I have a score in the high 500's. I have just paid off all my credit cards, bought a house, and also pay on an auto loan. In the past I have been late a few times, hence the lowered score. So, if I now make all payments on time, how long should it take me to get my credit score back up?
2006-12-13 06:05:48 · 4 answers · asked by eaglesnest1119 2 in Business & Finance ➔ Credit
Again, I am NOT asking what I should do to get it up higher, but how long it should take with the steps that I have taken.
2006-12-13 06:18:39 · update #1
Your credit score usually goes up 5-6 points per month if you pay everything on time. All things being equal, it usually takes a year or two, depending, for it to recover. Keep in mind everyone is different, and the FICO scoring formula is a mystery, but I've found that to be true.
2006-12-13 06:30:43 · answer #1 · answered by Kevin K 3 · 0⤊ 0⤋
It depends on how high you want it to get back to. You said you want it back up, but back up to what? 600, 620, 730?
If you are in the high 500 now, you could be up to mid-high 600 in about a year.
2006-12-13 06:52:51 · answer #2 · answered by ricks 5 · 0⤊ 0⤋
It will take probably at least a couple of years, depending upon how high you are talking about. You can go to http://www.bankrate.com/brm/fico/calc.asp?lpid=BKRATE29. This site allows you to simulate your possible FICO score.
2006-12-13 07:06:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
don't close any account right now. pay on time. get your debt to income ratio down. get you available credit to debt ratio down. that will take several months to possibly a year to see major changes. the negative stays on for three to seven years.
2006-12-13 06:11:53 · answer #4 · answered by tony 1 · 0⤊ 0⤋