Trans: 561 EQ: 547
Current Score: TU: 650 EQ: 665 EF: 661
Goal Score: 700


Message 2 of 3
kats_rebuild
Contributor

Re: How long to wait..

It depends...

 

1. With paying off credit card balances you only have to wait until the new balance reports, so usually that is sometime around your statement date.

2. Installment loans will report in a similar fashion, so they should report on the same monthly date. Paying off your installment loan is unlikely to cause a huge bump in points, but it decreases your DTI, which can help get you qualified for a higher loan.

 

 

Chase CSR 22,000 | Chase Freedom Unlimited 13,000 | Chase CSP 10,000| USAA Cash Back $7,000 | AA Silver Aviator Card $10,000 | AMEX Everyday $9,000 | Chase Freedom $3,000 | Capital One Cash Rewards $4,000 | Discover IT $4500 | Nordstrom Store Card $2000
Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.