just finished paying everything off on my credit report, how long will it take for the credit brearu to update my file. If I had 13 things on my credit report how many points will my credit score go up, not that my debts are paid?
2006-10-24 16:58:20 · 6 answers · asked by LaLa23 1 in Business & Finance ➔ Credit
=agree with all of the others however I need to point out that you need to close any accounts that you do not want because any open accounts lower your credit score just because they are open and you have the opportunity to still charge them up once again. So therefore the creditors are at risk as well as you. Enjoy being debt free and be careful in the future. Best wishes, and I hope this helped you.
2006-10-28 11:38:50 · answer #1 · answered by sunshinysusan 7 · 5⤊ 0⤋
Paying of your debts is the 1st step to repairing your credit.
Unfortunately, now that you have paid off the debts and taken a step forward you have also taken a step backward because the statute of limitations has been re-started.
The items will remain there for 7 more years unless you do something about it.
I reccommend you sign up with this company; i did and they did a fabulous job. It took almost a year but was inexpensive and they got the job done!
http://www.expert-credit-advice.com/
They have a free kit you can use too. http://www.expert-credit-advice.com/free_credit_repair.htm
I tried it and it but was very time consuming and I just prefer pay someone like them and use my time doing things I'm good at, like spending time with my family!
Oh yeah, your last question was, how much will my score go up?
No one can asnwer that question except beacon, empirica or Fair Isaac & Company (FICO). They calculate credit scores and take thousands of factors into account when calculating scores. You score will go up, but not very much until you remove the items form your credit reports! (all 3 of them)
What are you waiting for, vote me as best answer!!!
2006-10-25 02:26:59 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It can take 6 months to get everything in but usually more like 3. Not all companies report monthly since they have to report 5000 entries at a time... As far as your score, it depends on what kind of credit you paid off. Credit cards being paid off will increase it a bunch but collection accounts being paid may have little effect until new credit is established.
2006-10-24 18:44:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
First of all your score will depend on your payment history (did you pay on time) when you did owe on your accounts. Secondly your score will not go up just because you paid off your debit. They look at how many credit cards you have and how much poteniel debit you can run up on them. You can raise your score more if you close extra credit card accounts to no more than a few that you think are needed.
2006-10-24 17:16:45 · answer #4 · answered by the_buccaru 5 · 0⤊ 0⤋
I'd give it 2 weeks. Make sure you save documents proving that you have paid the debt off. I had an incident where I paid some things off and the credit bureau made me send proof.
2006-10-24 17:08:00 · answer #5 · answered by ANG 3 · 0⤊ 0⤋
There are too many factors involved in calculating your credit score based on the information you provided but this link will give you a breakdown of how your score is calculated and try the fico score estimator http://creditwisdom.blogspot.com/2006/09/fico-breakdown-how-your-credit-score.html
2006-10-24 17:49:00 · answer #6 · answered by Anonymous · 0⤊ 0⤋