Credit report and FICO score

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date Credit report and FICO score rick 11-27-2006   Re: Credit report and FICO score Todd H. 11-27-2006  Re: Credit report and FICO score MoneyMan101 11-27-2006
Posted by on November 27, 2006, 5:10 am In the last 2 weeks, I paid off two credit cards, to the tune of around $6,000. The payments have been posted. Like last year, I want to get the 3 free credit reports, not all at one time. I also want to get my FICO score. I would like to know how long would be a good time to wait before getting the report and score from the time I paid off the two cards? Maybe the report isn't that big a deal to wait for, as I've had very good credit (my last score was a 750, I think), but if my paying off the cards helps my score, I'd rather save my money and wait before ordering that. BTW, I still plan on using those two cards, but am going to try to pay off the balances each month. Also, is the FICO the standard score used by credit reporting companies? TIA, Rick Posted by Todd H. on November 27, 2006, 12:10 pm rick@spamgmail.com writes: > In the last 2 weeks, I paid off two credit cards, to the tune of > around $6,000. The payments have been posted. Like last year, I want > to get the 3 free credit reports, not all at one time. I also want to > get my FICO score. I would like to know how long would be a good time > to wait before getting the report and score from the time I paid off > the two cards? Maybe the report isn't that big a deal to wait for, as > I've had very good credit (my last score was a 750, I think), but if > my paying off the cards helps my score, I'd rather save my money and > wait before ordering that. It will help your score, particularly if you've left the accounts still open. > BTW, I still plan on using those two cards, but am going to try to pay > off the balances each month. Excellent plan. > Also, is the FICO the standard score used by credit reporting > companies? Yes. Someone more familiar with this can answer on the timing issue if you want to see your fico, but I suspect on the order of a few months track record showing a low outstand debt to credit line ratio will help your score creep up even higher. If you're paying things on time and reporting a low outstanding balance, lenders will be very happy to lend to you as they're quite confident you're gonna pay your bills. I'm not sure whether anything over 750 really buys you any lower risk/interest though. Best Regards, -- Todd H. http://www.toddh.net/ Posted by MoneyMan101 on November 27, 2006, 2:47 pm Hi Rick, If you wanted to have an official score, I would wait atleast 2-3 months. It could be updated before then, but to be certain your not wasting your time and efforts of requesting the reports and the score, you should wait until then... Hope this helps you, and congrats on your 750 score! Jon www.worldfinancialguide.com rick@spamgmail.com wrote: > In the last 2 weeks, I paid off two credit cards, to the tune of > around $6,000. The payments have been posted. Like last year, I want > to get the 3 free credit reports, not all at one time. I also want to > get my FICO score. I would like to know how long would be a good time > to wait before getting the report and score from the time I paid off > the two cards? Maybe the report isn't that big a deal to wait for, as > I've had very good credit (my last score was a 750, I think), but if > my paying off the cards helps my score, I'd rather save my money and > wait before ordering that. > > BTW, I still plan on using those two cards, but am going to try to pay > off the balances each month. > > Also, is the FICO the standard score used by credit reporting > companies? > > TIA, > > Rick Similar Threads Posted How Much Is A Credit Score (FICO) Worth? May 16, 2008, 3:22 pm credit report - mrequests for my credit history January 23, 2008, 5:23 pm Credit report errors June 11, 2008, 8:02 am "Piggybacking" for a better FICO score, has anyone done it? June 8, 2007, 4:59 am Is there a way to get one's FICO score for free? November 27, 2006, 3:39 pm Questions about hard credit inquiries and your credit score. October 18, 2006, 2:39 pm Rental Car Collections & Credit Score July 9, 2008, 8:14 pm Joint account with son affects credit score? December 9, 2007, 3:45 pm Loan payments impact on credit score April 5, 2008, 9:45 pm Higher income = higher credit score? October 4, 2006, 5:13 pm