How Long Will It Take to See a Difference in Credit Score?

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Brittany Cohens

• September 07, 2020 23:22

I am a first time home-buyer hoping to begin applying for loan pre-approvals. Recently, I consolidated my remaining credit card debt from high interest credit cards with a low-interest personal loan. By next week, all of my revolving credit accounts will have a zero balance. By November, my parents are going to lend me the money to pay off the personal loan (I will then pay them back). I was wondering, about how long can I expect to wait for these companies to report the zero balance to credit bureaus  and from there, how long can I expect to wait to see a change in my score? SN: My credit score is currently 660 and I have no idea how much I can expect it change based on these updates. 

 

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  Philip

  • September 08, 2020 14:46

  Hi Brittany,

  Sounds like you've got a plan, and that's great!  As far as the score reporting and timing, it can be a bit tricky.  Generally the banks report to the credit bureaus once per month on your activity.  NerdWallet syncs with our credit reporting partner TransUnion weekly.  So depending on timing, it can be a few, to several weeks before you see those payments reflected on your score.  This article goes into a little more depth:

  • How Often Do Credit Scores and Credit Reports Update?

  Here is an article that will help you understand how each factor (paying off a balance, closing an account, etc.) can affect your score as well:

  • What Factors Affect Your Credit Scores?

  Best of luck in your home-buying experience!

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