Your Questions About How To Pay Off Credit Cards Sooner

Laura asks…

When Will My Paid Off Credit Cards Show on My Credit Report?

I recently paid off all of my credit cards. They all had pretty high balances so I’m expecting to see a generous rise of my credit score which will help tremendously since I’m going to be buying a new car soon. I paid the cards off about 5 weeks ago- all my credit card bills came in and showed a zero balance on the account but when i pulled a credit report it still shows all my debt. I want to get it off ASAP because as I stated I’m trying to buy a car- My question is does anyone know how long it takes the debt to come off my credit report and is there anyway to speed up the process?
Thanks so much!

richmama answers:

Yes, it should be able to get you the best rate at the bank. Many car companies have 0 percent loans now anyway, but be careful about the price of the car, some companies try to make up the cost of the loan by raising the cost of the car. But cars are very good buys now, autos are always sell at good buys for the consumer when the cost of oil goes up.

Carol asks…

If I have 5 credit cards and owe on 3 of them is it best to cancel some of the cards once paid?

I am getting ready to pay off my 3 credit cards. I have a total of 6 credit cards.( some I do not use)I am wondering if I should cancel any of the cards once they are paid off. I am trying to rebuild my credit. Here is another question. Once I have paid the credit cards soon after I am having a medical procedure which I was going to put on one of the credit cards. Or How do I apply for a 0 percent finance card? I have had some in the past.

richmama answers:

If you are trying to rebuild your credit, closing the cards will take you in the opposite direction.

Like the first poster mentioned, do some reading for the 0% cards on the different credit companies sites.
You might also check out GEMB’s CareCredit. That card does have 0% interest promo’s when a certain amount is charged for medical procedures.

GEMB is generally a little more lenient in their approvals for that card then other 0% interest cards with other lenders.

Sandra asks…

How soon will paid off credit card show on credit report or boost credit score?

I plan on applying for an auto loan, and want to pay off my credit card ($700) before applying. Wondering if this will positively effect my credit score SOON? And how soon? I need a new car soon, my current one is on it’s last leg!!

richmama answers:

About a third of your score is based on the ratio of credit card debt to limit. Carrying balances of more than 30% hurts your score. Pay it off and your score will rebound.

As to when it will show up on your credit report, it depends on when the creditor updates. It could take up to 60 days for it to show.

Betty asks…

If I pay off my credit card bills, how soon will it be reflected in my credit reports?

My home mortgage will reset in a few months. If I bring down all my credit card balances to 0 now, how soon will my credit reports reflect this; thus improve my credit scores?

richmama answers:

Creditors report once per month, usually on the last business day of each month.

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