NFCU loan reporting

[gman]

Does anyone have any idea how often NFCU reports on loans?

I have a 12 personal loan which I have been paying down. My last payment in June brought my balance down to 200. 

According to my latest report from June the last balance report was April. Does this sound right.

Also I was expecting a bump in scores after paying down so low ( I went from 3500 to 200 in a month) but have not seen any improvement.

any info would be greatly appreciated!

[SouthJamaica]

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@gman wrote:

Does anyone have any idea how often NFCU reports on loans?

I have a 12 personal loan which I have been paying down. My last payment in June brought my balance down to 200. 

According to my latest report from June the last balance report was April. Does this sound right.

Also I was expecting a bump in scores after paying down so low ( I went from 3500 to 200 in a month) but have not seen any improvement.

any info would be greatly appreciated!

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They report once a month.

[victormarcel09]

As mentioned earlier, there might be a delay between when you make a payment and when that payment is reflected on your credit report and subsequently affects your credit score.

[SouthJamaica]

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@gman wrote:

Does anyone have any idea how often NFCU reports on loans?

I have a 12 personal loan which I have been paying down. My last payment in June brought my balance down to 200. 

According to my latest report from June the last balance report was April. Does this sound right.

Also I was expecting a bump in scores after paying down so low ( I went from 3500 to 200 in a month) but have not seen any improvement.

any info would be greatly appreciated!

---

They report a few days after the end of the month.

If it is your only open loan, and you went from > 10% of the loan amount to < 10% of the loan amount, you will receive a score bump once the new balance reports.