Auto Financing Zero Down
auto financing zero down
Paid off ALL CC bills..How long until it reflects on Credit Report? Should we wait to re-finance our mortgage?
Some were reported within days, others have not shown up yet. We have excellent credit, no negative marks. Each has 15 year history, and each has about 20 accounts in that history including old mortgages, auto loans and currently many revolving with what will be about zero balance on about 125k open to buy. The only thing keeping our score down was high utilization. We want to refinance (and pay down) our mortgage due to an upcoming rate shift but wanted to wait to shop around until all paid debts had shown up. Can we call the creditors and ask them to report? Will they do that? Our scores are in the low 700’s and I expect a jump when the remaining 75% shows up as being paid. Thanks!
There are services that do exactly that. It is sometimes referred to as being “rescored.” It normally costs about $100. Your mortgage broker can likely refer you to a company that does it.
If you are in no hurry, I would just wait until it happens naturally. It could take 45 days or more for it to update completely. If you are in a hurry, then it probably wouldn’t hurt. After all, a minor change on your interest rate could result in hundreds or even over a thousand dollars in mortgage interest.
