Personal Finance

Paid down 15K on loan; effect on credit score

  • Last Updated:
  • May 1st, 2018 1:04 pm
Newbie
Apr 19, 2018
83 posts
28 upvotes

Paid down 15K on loan; effect on credit score

Hi All,
My credit score was aroud 620, in april i paid down 15K on a personal loan, had a couple of hard inquiries and made all my payments on time,
I check my credit score this morning on Mogo its only up by 2 points and on Credit Karma did not go up at all.
I was wondering how often the credit score gets updated.
Thanks
3 replies
Newbie
Oct 24, 2016
36 posts
21 upvotes
Ottawa
Have you received your statement for the loan that shows your payment yet? Statement dates are typically when the banks update your credit report, which will impact your credit score if your utilization changed significantly.

Sometimes they may not update the record right away, though; it depends how often they report and if they've reported yet.
Newbie
Apr 19, 2018
83 posts
28 upvotes
I have not received any statement but when i paid it, the lady at the bank gave me a print out showing that balance paid in full and it stopped showing me on my online accounts but still shows on the trans union credit report
Newbie
Oct 24, 2016
36 posts
21 upvotes
Ottawa
They don't report it to the credit reporting agencies until the end of your normal statement reporting period, so it can be (typically) a month or so before you see any update in your credit report.

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