Assume you can pay off all debts today - completely - totally...how soon before scores reflect the change?
Scores update as each creditor reports the current balance on an account. This can occur as soon as 1 day after a statement closing date, however in some cases even after a closing date has come and gone, some creditors do not report for over a month. Check your credit report and see when the "reported date" is. You may see some showing October 2003 and others showing September or even August 2003. Capital One is one creditor that reports immediately after the closing date. If your closing date is the 20th of the month, expect to see it on your credit report by the 23rd. You could actually max out your cap 1 card, pay it off on the closing date and max it out the day after the closing date and your credit report will show a zero balance. From my experience, each $1000 of debt = 1 point, example: pay off $10,000, see your score rise 10 points (give or take a point). Hope this helps.
