Car Loan Question

[Anonymous]

I was approved about a month agao for a car loan through USAA. I traded in another car I had that was financed through Toyota Financial. I did get the letter showing that the Toyota was paid in full. The problem is, USAA is already reporting the loan and Toyota has not updated that the other one has been paid. My score has taken a hit because of this and it is showing 2 car car loans totaling almost 70K.

I have called TF and dthey said it will be updated, but it has been over a month now. is there anything I can do? I know it takes time to update I really do, but my score should not take a hit because TF is not updating in a timley manner. I really don't want to whine about this, but I worked so hard to get my credit to where it is today and dont want anything to mess it up.

Again besides playing the waiting game, is there anything I can do? Also will my score go higher once the pay off is reported?

Thanks so much!!!!!

[ngerasimatos]

You can always dispute the accounts with each bureau as PIF. That may spoeed up the process.

[Anonymous]

you have several options-

1) Call TF again and ask to update

2) Assume it may take 2 months to update (possible) and wait.

3) Dispute and scan/fax in letter from TF.

[Anonymous]

Hi, tmazzi!

I'd just wait. 

They said they'd update, they have no reason not to do that, and it can take up to two months to actually show in your credit report, depending on their reporting schedule.

FICO scores are always in flux.  Don't sweat  over this.

Relax, and enjoy your day! 

[DI]

Had it been GM, it would've been updated already. 

[Anonymous]

I know I need to be patient, it is frustrating though when I saw my score drop today because of it:-(. 

Thanks all!

[nathan]

Only use dispute as a last resort. Tu, for example, has been known to occasionally delete the entire account. Your payment will eventually update. Just keep reminding tf to update.

[llecs]

Ditto. Don't dispute. IMO, your FICO score won't change if it reports $0.

[Anonymous]

I had a very similar thing happen to me this past April... I paid off 2 loans, one to Ford motor credit ($13600 balance) and one on a motorcycle loan ($3200 balance) back in March and was expecting my scores to skyrocket by April... Boy was I wrong!... They plumeted! Dropped from a 643 to a 568... I was waiting forever on this to go up so I could buy a new Toyota and get rid of my Dodge and when I went in to the dealership to apply for financing they smiled and said "no way" after pulling my report... I was in disbelief myself... You would figure that my score would have gone up at least 30 to 50 points since my debt to income ration was back below 35% and I have no new negative items on my credit... The good news is that they are slowly climbing back up... Too slowly in my opinion but at least they are climbing... 615 currently across the board Tu, Eq, Exp... Maybe by the end of the month they will be where I thought they should be... Fingers crossed!