Paid off Debt, however Credit Score stayed the same....Why?

Curious why did my credit score not improve, even though I paid off my debt and the creditors have reported it to the 3 credit bureaus. My credit report indicates all the debts were paid off. Any advice is appreciated. Thanks

WEN DEE I’ve found out if it is credit card debit you paid off
some times there still things that aren’t paid off.

All so I think it takes a week or two for the 3 credit bureaus
to catch up to.

I know there people that use other site to check there credit
reports but i use and it show
every thing there.


@bonnie.squires I have no credit card debt and all 3 companies show I don’t owe any debt. Thanks


Most of the information I’ve read has said that most scores are updated once a month, so it’s helpful to allow anywhere from 30-45 days to see changes reflected. How long has it been since you paid off your debt?


It could be a number of reasons, ranging from credit age to total amount of credit available. My recommendation is to sign up for Credit Sesame, which helps me realize WHY my credit score is what it is. Basically it’s like a report card in addition to your credit score.


I find that it just takes time. You get a hit to your score almost immediately for anything negative, but it takes a few months for it to raise.


Each credit bureau is different as to when exactly they update your report. I recently got my credit report from all three and it shows that I still have some debts owed that I have paid off so I know it has not updated yet.

Give it some time and it should improve, mine usually updates around the first of the month.

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Thanks, everyone, looks like I just need to be patient.


Yeah, it’s tough when you work hard to make changes and it doesn’t benefit right away. I hope you see it soon!


Let us know when it does change for you. I am interested to know how much time it takes.


@moore.income I will, thanks.


Paying debts helps but not doesn’t guarantee your credit score will gain points. There are a few factors that determines what your credit score should look like.

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Interesting. I am seriously contemplating debt consolidation. Someone suggested bankruptcy, but at 73, I don’t think I feel comfortable with it. One of my main reasons to consolidate is that I will immediately go from $700+ in monthly credit bills and one loan to a more manageable $250-$300/month payment. The remaining money will allow for me to purchase a small car and insurance (the one thing I am desperate for), plus decent groceries. A car affords me more independence, and I have been driving for many years; don’t want to lose my ability, skill, etc., at my age. I have one cousin who drove until she was 91!!

My credit score has slipped since I acquired these cards, and I understand because I am attempting to pay them off and rarely use them, my credit score has lowered. So, I am kind of between a rock and a hard place. My SSA retirement income is about $1300/month; an increase since 3/19, from $965/month!! An error on the part of SSA, since 2011!!

Given my situation, what other than bankruptcy and debt consolidation is out there for me?

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You are lucky that you qualify for debt consolidation loan. That is the option that I would take. If you file BK your interest on a new car loan will be 24% range and your insurance will be higher. It takes 4 years or so to start getting credit back on track after a BK.

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I thought Bankruptcy set you back 7 years. Definitely not the way to go. To my understanding, if your credit card(s) sit and you don’t use them, your score drops. I use them for some of the things I am budgeted to spend within the month. I put that on the cards and PAY IT OFF at the end of that month. I get points and airline miles and target those for specific rewards. But I do that with discipline and if you can’t do exactly that don’t do it. You don’t want more debt. If I were in your shoes, I would call the Dave Ramsey show if possible. His books I found helpful. Big on advice in getting out of debt. If your debt is being cut in half, I would try to put a bit extra on the debt payment. Also, any way to delay getting that car and using transportation for 6 months to a year and getting the debt out of the way? Don’t think you would lose your driving skills in that amount of time. And I hope you drive till your 100! And I hope after this you are never in debt again. That is where I am at and it can be done. Hope you will share your progress.

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I disagree. I’m in a somewhat similar situation. I have a disability but was still able to drive, then I found out I needed to have a bunch of testing, etc .which was gonna take at least 2-3 months, where I wouldn’t be able to drive. I thought at the time it would be a good way to see if I could survive w/out a car.

So, I thought that if I sell my car, I figured the $$ I would save (loan, insurance, parking (I live in a condo - extra $100/month), gas, etc that the “extra $$” left from saving - bc I wasn’t spending it on my car would either give me freedom bc I’d be able to pay off some bills, be able to purchase the medical stuff that a) insurance doesn’t pay for b) all the extra expenses that come about just due to having a disability (special foods, extra cloths for those “accidents”, other embarrassing items & even silly things like buying particular socks so that I have more tread on the floors and fall less, all of those little nickel & dime things that I even forget about, added up more than I realized, then the worse the disease gets, the more expenses involved. That’s part of life.

