FICO STANDARD

[RozBuds]

Well, I did it...I got my FICO Standard Credit Reports. I purchased both TU & EQ. Not too bad since I paid a lot of debt down. TU is 701 and EQ is 707. Now here is my concern: I refinanced my home for $250K @ 4.5%. My first payment is due August 1. I would imagine after the 1st payment the lender will start reporting. Currently my old loan is reporting with a balance of $196K which should show paid in full and closed probably very soon. There is a possibility both loans will show current and open at the same time. If so what kind of mess will my score show? And after the old loan is officially closed and all are reporting as they should how long will it take for my score to rebound? I want to apply for Care Credit but I don't want to do anything until I feel good and safe in the FICO department.

Thank you,

RozBuds

[RobertEG]

Give a month or two for the dust to settle before you app for new credit.

The old creditor may take longer to update than the new lendor, so dont expect it to be simultaneous.

Creditors report only once a month, and at different times for each.

It will all wash out.