How Long Does Credit Repair Take?

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date How Long Does Credit Repair Take? Robert 08-15-2007  Re: How Long Does Credit Repair Take? Usenet2007@THE-... 08-15-2007  Re: How Long Does Credit Repair Take? David 08-16-2007
Posted by Robert on August 15, 2007, 4:02 pm I want to pay down my credit cards so that I can improve my credit score and get a mortgage. Does anyone know how long it takes for my credit score to reflect the fact that I paid off a bunch of credit cards? Thanks for any info. Posted by Usenet2007@THE-DOMAIN-IN.SIG on August 15, 2007, 5:37 pm In article popmusic@att.net says... > I want to pay down my credit cards so that I can improve my credit > score and get a mortgage. Does anyone know how long it takes for my > credit score to reflect the fact that I paid off a bunch of credit > cards? Thanks for any info. Nobody knows for sure about the FICO score changes. Even the human beings at Fair, Isaac cannot personally work it out, because it is so complex that they need computers to do it. However, I would expect a paydown like that to take up to sixty days before the new balances showed on a regular credit report. Because it takes awhile for your creditors to send in the updates, and a bit of time for the bureaus to load them into the databases. -- Get Credit Where Credit Is Due http://www.cardreport.com/ Credit Tools, Reference, and Forum Posted by David on August 16, 2007, 8:50 am > In article > popmusic@att.net says... > > I want to pay down my credit cards so that I can improve my credit > > score and get a mortgage. Does anyone know how long it takes for my > > credit score to reflect the fact that I paid off a bunch of credit > > cards? Thanks for any info. > > > Nobody knows for sure about the FICO score changes. Even the > human beings at Fair, Isaac cannot personally work it out, > because it is so complex that they need computers to do it. > > However, I would expect a paydown like that to take up to sixty > days before the new balances showed on a regular credit report. > Because it takes awhile for your creditors to send in the > updates, and a bit of time for the bureaus to load them into the > databases. 2 to 3 months would be the expected time needed for the new lower balances to improve your score. Managing you credit cards to maximize you score can be done. Paying all debt and bills as agreed is the place to start. The sweet spot for credit cards, for highest credit score, is approximately an usage of 30% of the approved limit and of course paying each statement on or before the due date. Paying the balance lower than 30% will not improve the credit score. The second part of credit score from credit cards is how long the credit card account has been open. The longer is has been opened, with good payment history, the higher the score can be. If you plan on paying off and closing any of your credit cards, close the newest ones first. Keeping the oldest accounts open, will help your credit score the most. Paying off and closing all of your credit cards will not improve your score and may in fact lower your score! Even though you did not ask, I suggest that you go to a mortgage lender you plan on using and ask to be pre-qualified. This will enable you to see how much you can borrow and will enlighten you as to what they take into consideration when evaluating credit. -- I do the best I can, but I could be wrong. please post reply to newsgroup. David, Williamsport, PA. USA. http://mysite.verizon.net/vzev1hs3/ Similar Threads Posted Questions about hard credit inquiries and your credit score. October 18, 2006, 2:39 pm How do they figure the max credit limit on our credit cards? May 1, 2007, 5:01 am credit report - mrequests for my credit history January 23, 2008, 5:23 pm Long Term Goal October 25, 2007, 5:06 am Supplemental Long-Term Disability January 28, 2007, 12:06 pm ETF Portfolio for the long term (ROTH) May 31, 2007, 4:58 am Re: short vs. long-term bonds July 3, 2007, 2:02 pm Re: short vs. long-term bonds July 4, 2007, 9:34 am The Elusive 7%-10% long term average... June 24, 2008, 5:25 am long term care and Medicare September 19, 2008, 4:14 pm