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Posted in Auto Loans
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Question By
jose978

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I paid my car loan last month!
Can i expedite the process to have it updated to credit report? I have the Doc (Title and Payment in Full paperwork) to prove this is indeed true.
The second question is because i will be applying for a home loan soon; will this be affecting my credit score in a negative of positive manner?
Will my score remain the same 753, be lowered or will it go higher?

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Theres no way i know of

to get the credit reporting agencies to expidite the reporting process.  With hundreds of millions of credit reports to update each month, They will update the info on a schedule.  If you were to pull a credit report, it will be the info that was there the last time they reported, payments and new balances will be reported to them through out the month since creditors will do their reporting monthly as well. If a creditor requests a report, it will include the latest info they have on that given day. But in general your report is reported only monthly.

Having paid off the loan, that acount will post as paid in full on the next reporting cycle. It will lower the number of open accounts you have and generally will lower your score a few points. it should bounce back after a couple of months. It will lower your debt to income ratio so that should have a possitive effect when applying for the mortgage since most mortgage companies don't use FICO scores, but their own algiritums for qualifing mortgages. 

Good luck 

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