2006-07-13 23:59:34 · 10 answers · asked by Brooke~* 3 in Business & Finance ➔ Credit
I checked my credit report online recently (with equifax & a couple of others) and it showed that I had zero balances. Is this what lenders will see?
2006-07-14 00:05:32 · update #1
Generally, within 60 days of payoff, it is captured on a bureau yet not always.
Lenders normally pull what is called a tri-merged bureau. This represents the big three reporters getting pulled all at once and aggregated into one report. All three scores are reported and lenders (per most underwriting guidelines) pull the middle of the three scores.
Believe it or not, it is your capacity and ability to pay back that generates a credit score. Any individual that indicates to you that a credit score will increase on the payoff of a balance is not talking from knowledge. Most people have no idea how credit bureaus rate individual credit because those systems are proprietary to each credit bureau.
2006-07-14 07:45:31 · answer #1 · answered by rightonrighton 3 · 2⤊ 0⤋
It depends. I paid off a car in early June and it still showed then I tried to get credit for something else. Because of this, I had to take the papers that came with my car title as proof it was paid.
Also it may look bad to lenders if you still have all that available credit out there just waiting to be used instead of closed. But only if you have a ton of accounts. (Hope that makes sense)
2006-07-14 01:30:25 · answer #2 · answered by I love the flipflops 5 · 0⤊ 0⤋
Different companies report to the credit report companies at different times. Most only report changes once a month. My credit report online shows me when the companies last reported any changes. That gives me a good idea when that company will report again.
2006-07-14 03:57:27 · answer #3 · answered by dxle 4 · 0⤊ 0⤋
Maybe, but I would say by the beginning of August it will definitely be there.
If you haven't yet taken advantage of your ability to get a free credit report from all three credit bureaus, then you could do so for one bureau now and then you'd know for sure.
http://www.annualcreditreport.com
Since you can do one bureau at a time, you could pull one report every 4 months to keep a running watch on your credit.
2006-07-14 00:05:28 · answer #4 · answered by agentdenim 3 · 0⤊ 0⤋
It depends some creditors dont even report. I paid a loan off very early and that didnt show up. I have another creditor that says upfront they do report
2006-07-14 00:04:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yeah, your credit reports are updated I think every thirty days. Congrats on paying off your debt! I wish I could do that :)
2006-07-14 00:46:45 · answer #6 · answered by ♥ Luveniar♫ 7 · 0⤊ 0⤋
If you see a zero balance, that is what the lenders will see.
2006-07-14 00:30:48 · answer #7 · answered by echo 7 · 0⤊ 0⤋
Yes
2006-07-14 02:20:59 · answer #8 · answered by Anonymous · 0⤊ 0⤋
it should all start dropping off right about now. some companies report monthly, bi-monthly, or quarterly.
2006-07-14 00:06:40 · answer #9 · answered by hollywoodsenator 2 · 0⤊ 0⤋
yes it gets refelected in your credit report....next month
2006-07-14 00:19:32 · answer #10 · answered by archana3k1 4 · 0⤊ 0⤋