Hello, I recently paid of all my credit card debit (about 2 weeks ago) and today I got a email from TurboTax to check my score and I have received a huge l penalty on my overall score. I looked into it and apparently I still have a balance on my credit card? Has it just not updated? If anyone can help tell me why it’s like this id be very grateful. Thanks!
You may want to get all three of your official credit reports from www.annualcreditreport.com, and make sure they are all accurate.
Each lender probably only updates the credit bureaus once a month, and the Turbo service updates once a week I think. So it could be five or six weeks before an account shows up on your credit report as being paid off.
Did you close accounts as well as paying them off? That can reduce your score, because it means you have less credit available to you. It helps your credit score if you have credit lines that you are not using.
During the coronavirus emergency, I think you can get your free official credit report from www.annualcreditreport.com as often as once per two weeks instead of only once per year.