Reply
New Visitor
Posts: 1
Registered: ‎03-09-2007
0

Paid off Credit Cards to get better car loan rate! How do I get Agencies to post quickly

Paid off all my credit cards so I can qualify for the best car loan deal. How can I get my score reflected of these payments quickly?
Member
Posts: 10
Registered: ‎03-08-2007
0

This is what I posted to a similar query in another threa...

This is what I posted to a similar query in another thread:
 
Most credit card creditors report monthly to the 3 credit agencies, and some report every other month. The day of the month in which they report also varies.
 
If you, say, paid off all your debt March 5th, you might not see these new balances reflected in your report until usually no earlier than end of March, and USUALLY more likely around mid to late April and in some instances not until as late as the beginning of June.
 
If you're in a rush, you can sometimes dispute the report using the 'incorrect balance being reported' option or somethign like that, which will open an investigation whereby the investigator at the credit agency will contact the creditor and verify the current balance and then update it. I don't necessarily recommend this, however, unless you're in a huge rush. The downside is possibly having some credit history showing 'customer disputes account' remarks which may or may not be seen by future creditors---who may in turn view you as potentially a "high maintenance" customer and perhaps less desirable... but that's only conjecture on my part.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.