Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Trending News

Promoted
Piney
Piney asked in Business & FinanceCredit · 6 years ago

If I pay off my credit card how long will it take for my credit rating to update?

I want to get a loan for car but at the moment my credit score is 727 out of 999. (999 being excellent).

I have had a £500 credit card which I maxed and have had some over limit charges for. If I was to completely pay this off and even close the credit card completely how long will it take for my credit score to change?

As soon as the score is above 800 it will be 'good' and I'll be able to take out a loan for a new car.

2 Answers

Relevance
  • Dan B
    Lv 7
    6 years ago

    Credit card info on your file is updated on each payment due date. But other factors are updated at other times. It's not only your credit and payment history that's used by lenders, but your income vs debts that they evaluate your ability to make your payments. Another person with a 727 score and an excellent payment history could have a better chance of getting a car loan than one with a 727 score and many late payments (but no delinquencies or charge offs).

  • Bill
    Lv 7
    6 years ago

    Paying off an account makes your income to debt ratio better but does not always increase your credit score.

Still have questions? Get your answers by asking now.