How quickly does a score change

Anonymous · ‎10-11-2010

I have been working on improving my credit score. Paid off a large credit card debt in full and a student loan in full several weeks ago, but my score has not changed from what it was prior to those payoffs. Any idea how long payoffs like that are reflected in a person's score? I was hoping that both payoffs would result in an increase in my score.

haulingthescoreup · ‎10-11-2010

Hi, welcome to the forums!

You have to wait for the new balances to report to the credit bureaus. That generally happens on the date when your monthly statement posts, and then you have to wait for each bureaus to post the new info.

You should get a score hop from paying off the card, but you might have a drop from paying off the SL, if it was your only open installment. If you still have others that are open, there probably won't be an impact one way or the other. Installment util (utilization; amount owed divided by total original credit line) is not a big factor in scoring.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

MarineVietVet · ‎10-16-2010

Moved:

Hi Lynny, I'm moved your post to start a new thread. The only thing I've changed is the title. If you want to change it to something else just click on "Options" and then "Edit Message" Thanks, marinevietvet-myFICO moderator