Anyways to make a long story shorter - I’m barely if that breaking even but the worst part about that in like 6 months, I felt like I totally lost of any independence I had left. I had to miss holidays ( I don’t have one of those families that offers to help out a little here and there, w/like picking me up for Xmas, etc. I get it, it’s my own fault, I made the mistake of selling my car & im still reminded of that.

Besides, the loosing the last sense I’ had of the last remaining ounce of independence, the Pandemic hits and I’m already used to complete isolation. For years now after I lost my ability to walk more than 1/2 a block w/a walker (down from around 5 miles a day), I realized that once you can’t do anything/everything by yourself, people start disappearing, family take vacations w/out me bc they claim “I’ll slow them down”. Now it’s to the point where they don’t even tell me they are going on vacation or celebrating a holiday the day before so that other people can come but it also breaks down to the fact that I am an embarrassment to them… Then the fiends start to disappear bc if u can’t either afford to take an Uber 1/2 hour away to go to the movies or out to eat or what ever, people get tired - I’ve had this disease for 20 years now with last 6 or 7 years getting progressively worse in a much faster way…and people get tired of “inconveniences” and not having a car soon became one, real fast.

Selling my car was one of the worse decisions I’ve made…plus don’t forget that you will become dependent on what ever type of public transport you are gonna take - 1/2 of which also want a tip. The Uber’s out, their prices change w/some algorithm that only a statistician would understand: Bc I can’t physically walk to the train/bus stop & the medical “rides” aren’t consistent enough to guarantee that you will arrive on time to the doctors appts, which is like any other biz, 3 strikes your out.

So, just my personal opinion based off of my own decision to sell my car (which the sales price was enough to pay off the loan & a coupe little credit cards, w/ 25% rates… so, by not even using them they are back up to almost being full. The skanky kind that also have all of those “extra fees”

Also, like I mentioned the isolation that so many people are having a hard time with bc of the pandemic, I have been living alone w/my cats for about 10 years now - where unless I have a dr/medical appt, I’ll go days, even up to a week without speaking to anyone. So for me, this hasn’t been a problem - the problem being that it’s kinda sad that if your sick long enough- people just start disappearing.

I personally would recommend holding on to your car as long as you can drive it in a safe manner. Bc it’s like one of those things that once you loose - very very hard to get back. I’m working on it but it’s still gonna be probably a year or so…and I’m a frugal person - I haven’t been to a restaurant in about 3 years, a movie. in 9 years.

The problem isn’t the spending it’s the lack of being able to work like I used too and that’s also another issue that I noticed after I sold the car bc i had been thinking about going back into tutoring/teaching - now that I was able to leave the home after years of severe nausea, vomiting, etc (sIde effects or medications). So finally able to earn some extra income & realizing that to get to what ever job - I would be lucky to break even, then the pandemic hits and that idea was dead, real fast.

Im just sharing my own personal experience, so that you have another point old view to go off of. It’s really easy to take the “just sell it” but it’s hard for those who say that to imagine the quality of life, spending time r/family & friends, all of those things we take for granted.

i too used to put the financial part ahead of everything else - then I realized just how much of life I had lost, how we live in a culture that’ doesn’t have much patient for having to wait, get off schedule, etc etc.

Everyone has a different opinion but after spending over a decade of complete isolation, family and friends are gone. I’d take the late payment or 2 over spending the last years of Holidays, B-days, etc w/just me and my cats. If I had had a car before the pandemic, I also woulda been able to have stocked up, prepared more, etc.

Good luck in making your decision …but one last thing; do I have a strict time line ? Bc if not, perhaps if waiting until the pandemic stuff at least slows down ?

Goos luck & take care

I just got my first credit card, before that a secured card.And my score fell nineteen points.Iam still trying to build up my credit score by getting one more card to boost it up ,still may go down.I can handle this responsibly.

I forgot to add one last thing to the person thinking about selling car. They have companies now (legit) that help,u rent your car out. So, that could bring in income needed ??? And when I was looking at theses companies, they have huge. Insurance policies and all the stuff people worry about.

If u have sold your car & decide u want/need one for at least a year or 2, I have also found companies that let the buyer, buy out someone’s lease…it’s kinda like when people lease out their condo or what ever and their are legit ones as well.

it seems to me like desperation does help with innovation or creation of new ways of doing the old stuff a different way. Or, if u travel abroad, ask people about the types of financing things that will be different here and pretty creative. Especially in countries that can’t trust the banks, a reality in many places…maybe some day here are well ? I try not to count out possibilities…

good luck !!