Paid off ALL CC bills..How long until it reflects on Credit Report? Should we wait to re-finance our mortgage?

Some were reported within days, others have not shown up yet. We have excellent credit, no negative marks. Each has 15 year history, and each has about 20 accounts in that history including old mortgages, auto loans and currently many revolving with what will be about zero balance on about 125k open to buy. The only thing keeping our score down was high utilization. We want to refinance (and pay down) our mortgage due to an upcoming rate shift but wanted to wait to shop around until all paid debts had shown up. Can we call the creditors and ask them to report? Will they do that? Our scores are in the low 700's and I expect a jump when the remaining 75% shows up as being paid. Thanks!

There are services that do exactly that. It is sometimes referred to as being "rescored." It normally costs about $100. Your mortgage broker can likely refer you to a company that does it.

If you are in no hurry, I would just wait until it happens naturally. It could take 45 days or more for it to update completely. If you are in a hurry, then it probably wouldn't hurt. After all, a minor change on your interest rate could result in hundreds or even over a thousand dollars in mortgage interest.

Most CC companies will report within the next 30 to 60 days. It would probably be a good idea to wait to refi until all CC's have been reported to the credit bureau to help raise your fico score, thus better rates on refi.

Wait until they have all shown up on your credit report unless you have the receipts to show that you have paid off all of your CC debt. Otherwise it might be hard to get your home refinanced.

Rates could go up Sept 20th but they may not. If you can bump your credit to 800's you will get a much lower rate. It sounds like before you will hit that, you need to close some of those revolving credit lines. That could hurt your score. Call the companines and ask them to close the account and have them send you a confirmation letter.

Im a mortgage banker of over 13 years...

With a credit score in the low 700's, IT DOESNT MATTER HOW MUCH CREDIT CARD DEBT YOU HAVE!!!!!!

You have not a thing to worry about!!

Mortgage companies treat a 710 score no differently then they treat a 820 score...

Anything above the 700 mark is considered PERFECT or GREAT credit, so i would suggest refinancing NOW!!!

If you have an adjustable mortgage on the cusp of fluctuating, you want to refinance as soon as possible being that interest rates are rapidly rising....

The longer you wait, the higher the rates will be and that is not the direction you want to go...

I can telly from experience though that with the credit you have, it wouldnt matter if the credit cards showed up 70% unpaid, as opposed to the 70% paid which is where you are at currently...

Do you have a mortgage consultant yo uare working with?

If so, they didnt explain this to you?

I would be happy to help out as much as i can... I work with Providential Bancorp, a nationwide mortgage lender...

You can feel free to calll or email me at any time and i will be happy to give you an analisys... From there you can decise which route is best for you...

Good luck, and best wishes!

Jason Fry
Licensed Mortgage Originator
Providential Bancorp
jasonf@providential.com
312-264-6448

Your score is in the low 700's, so the credit is not a problem. Any score above 680 will get you the best deal on the interest rate. I assume you have an adjustable rate mortgage due to the rate shift. Rates are below 6% for a 30-year fixed rate mortgage. You can save more if you can get a 15-year fixed rate mortgage.