We just refinanced our mortgage down to 5.875 from 7.99 and took out some cash and paid off all our credit cards, furniture and vehicle. How long will it take for our credit cards to report that nice $0 balance and have it show up on the CR? Also does anyone have any idea on how this will affect our scores?
The credit card companies usually update monthly. The inquiries made to refinance may have a temporary downward effect on your scores, but that should settle out in a few months. Although your total debt is about the same, I suspect FICO will shortly rise with your debt as mortgage compared to CC debt. It will be interesting to see how rapidly this happens, i.e. at what rate some payment history on a mortgage causes FICO to rise.
