topic Debt Paid - Waiting for Updated Score/Reports? in General Credit Topics

Debt Paid - Waiting for Updated Score/Reports?

Anonymous — Tue, 03 May 2011 17:26:16 GMT

I paid 100% of my $8100 debt on April 5th, 2011 and have received no updates as of today. The debt that was paid was: Care Credit, Home Depot, Capital One, Macy's and Chase Visa. Would you happen to know when I can expect my score and reports to be updated?

Thanks in advance for your response!

Baketress

~Current FICO = 740~

Re: Debt Paid - Waiting for Updated Score/Reports?

203bravo — Tue, 03 May 2011 21:38:40 GMT

Congratulations -- the scores will change as soon as the creditors report to the CRBs.

Re: Debt Paid - Waiting for Updated Score/Reports?

Anonymous — Tue, 03 May 2011 21:40:23 GMT

Do you happen to know when those creditors report?

Thanks!

Re: Debt Paid - Waiting for Updated Score/Reports?

203bravo — Tue, 03 May 2011 21:46:04 GMT

i don't ... it should be sometime around the date that your statment's cut as a general rule of thumb...

I know my Macy's is the 23rd of the month.

he debtRe: Debt Paid - Waiting for Updated Score/Reports?

RobertEG — Wed, 04 May 2011 00:19:21 GMT

While paying the debt will update its status to paid, and thus prevent any further damage, it wont improve our score, as it does not remove the derogs or delinquencies that preceded it.

Re: Debt Paid - Waiting for Updated Score/Reports?

Anonymous — Wed, 04 May 2011 00:29:30 GMT

Whatever the Due Date is on your statments, It could take up to a week or two.

In my case, my Cap1 is due on the 11th, and usually reports between the 15-19th my other Cap1 due date is the 19th and usually reports around the 25th, HSBC due on the 5th, usually reports by the 9th or 10th. I have others but I think you get the idea.

You will see a very nice increase in your score, but keep in mind its always best to have a very small balance on one of your cards when that card reports to the CRA's pay most of the balance by the due date but leave a small balance (like $20) and then PIF after the statement drops. Having a 0% util can actually cost you a few points, its best to have <9% util, but I would say if you just showed 20 on ONE card and having a 1% or 2% util would maximize your scores the most.

Re: he debtRe: Debt Paid - Waiting for Updated Score/Reports?

Anonymous — Wed, 04 May 2011 00:48:59 GMT

Thanks for your response. I actually have no late payments or delinquencies, thankfully.

Re: he debtRe: Debt Paid - Waiting for Updated Score/Reports?

MarineVietVet — Wed, 04 May 2011 02:13:04 GMT

@Anonymous wrote:
Thanks for your response. I actually have no late payments or delinquencies, thankfully.

That's great news. So does this mean you are totally debt free??

Or CC debt free? Either way it's a time to celebrate. Congratulations!!

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: he debtRe: Debt Paid - Waiting for Updated Score/Reports?

Anonymous — Wed, 04 May 2011 02:15:49 GMT

100% debt free with a 6 month old baby boy. It's a great feeling!