Discover personal loan reporting?

[RocketSurgeon]

Can anyone share their experience with how long it took Discover to report a new personal loan?

I opened a new loan with them at the end of last month to consolidate a few cards I was running high util on and it hasn't reported yet.

WIth my statement closing dates for the cards paid off with this loan hitting their reporting stride in this past and coming week, my scores having jumped almost 40 points and as a result I am thinking of trying to get a better rate elsewhere than the 18.99% they gave me and just pay Discover off. I suspect with two cards left to report this coming week putting me at AZEO I might just tickle 800 and get a much better rate.

Thanks!

[FireMedic1]

Dropping your util %'s far outweighs the gains you'll see getting your credit card debt down. Than a new loan showing up on your reports. It will show in time. Enjoy the bump from AZEO now.

[RocketSurgeon]

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@FireMedic1 wrote:

Dropping your util %'s far outweighs the gains you'll see getting your credit card debt down. Than a new loan showing up on your reports. It will show in time. Enjoy the bump from AZEO now.

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I understand that, my issue is that I want to take advantage of the score bump to re-finance the new loan with another at a much lower interest rate, but to accomplish that timing-wise I'd like to be able to figure out how long I have before Discover reports so I can get to AZEO and have the new inquiry and lower rate loan done before it reports.

[FireMedic1]

Cant answer that. You just got one loan and then get another one right after may not happen that fast. You may have gotten the first loan to pay your debts which is fine. Then another lender to pay the first lender wont be easy. Got to show some history on the first loan.

[RocketSurgeon]

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@FireMedic1 wrote:

Cant answer that. You just got one loan and then get another one right after may not happen that fast. You may have gotten the first loan to pay your debts which is fine. Then another lender to pay the first lender wont be easy. Got to show some history on the first loan.

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I apologize, I must just not be explaining this clearly.

I am trying to take advantage of the fact that Discover has not yet reported the new loan to quickly pay off that loan with a new one from another lender at a lower rate. By using the proceeds from the original Discover loan to pay my cards down to zero (except one that I've left a couple hundred dollars on), when the remaining 2 cards report this coming week I expect to end up with an additional AZEO bump on top of the 40 points I've already gained by the first 3 cards that already reported a zero balance last week.

So, my question is, does anyone have recent experience with a Discover personal loan who can tell me how long from the time their loan was funded did it take for Discover to report the new account?  Did they report at the end of the month, or after the first statement was cut, or after the first payment was made, or some other time?  This information will allow me to determine when the best time is to pull the trigger on a new loan. If I do it today, I can probably save 2-3% on the rate.  If I can wait until ~9 days from now, the AZEO bump should push my score to a point where I might save 5+%.

Thanks again, I hope this made more sense!

[FireMedic1]

@RocketSurgeon"I am trying to take advantage of the fact that Discover has not yet reported the new loan to quickly pay off that loan with a new one from another lender at a lower rate."  Taking out a second loan to pay the first loan wont be easy. The first loan will still report whatever the loan amount was, and the second lender will see it and may not go for it. If its a high amount it will be harder. But lets see what people say. Dont forget. 2 new hits in such a short time wont help scores if your successful. First loan still has to do its hits on your age metrics.

[RocketSurgeon]

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@FireMedic1 wrote:

Taking out a second loan to pay the first loan wont be easy. The first loan will still report whatever the loan amount was, and the second lender will see it and may not go for it. If its a high amount it will be harder. But lets see what people say. Dont forget. 2 new hits in such a short time wont help scores if your successful. First loan still has to do its hits on your age metrics.

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I'm not concerned about what reports after this is done including the inqs, and scores will eventually rebound. I care about saving money by substantially reducing the interest rate below the current loan by leveraging the fact that Discover has not reported the loan yet.

The entire basis of my question and strategy is that Discover has not reported yet.  The new lender can't see a loan that hasn't been reported yet when I apply and thus won't factor it in to my score nor debt. The most they may see is a recent inq if they pull the same bureau and I plan on avoiding that if possible.

[Catbird_Seat]

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@RocketSurgeon 

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I can't answer when Discover will report your new loan with them, however if you're looking to get a new loan before they do report, have you tried any loan pre-approvals?

With your recent 40 point increase, you may now qualify for a lower rate with another lender, before waiting for your reports to update with the paid off accounts. 

[Nahy12]

Did you apply for the new loan, before discover reported it?

[Pppoolboy]

LOL you didnt get any helpful responses here did you OP

instead of answers you got lectures