Internet's first get-out-of-debt community - 135,000 members

Hi,

I just sold my car that i owed 35,000$ on. My credit
score is a 665 and i need to get it above a 680 to get my house. I now have no credit card or car loans and i am 100% debt free. Will this help my credit score? If so, how long will it take to show paid in full?

Thanks.

Posted: Wed Jan 30, 2008 6:05 pm Subject:

How long have you been paying on the car?

It will increase your debt/income ratio which will definately help you.

Also did you see where they want to give over $15,000 in tax breaks to people buying houses, watch for this if you are buying a home, could be nice break for you. It is up in the white house right now waiting for approval.

Posted: Wed Jan 30, 2008 6:08 pm Subject:

9 months.
that would be`awesome if i got that tax discount.
How long would it take to show up on my credit report that it is paid off?

Posted: Wed Jan 30, 2008 7:47 pm Subject:

Should be pretty quick. Order your free annual credit report and check it out.

Posted: Wed Jan 30, 2008 7:56 pm Subject:

well i just sold it today.
Would it take a couple of days, weeks or a month?

Thanks

Posted: Thu Jan 31, 2008 7:58 pm Subject:

I would say atleast a month to update on the credit bureaus. Maybe wait atleast one full week and then check your annual credit report. If it is not you would want to immediately send a dispute/correction letter to each of them and provide them proof that the loan is paid and closed.

Although I won't lie... I believe having no credit is not going to help you increase your credit score. Have you already closed your credit card. Your score is usually increased by having long, good-standing accounts on your credit. You really might want to consider getting a small secured credit card to help increase your credit or see if the one you recently closed can be reopened. Anyone can correct me on this if I'm wrong.

Credit Queen · Posted: Mon Mar 10, 2008 2:11 pm Subject: open Accounts

You are absoultely correct, open lines of credit with low balances, are what the banks want to see, to see if you are a risk in opening lew loans etc. To be debt free is great! but to have zero balance on open accounts is even better. This shows the bank that you are trustworthy and also that you do not rely on your credit to live.

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 135,000 members

Just sold my car and i now have now debt. Will this help my

Members Area

Free Debt Counseling

Ask the community

Also See

Featured Discussions

Featured Articles

Recent Forum Discussions

Recent Blog Post