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Buying soon, Capital One tells me 1-3 months to show car loan paid

aWakening69
Established Member

Buying soon, Capital One tells me 1-3 months to show car loan paid

So to improve my personal DTI, we moved a car that was originally puchased jointly into just my wife's name. The account at Capital One was paid off on Dec. 27, and they 'usually' report on the 30th, except this time. 

I called today and was told it could take from 30-90 days for it to report. Now, not only am I concerned about the payment impacting DTI, which was the reason for the change, I'm a little skittish over an account dropping off as well (even though it was less than two years old, and shouldn't negatively impact average length of accounts). 

I received a 'Paid in Full' letter today, and was also emailed something similar. Will this be a concern if not rectified by the time I seek an FHA loan in a few weeks? 

Message 1 of 3
2 REPLIES 2
sccredit
Valued Contributor

Re: Buying soon, Capital One tells me 1-3 months to show car loan paid

The letter will serve the pupose of removing the payment from DTI

Ch 7 Discharge 3/12/2018
Cap One VentureOne $3,500, CapOne Savor $5,300, Kohls $3,000, Comenity MC $4,900
Infiniti Financial Lease (Ends 11/2021
California Coast CU Auto Loan $36k 2.48%

Goal: New Mortgage 3/2022
Message 2 of 3
CyberChick
New Contributor

Re: Buying soon, Capital One tells me 1-3 months to show car loan paid

I just paid off my car with Capital One last year, it took 30 days to report.  Don't worry, it won't be 90 days, unless something strange happens.

Message 3 of 3
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