Just payed my car loan off last week. Today! I just got a credit alert from myfico, but my score hasn't change as of today. I thought once you pay a debt off your score goes up. Now! my score could go up, the question is when? have anybody else experience this? Thanks,
It's timing - when creditors report to the agencies. Some report at the beginning of a month , others in the middle, and still others towards the end of each month. And once they send them it is up to the CRAs when THEY want to update their files.
Remember, you probably won't see much of a change in your FICO score just because the loan is "fully" paid off now. Your utilization is barely changing from last month, and you're only adding one month of aging. In other words your score has been (slightly) improving every month in small increments. So, don't expect any significant change in score.
