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

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.

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?

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

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

Thanks

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.

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.