Credit Score Updates?

Question

I just paid off a huge portion of my credit card bill (13K) and now have very little debt. My credit has not been perfect in the past and during the past year, paid all my bills on time. Currently, my fico score is a little below 600. When I can expect that to go up and at what increment?

Answer 1

It depends on what you are left with on your credit report. If you have other accounts with bad payments or collections, you score may not change much, but if it isn't too bad, or is old, then if could jump quite a bit. Anyone who says they can tell without actually seeing the report and "factor codes" is just guessing.

Good credit is more than the absence on bad credit. Unless you have several other accounts with good payment histories, then you will still have issues.

Take a look at the 4 "factor codes" after your score on your credit report. They should give you a feel for other things you can do to improve your score, or just ask a mortgage broker, we are always happy to help out...

Answer 2

Generally updates are done every 30 days- but it also depends on the creditor themselves and how often they report things. You can speed it along by getting statements from each account you paid down or off and faxing those statements to each individual credit agency- Trans Union, Equifax, and Experian and they will update your scores within 30 days. As for increments- it is difficult to say without seeing the rest of your credit- but I would guess 30 - 60 points will be the total increase.