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Joea1059

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Debt Consolidation
I paid all CC's off with the exception of 2 that were paid down 50%. Also, I paid 25% of my car loan down as well. When will I see a significant change in my reports? This was done on 3/31/16. I know it's soon but don't know when the scores go up. Thanks!

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Generally I have found the credit cards report a few days after the next statement. Have not watched car loans, but I think a lot of that will also depend on if they are a larger credit company or smaller, the larger ones tend to report more regularly and quicker.

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debt consolidation

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Building a higher credit score comes with time. Just because you paid some bad debts does not give you a better score. It just means your taking care of  business paying off your debts.

To build a better score is making sure your never late on payments. Keeping your credit utilization down in the ranges 0f 10% to 15% of credit card limits. Having a credit history is also important to building your score. Never let anything go into collection such as medical debts or utilities can damage a good credit score.

your scores are generated each month as payments are reported to the credit bureaus. Make sure all your lenders are reporting to each credit bureau as well. This is why we see different scores because not all lender report to all credit bureaus.

Hope this helps

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