needacar wrote:
I just paid off three of my credit cards in full today and my car loan was paid off on june 30th. how long will it be before this is reported to change my score? who do i need to contact to get this information. my credit card companies arent helpful and niether is the car loan company.
what can i do? i wanted to try to get another car loan by aug 15, is this a reasonable amount of time for my score to change???
Reporting is based on the day your CC chooses to report. Most CCs report right around the same day you received your CC statement and will report the balance from a few days prior to that. For example, I PIF my National City CC today. I expect the CR to update right around the 22-25th, or somewhere during that time. The payment is due tomorrow.
Some CCs like HSBC report during the first week of each month and report the balance that was listed on the last biz day of the month.
Give them 30 days. I bet by 8/15 you will be in a good position. I'd also look at your CRs and see when the last reporting day is listed as and add a month. That would give you an accurate picture too.
