Credit Advice

Thanks a lot. That is a good explanation.

My score is from August 2009 and it is now January 2010 - when do you update the scores. I have paid off at least one loan on time and have had some things taken off (bad things) in 2009.

I have paid off all my debts that I owe other than my student loans. When do they start clearing your credit???

so the credit debits will go away how do you pay them off ? do you pay them off by paying off the cards

It depends on the lender and how often they report updated consumer accounts to the credit bureaus. Some larger banks and creditors report every month, while smaller financiers report on a quarterly basis. It can take as long as 90 days for your resolved debt to show up on your credit report and reflect on your credit score. Keep in mind though that there is no guarantee that the actions you take, like paying off debt, will immediately improve your credit score because there are so many factors affecting your score.

If you do not see your credit report updated after 90 days, contact the creditor because there may have been an inaccuracy when reporting your actions which will impact your credit score. If you have written proof of a discrepancy, you can go directly to the credit bureaus and attempt to get them to update the report. This will work sometimes, and is dependent on the documentation you provide.

I know it is frustrating, but updates can be a nightmare.  I had one account that was paid off and it was not updated for 6 months.  The advice from the others is accurate and helpful.  Not to worry, it will update eventually.