How long for FICO to update after payoff?

[cantretire]

Howdy.  I'll be paying off about $15,500 on my HSBC by the end of the month.  (new purchases went to %31.99. **bleep**??)

How long will it take for my FICO to update?  I last got my scores in May of 2010 and really want to get the new ones after the payoff.  Thanks!

[pmbrian]

Depends on the creditor - mine usually update after the next statement is cut + about a week.

That is a crazy interest rate hike, I thought the credit reform act prevented jacking up rates unless you were in default 2+ months, what changed on your account?

[cantretire]

Nothing recently.  I'm going to call them tomorrow as I don't want to close it, just pay it off.  i had some late  payments early in  2010, (was considering bankruptcy but avoided it),  but they raised this rate in October.  Ridiculous!  I just noticed it on this statement.  Wish I caught it earlier, but I hadn't used the card in a long time.

I want to see what they say.

[haulingthescoreup]

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@cantretire wrote:

Howdy.  I'll be paying off about $15,500 on my HSBC by the end of the month.  (new purchases went to %31.99. **bleep**??)

How long will it take for my FICO to update?  I last got my scores in May of 2010 and really want to get the new ones after the payoff.  Thanks!

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Up until recently, HSBC and Orchard bank cards (as opposed to store cards) updated with your balance as of the last business day of the month, sending the info in a week or two later.

Starting sometime around late summer 2011, posters have mentioned that HSBC/ Orchard bank cards are now updating the statement balance on or soon after the statement date. This is probably related to HSBC's sell-off of its CC portfolio, in that the AR (accounts receivable) is inflated with earlier postings.

So if your statements generally post around the 18th (picking a number out of the air), your new balances should show up sometime after the the 18th, depending on when HSBC submits the data and when the credit bureaus actually post it. Typically EX updates immediately, and EQ and TU take between 3-7 days, sometimes longer, to post the new balances.

Congrats on the awesome payoff!!!

[cantretire]

Thanks!  I'm closing my cash bleeding 401Ks so I can start off fresh again.  Job market is still horrid and I know my hours will be cut in a week or two.  just want to get rid of the bills!

[cantretire]

My best scores ever!  What a relief to have that  burden off my back!

TransUnion

759

Report Date: 02/10/2012
   

Equifax

751

Report Date: 02/10/2012

[haulingthescoreup]

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@cantretire wrote:

My best scores ever!  What a relief to have that  burden off my back!

TransUnion

759

Report Date: 02/10/2012
   

Equifax

751

Report Date: 02/10/2012

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Good stuff!

And what were they before the paydown?

[Anonymous]

You might have already known this, but you can call your creditors and ask them to update your balances with all three creditors immediately after you paid.  I had Discover and Chase did that for me a week ago and maybe another 72 hours for the creditors to update their system. 

[cantretire]

732 and 713 in May of 2010.  I had a bad time last summer and was 30 days in arrears for 3 months, so I was surprised that they had gone up!