How long for the update....

[Anonymous]

I am getting ready to pay down my credit cards significantly.  My current credit scores are TU 665 EX 631 EQ 654 and I recently applied to my credit union for a personal loan and was declined.  I need 10K and had this thought.  My mom can loan me 5K but that is all.  I have 8K in credit card limits and my balances are about 95% on my cards.  So if she can loan me the 5K and I pay all my cards down that would give me 25% utilization.  This should raise my credit score by at least 40 points across the board on the 3 bureaus.  So if it does how long will it take for the credit bureaus to know that I have paid down my credit cards because it will be longer than 3-4 weeks I will have to take that 5K and pay off the other debt that I need the other 5K for.

[Jazzzy]

We just went through paying off cc debt. We paid BEFORE the statement cut so that zero balances would be reported. Then we had to wait for the cc companies to report to the CRAs. In all, it took us about 3 weeks for the scores to rise significantly.

Your timeframe will depend upon how many cards you are paying off. You'll have to check statement cut dates, and you'll have to find out when they report to the CRAs.

Getting your FICO scores up takes patience.