I have a very strong payment history....just too high a debt load on revolving
2007-01-17 03:14:49 · 7 answers · asked by scottw2100 2 in Business & Finance ➔ Personal Finance
Your credit score is calculated in real time. The moment you check your score the computer searches the "web" for matching name, soc sec, and birthday. It then compiles all that information and runs one of three different math formulas. One formula for cars, one for mortgage, and the third for credit cards/customer inquiry. (The reason for the three different formulas is because there are three different ways to percieve risk. For instance, the amount of debt you have isn't nearly as important for a credit card company as it is for a car dealership). So as soon as the company you made a payment with reports that payment to the bureaus (usually once every billing cycle) it will effect your score. There are only three teirs of risk when your talking about revolving balances. When you owe less then 50% of the available balance thats no risk, oweing more than 50% but less than 70% of the available balance is risk, and over 70% is high risk. Enjoy your new found knowledge-empress your friends!
2007-01-17 03:43:05 · answer #1 · answered by Tim 6 · 0⤊ 0⤋
We did the same thing a few years ago. It took until the next month to see a difference, and it really jumped up the score. Then, over time, the score continued to go up. Get it up past that percentage that makes a difference. It tells you what that is when you get the credit 'simulator' from equifax. Then, try to pay at least double the minimum after that, or try to pay the smallest one off completely, and work your way from there.
2007-01-17 11:25:19 · answer #2 · answered by Krista13 3 · 0⤊ 0⤋
I would assume that your scores would adjust accordingly the next time those "revolving payments/ CC's" report to the agency
2007-01-17 11:19:59 · answer #3 · answered by babalooie21204 2 · 0⤊ 0⤋
I would estimate 30 to 45 days. It just depends upon how quickly they update their information. My fiance was able to pay a large chunk of his cc debt and was able to increase his FICO by 50 points.
2007-01-17 11:41:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Takes up to 30 days depending on the pay cycle.
2007-01-17 11:26:57 · answer #5 · answered by spot 5 · 0⤊ 0⤋
It depends the company
2007-01-17 11:30:20 · answer #6 · answered by Anonymous · 0⤊ 0⤋
read this for info on credit reports secrets they don't want you to know: http://worknearn.niesong.hop.clickbank.net/
2007-01-17 20:14:16 · answer #7 · answered by worknearn 2 · 0⤊ 1⤋