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crystal0814

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how often is my credit report updated
I just paid off all my debt except my car payment. When will this be reflected on my credit reports and when will it change the scores?

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The payoffs will reflect in your score. And the payoffs will show on your credit report when the creditors report to the bureaus -- which is usually within a week after issuing your monthly statement. So depending on how many debts you paid off, your score could change four or five times as each new report hits. There's some possible bad news here, though. The scoring systems actually don't look favorably on completely paying off debts (especially if you also close out accounts). They like you to pay debts down, but not off. I hope this works out well for you; in the real world (outside of the credit scoring system) it always feels wonderful to pay off debts. So no matter what happens with your score, pat yourself on the back.

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