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I will be applying for a student loan in July and tomorrow I am going to pay $ 2000 toward my revolving debt. When will this reflect on my credit report? I have ok credit, its only ok because of the amount of debt I have because I pay all my bills on time every month, over the minimum and never go over my credit limits. Will this $ 2000 drop in my debt reflect by July when I apply for the loan? Are my chances for getting the loan good with ok credit but excellent payment history? I understand that the lower my score the higher the rates, I just have to live with that for now. Thanks, and only serious answers from knowledgable sources, please.
Also, I already know my credit score.
And I’m not adding debt to these cards I’m paying off.

3 Thoughts on When does credit activity reflect on your credit report?
  1. Reply
    Christine D
    August 13, 2011 at 8:02 am

    I pull credit all the time (loan officer) and it should take 30 days to update, BUT it depends on the creditor. I have, in the past, seen some creditors take up to 60 days to update. If its a major corp., you should be good to go by July.

    Good luck to you.

  2. Reply
    Emanuel
    August 13, 2011 at 8:25 am

    Student loans are available with a wide range of lenders. Many students are finding themselves tough while going for a higher education. The flagrant cost of the higher education is one of main factors that are impeding the chances of your higher education. Since, education is the sole and one of the important tools for your personal development; it can not be ignored-all.To help you payingefficiently the huge cost of the higheroptions and also make your approval faster. Students can obtain the education loans either with secured or unsecured form. Secured loans require pledging of an asset from the borrowers. Whereas, unsecured form has nothing such obligation. The secured form has a lower interest rate, whereas, with the unsecured one, it is somewhat higher.

  3. Reply
    OC1999
    August 13, 2011 at 8:43 am

    Credit Card companies will generally report your information once a month, so having it reported by July should not even be an issue.

    You pay them on-time and more then the minimum which is good. But to just “never go over your credit limits” is no longer good enough. Ideally for the best scores you can not use more than 30% of your total credit lines. The closer you get to your limit the more of a negative effect it has on your score. So if this puts you under the 30% great, if not you may want to see if you can pay down some additional debt.

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