Auto ReFi - When Will Original Loan Vanish?

[DaylightSlaving]

Hey guys.

I recently refinanced my auto loan through my local credit union. Does anyone know how long it takes for the old loan to fall off your credit report?

I received a letter two months ago from the original financing agency stating that I'd been released from the loan, and that they had been paid in full. But I notice the old loan is still appearing on my credit report, which is a problem I presume as my debt is double what it should be.

So, when will the original loan age/update/otherwise go away?

[StartingOver10]

The previous loan stays on your credit for up to ten years after it is paid and closed.  It actually helps you and should not be a problem and certainly shouldn't be reporting a balance.

How does the old tradeline read now that it is paid off?

It should read zero balance and either "paid as agreed" or some other notation.

It will continue to reflect your payment history.

[DaylightSlaving]

Hm, interesting.

Well, I can attest to the fact that Credit Karma is reflecting it as a balance. Credit Karma shows two loans with a total balance of them combined, so that's kind of a bummer. Though, I've heard CK isn't the most reputable game in town.

I was released from the old loan two months ago, and I'm kind of curious to see if it'll update itself (that'd be a little too convienent probably. Lol)

For a more accurate report pertaining to this topic, what would you suggest? Are there other options available aside from pulling a report? I'm considering calling up the knucklehead agency that I had the original loan through and seeing what their deal is.

[StartingOver10]

Have you already pulled your free credit reports from AnnualCreditReport.com?

Pulling your consumer reports doesn't negatively impact your score at all.

[sdwalt]

It took 2 months or so for it to show closed on my CR after I refinanced.