When Does Credit Report Update
2010
When will my credit report update?
I pay $5 a month to view my credit report and I paid off a car, and 2 credit cards back in February. They are still not updated on my report as of May 1st. I heard it took 3 months to update… but it hasn’t yet and it has been longer than 3 months. Also, what will all this do to my score? I had a 699 BEFORE all this was paid off. Will I see a 700 or more when it catches up???????
Paying $5/month to monitor your credit is a waste of money. Chances are that monitoring service has not pulled new infor from the credit bureau and that’s why you are not seeing the changes.
The information in your credit files at the credit bureaus is constantly being updated. Most creditors update on a monthly basis but some only update quarterly. The paid off status should show up within 60 days.
Paying off the car loan probably won’t have much impact on your score. If you were carrying balances of more than 30% of your limit on your credit cards, paying off the balances will give you score a boost.
As to your score, most third party monitoring services use Fakko scores (their own formula). Creditors use FICO. Equifax uses FICO. You can also purchase FICO scores for TransUnion and Equifax at MyFico.com. Consumers can no longer purchase FICO scores for Experian. If you get your score from TransUnion or Experian, it will probably be a Vantage score (different scale and formula).
Don’t obsess over your score. Pay all your bills on time and check your credit report annually for accuracy and your score will take care of itself. You build good credit over years, not months.
If you are just curious as to about what your score might be, CreditKarma.com offers a free score estimator that’s sorta like FICO, give or take 50 points.
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