topic Curious about scores in General Credit Topics

Curious about scores

Anonymous — Mon, 21 Jul 2008 17:45:08 GMT

My truck loan of $11,000 was paid off Friday. My husband and I traded it in for a new Kia Sorento. The loan is on him only. Will this boost my credit score? If so, how long does it take to reflect new score? We are buying a house in Sept (the loan is only on me). Really would like the new score to show :-)

Re: Curious about scores

Anonymous — Mon, 21 Jul 2008 17:53:06 GMT

I may be wrong, but I believe if you show proof to your mortgage broker, they can send it to the credit bureaus and request a re-score within 72 hours or so. That is what my broker told me. Either way, if you call the credit bureaus and request them to update your file on the loan they should follow up with the loan company and do it within about 30 days or less. I just would not wait on the loan company as some places don't update regularly.

Re: Curious about scores

Anonymous — Mon, 21 Jul 2008 18:17:46 GMT

How much do you think it will increase my score?

Re: Curious about scores

Anonymous — Mon, 21 Jul 2008 18:26:03 GMT

That I have no clue on. At times closing accounts can be bad for your score initially (although I believe that is more for credit cards or reveolving accounts)