paid off my loan!

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I paid off one of my loan that had a high intrest rate. how long dose it take to come off my credit report? an will it help my credit and look good for the lenders?

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Originally posted by "hondal22":

I paid off one of my loan that had a high intrest rate. how long dose it take to come off my credit report? an will it help my credit and look good for the lenders?

Lance,

Technically the account will continue to show on the report. That is largely a good thing. What will be updated is the amount owed. The interest rate never shows so it does not matter if you paid off a high interest rate account when computing a credit score. It matters a lot to you when you write the checks each month.

You do not want to have only short term accounts. It is good to let older account stay open if they are revolving. Try to keep the oldest. Accounts over 3 years are good and a longer credit history is slightly better.

Closed accounts with no activity likely will stop appearing after 7 years. Not exactly true in all situations.

John Corey