Wednesday, April 11, 2007

I paid off my loan early and it shows paid of on my report but my score is the same?

Live Human / to me / show details / Mar 30
My Old Credit Score is 658. I recently Paid off a Bank Installmant sales Contract or Loan in the Amount of $9,720. I even paid it off 2 and half years Early. I looked at my Credit Score Online. And it shows the Loan to be Paid Off/Satisfactory. But my Credit Score is still at 658 and hasn't changed at all. Why is this? How long after the Loan shows to be Paid off will my credit score be Raised? Or should it have been raised as soon as it showed to be Paid off then? Should a Credit Score raise a Soon as it shows on your report to be paid off or does it take a while?

Thanks Bo for your Help I appreeciate it.

Live Human
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Bo Majors / to Live Human / show details / Mar 30
If you have been paying on the debt awhile and you already owed less than 80% against your original loan limit the change in your score will be of little consequence as far as scores go.
Or you may have paid the loan off before a full year elapsed and received no help on your because the loan was not a rated loan due to less than one year old.

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